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Tax-time crunch: Tips to boost your tax savings

While being a sole proprietor entails certain freedom, it also creates added responsibilities. A sole proprietor will face additional taxes and reporting requirements, but he may also be eligible for certain business tax deductions.

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A self- employed individual is required to file his tax return by April 15 each year, to report his income derived through his business as a sole proprietor.

AS A business owner who is a sole proprietor, you are in charge of your own business. Where the tax laws are concerned, you and your business are a single entity.

While this entails certain freedom, it also creates added responsibilities. You will face additional taxes and reporting

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