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2
votes
3answers
93 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
50 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
295 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
563 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
448 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
7k 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 ...