As a sole proprietor, you and your business are one and the same, and therefore business and personal taxes are filed together. Your net profit is taxed as a whole, whether or not you draw it out or leave it in the business; however, separating accounts and implementing a payment system will help you better understand the financial health of your business. Read on for a look at the function of an owner’s draw and the tax features to consider when paying yourself.
Paying Yourself as a Sole Proprietor
Posted by benchaccounting under FinanceFrom https://bench.co 3564 days ago
Made Hot by: bizyolk on July 2, 2014 2:58 am
Who Voted for this Story
Subscribe
Comments