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3
votes
1answer
22 views

Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income

I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns: If my employer were to, for some reason, pay me in 2015 some ...
2
votes
0answers
43 views

Student freelancer (sole proprietor) and taxes

(I have researched online for more than 12 hours now, and still have some questions. Please don't be hard on me if they are too basic.) I am starting my part-time freelance career now (too late for ...
2
votes
1answer
72 views

End-of-year purchase deductions

I'm a sole proprietor / contract employee (developer) in Texas (United States) and am planning to make a new hardware purchase. I remember being told that purchases made in the last quarter of the ...
2
votes
1answer
183 views

Deducting side work sole proprietorship expenses from regular employment earnings?

I have a day-job which gets me a salary. I'm about to start some websites on the side with the intention of making money off advertising. For the time being, I plan to remain an unregistered sole ...
2
votes
3answers
104 views

Do I need to file tax form 1099 misc for my royalties?

I've self-published a book and have sold a few hundred dollars worth of books from the back of my car. (I know I need to pay sales tax on these books.) I have a simple sole proprietorship business in ...
0
votes
1answer
60 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
4
votes
4answers
300 views

Will my current employer find out if I have a sole proprietarship/corporation?

I am currently employed by a large Canadian corporation. I'm also in the planning stages of bootstrapping my own small company. The two are in unrelated industries, but it could be argued that there ...
4
votes
1answer
2k views

What are the tax benefits of a LLC vs a sole proprietorship?

What tax benefits would I receive by changing my sole proprietorship to an LLC? Can the LLC do things like own a company car?
7
votes
2answers
614 views

What is a good open source Windows finance software

I have played around with GnuCash a little but it doesn't quite meet up to what I am looking for. I currently run QuickBooks and use class tracking to keep a fine line of separation between my ...
5
votes
1answer
478 views

Sole proprietorship or LLC?

At what point in the life of a small business would you choose to do a LLC over a sole proprietorship? What's the advantage, and what's the cost of doing an LLC?
4
votes
1answer
8k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...