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.
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 requirements, but you may also be eligible for certain business tax deductions.
Under Singapore law, the income that a person derives through his business as a sole proprietor is assessable under his name. However, the person would be able to claim tax deductions for qualifying expenses against his business income.
Copyright SPH Media. All rights reserved.
