TAX SAVING TIPS FOR SOLE PROPRIETORSHIP
A sole trader ship, also known as Sole proprietorship , is defined as the type of business owned and operated by a single person. The owner and the business entity have no legal distinction. Personal responsibility for sole proprietors is unlimited. Between the owner and the business, there is no legal separation. This means that business creditors and persons with other rights against the owner can seize both the business and personal assets of the owner. Tax Benefits: The simplicity of a sole proprietorship is one of its benefits. You do not file a separate tax return for your business; instead, you record all of your business profits and losses on your tax return. However, the personal obligation for judicial judgments, taxes, and debts comes with that simplicity. Various Tax-Saving Tips: 1) KEEP ACCURATE BOOKS OF ACCOUNTS- Nowadays, bookkeeping is a major difficulty for small and medium-sized business owners. In a sole proprietorship, the owner is resp...