IRS Tax Tools You'll Definitely Want to Know About
We've picked out a few of our favorite IRS tax resources for filing prep, tax breaks, trouble paying taxes, and refund status.
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Start filingSole 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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