Unlike a corporation, a sole proprietorship is not taxed separately from the business owner. Instead, the owner of the business is personally responsible for all tax liabilities and must pay those taxes on their personal tax return each year. Here’s everything you need to know about filing taxes as a sole proprietor including required tax […]
The amount of business taxes that you’ll have to pay at the end of each year largely depends on the business entity you operate under. If you’re a corporation, you’ll have to pay the corporate tax rate, which is 21% for 2023. Businesses that are not incorporated (also known as pass through entities) are taxed […]
When you’re starting a business, choosing the business structure that you’ll operate under is one of the first important decisions you’ll have to make. It’s important to choose the right entity for your situation because there are different administrative, tax, and legal ramifications for each one. There are over a dozen different types of business […]
