Understanding the tax implications of being a sole proprietor is crucial for managing your business and maximizing your financial success. In this video, we’re outlining key considerations you need to be making, including your net income and the impact of the Qualified Business Income Deduction (QBID). We’ll also cover self-employment taxes, income taxes, and how these elements interact to shape your overall tax picture. Whether you’re just starting or looking to refine your tax strategy, this guide will help you navigate the basics and plan effectively.
