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Greenberg & Company, LLC, CPAs
500 Morris Avenue, Springfield, NJ 07081-1224
Phone: 973-467-3838
Fax: 973-467-3184
Solo Business Stats
Sole proprietors make up a huge chunk of the business world, according to statistics from the Internal Revenue Service. For tax year 2015, some 25.2 million solo business owners filed individual income tax returns, up 2.4% from 2014, reports the IRS. These 25-million-plus sole entrepreneurs account for more than an estimated 28 million nonfarm businesses, which reported profits of $331.8 billion in 2015, up 4.7% from 2014.
The biggest increase in the number of these entities, 25%, came from the transportation and warehousing sector — fueled, no doubt, by ride-sharing businesses. Wholesaling and real estate also experienced strong growth in new entities.
Not surprisingly, deductions in this solo business category also increased for the same period, rising 3.2%. The construction sector had the largest amounts of total business receipts and deductions. For all industries combined, commissions and the cost of labor both had double-digit deduction increases.
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