I just got a sole proprietship. What are its real estate benefits? I heard that it can help me with taxes.
Thanks,
David
Howdy Dave:
Not much help with taxes. You use schedule C to report income and expenses. It is just a personal business. A corp can furnish more deductible perks for officers etc than you can get on Schedule C. There also is no liability protection and you can not declare bankruptcy independent of yourself. Not really many benefits other than it looks cool on a letterhead.
Sole Proprietership doesn’t do anything special. It just means you’re taxed as yourself.