National Tax Relief Attorney

Kenneth L. Sheppard, Jr. IRS, State, & Local  Tax Lawyer (877) 505-9455

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Sole Proprietorship Income Tax Preparation



Income Tax Return Preparation For Self Employed


Your business is considered a pass-through entity by the IRS when filing income taxes as a sole proprietorship, since all income the business generates is passed through to your individual income tax return 1040 from IRS Schedule C. Preparing tax returns for a business can seem like a daunting task for those who are self employed as independent contractors or owners of small businesses. The IRS is constantly incorporating changes and new tax laws and rules. Sheppard Law Offices has a year-round tax service which keeps abreast of current income tax provisions that have an impact on your business and personal tax return responsibilities.


IRS Schedule C Profit or Loss From Business for Sole Proprietorship

A Sole Proprietorship is considered a pass-through entity for purposes of filing federal income taxes. Profits or losses of the sole proprietorship are filed on a Schedule C with the owners personal income tax return, IRS form 1040. The Schedule C lists all business income earned as a sole proprietor minus business expenses to calculate the net profit or net loss that is to be reported on your personal income tax return IRS form 1040.


IRS Schedule SE Self Employment Tax

For self employed individuals, IRS Schedule SE is used to determine self-employment tax due on net earnings. The self-employment tax included on Schedule SE is for Social Security and Medicare taxes only, and does not include other income taxes that may be due for self-employed individuals.


Deductions for Sole Proprietors (Self-Employed)

A self-employed individual can deduct business expenses including operation expenses, inventory cost, advertising expenses, travel expenses, health insurance, charitable contributions, business meals, and business entertainment expenses, in addition to being able to write off the business equipment costs and other business assets. It is also common for 1099 wage earners and home based businesses to claim a home office expense which provides a deduction for rent and utilities.




As each self employed individual and small business owner face unique situations, it is important to discuss your specific circumstances with an tax professional in order to maximize your deductions and minimize the amount you may owe the IRS. At Sheppard Law Offices our tax preparer works with income tax clients year-round and therefore is available to assist with business and personal income tax preparation, tax planning, as well as larger tax issues, and our tax attorney is available to assist with any additional tax issues.


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(877) 505-9455

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Get Tax Help today at the National Tax Law Firm of Sheppard Law Offices

Sheppard Law Offices

Law offices of Columbus, Ohio based Tax lawyer  Kenneth L. Sheppard, Jr. serving clients on a national and local scale. We serve clients throughout the United States and abroad in dealing with the IRS, State, and Local taxation authorities. We have Ohio tax law offices located in Columbus, Canton, Newark, and Mt. Vernon. We handle tax issues for clients located  throughout the country, including Ohio, North Carolina, California, Florida, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Texas, and Virginia.

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