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.
Add BT as a preferred source
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.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
In a world of long-drawn crises, ‘wait and see’ may be a decreasingly tenable stance
SpaceX’s US$1.75 trillion IPO: How retail investors, including those in Singapore, can buy shares
The returnees: Inside China’s AI talent reversal
