#sole-proprietorship
Sole proprietorship accounting, tax filing, and financial management essentials
Schedule C is for businesses, Schedule E for rentals and K-1s, Schedule F for farms — and the wrong schedule can cost 15.3% in self-employment tax.
IRS audit rates run 0.1% for middle incomes but hit 4% above $10M — and Schedule C filers face triple the scrutiny of W-2 earners.
File a DBA to bank and bill under your brand name — it links the trade name to your legal owner, and the IRS lists it as your EIN's trade name.
IRS Publication 334 is the free tax guide for Schedule C filers: business income, deductions, self-employment tax, and estimated payments in twelve chapters.
A parent's sole proprietorship can pay a child up to $16,100 in 2026 wages federal-tax-free — no FICA under 18, no FUTA under 21.
QuickBooks Ledger is Intuit's $10/month accountant-only GL with bank feeds but no invoicing — upgrade when receivables, inventory, or bill pay appear.
Albanian freelancers pay 0% profit tax through 2029 only with a NIPT and business account — otherwise 15% on gross. The amnesty ends Dec 31, 2026.
Slovenia's 2026 reforms lift normiranci ceilings to €150,000/€70,000 with new progressive tiers — what freelancers owe and the year-end moves to make.
The IRS raised the 2026 business mileage rate from 72.5 to 76 cents for miles driven from July 1 — date every log entry or you cannot prove the higher rate.
Botswana charges 14% VAT on non-resident digital services from Oct 1, 2026, and reverse charge starts Aug 1. Thresholds, due dates and record rules explained.
Paraguay's IRE Simple taxes sole proprietors at 3% of gross up to G. 2 billion; if your margin is under 30%, the 10% actual-profit option costs less.
A spouse on W-2 payroll can fund a second solo 401(k) and pretax health coverage — if the IRS sees real work, market pay, and payroll records.
