3 Tax Benefits of Sole Proprietorships. . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

For all its faults, a sole proprietorship possesses a number of tax advantages, over other ways to carry a business.

 

1. Pass-through taxation. This may be an understatement! A sole proprietorship is a mere extension of the individual who is running the business.

2. Self-employment taxes as forced retirement savings. Sole proprietors have pay self-employment and withhold taxes, from their profits of running their sole proprietorships. This constant tax burden during the life cycle of the sole proprietorship, could benefit taxpayer in the long run, by provided him with retirement benefits, in the form of Social Security retirement benefits.

3. Taking advantage of IRA tax deduction. One of the requirement of taking IRA contribution deductions, is working and getting paid, which easily met by sole proprietors.  The IRA contribution deduction, not only saves taxes, but, it can act as additional retirement saving mechanism. 

 

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