Jack Woods

 

Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960

 

Phone:  978-532-0266

Fax:      978-532-9105

 

1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876

 

Phone: 978-851-8044

Fax:     978-851-9332

 

Email: jack@cbps.com

September 2019

More Go Solo

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More than 25.5 million taxpayers who filed individual 2016 income tax returns reported non-farm sole proprietorship activity. That’s a 1.2% increase from 2015. Total profits from non-farm sole proprietorships decreased 2.4% during this time, although total profits as a percentage of business receipts were 23.1%, the second-highest level in this data series that began in 1988.


Self-Employed
The IRS defines non-employer business as subject to federal income taxes with annual business receipts of $1,000 or more ($1 or more in the construction industries) and no paid employees. Most non-employers are self-employed individuals operating very small unincorporated businesses, which may or may not be the owner’s principal source of income.


Talk to a tax pro about ways you can reduce taxes if you have self-employment income. Newer tax laws, including the pass-through provision, could help the self-employed reduce their tax liability.


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