Sole Proprietorship Taxes Explained - Sherman the CPA

What is a Sole Proprietor? How do taxes work for Sole Proprietorships? Here's a CPA's explanation.

If you are an independent contractor, freelancer, business owner, or earn any money outside of being an employee, then this video was made for you.

We are going to discuss what a sole proprietor is, how they file taxes, the types of taxes they pay, and some tips to help you minimize the amount of taxes you will pay.

Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos that can help you increase your wealth and save on taxes.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[TrinasTime]

Over 11, 000 views but not 1000 likes. Stop hating on this man and give him his props. Just like you would if it were you and what you’re doing for others. You want to be appreciated for what you do. You get back what you put out.

[wilkeymotorsports]

Love the way you explain details. Thank you

[andrescientos]

I just filed a DBA this past Monday. I appreciate the time it took for you to create this video. My question in particular was answered at the 2:59 timestamp.

[fxbaghunter]

What do you do if your business is brand new, and you have no idea what your revenue, deductions and credits will be? How are you to estimate?

If the sole proprietor waits until the end of their first year in business to pay taxes, will he/she be penilized?

[lisaalamin]

OUTSTANDING! This was just the overview that I needed! Sir, thank you for your service.

[lindyross]

Thank you so much for a concise and informative presentation.

[juliewarford]

Great This is a video all mew small business owners need to watch. He explains it thoroughly and doesn't speed through the video.

[petersuozzo]

Greetings! Thank you. All of this was explained to me when I began my business; however, I wish it had been explained this well. It was shocking at first. I understood it, but it didn’t really sink in as well as it should have. This explanation was so well done. Thank you!

[HaleyCardamon]

Wonderful video, very informative and easy to understand!

[lauriemccrackenalsted]

Thanks so much for the information. It was very clear and easy to understand.

[Deeboutte]

THank you, i am using your video as part of my training class, the way you explained everything is as though you talk this language everyday. It was very clear, easy to understand and is now a required review for all my new business clients coming on board!.. Excellent work!!

[yoitstrevor]

This is so confusing learning all this lol. But great video. Explained it really well!

[FinancialFreedomMadeSimple]

Well said, very clear explanation. Thanks for this Keran!

[JourneeToBlyss]

God bless you because I was getting stressed out about this lol thank you!

[thedetective]

Excellent information and expertly explained. Liked and subscribed.

[GailBecker-MSED-CM-Author]

That is contingent upon the state as all states do not deduct/pay state taxes.

[charlsiejolly]

Thank you so much!! Your videos are so helpful!

[Panda.Man]

Thank you for this content. I have subscribed and will be coming her very frequently

[senseofpeace]

Argh, I’m scared to go sole proprietor. I started to turn my hobby into a career but Im in a tax happy state.

[drewsavala]

This is the best video I seen on explaining these processes foreal bro keep up the good work please keep the content coming