Selfie Security-Why You'll Need ID.me for IRS Online Account
Let's talk about the IRS's new identity protection process and what it means for tax filing.
ReadSole proprietors are individuals who own an unincorporated business by themselves. Many independently-run freelancing jobs or “side-hustles” are considered sole proprietorships. It is also the simplest business structure – for example, sole proprietors don’t need an Employer Identification Number, or EIN, unless they plan to hire employees. They also don’t have to file a separate income tax return. Instead, they simply report business income and expenses on their personal income tax return using Schedule C. If the business earns a profit, they’ll likely be subject to both income tax and self-employment tax on the net profit from the business.
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