Personal Finance Buzz

Manny Davis
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Being a sole proprietor means that you and your business are one -- from the IRS perspective. This type of business is considered a pass-through entity (like S corps, LLCs & Partnerships), which means anything that your business earns flows through to your individual tax return. Being a sole proprietor is defined as when any individual operates a business that isn't set up as a formal entity.

If you are self-employed, whether you have a LLC, sole proprietorship or S-Corp., you are running out of time to take tax breaks related to your business. Things to consider if you are looking to squeeze in a tax break or two.

Partnership taxation is similar to that of sole proprietors, S corps, and LLC companies in the sense that they are pass through entities. With a pass through entity, the business owners pay the taxes, not the business. Even though the owners are responsible for paying the taxes, the business is still required to file an annual tax return. The annual tax return that is filed contains all the deductions and income information of the business, which is not reported on the individual tax returns of the owners.

The 401(k) is a retirement account that offers tax breaks to anyone saving for future years, which has made it an attractive option for millions of people. If you work for a company that offers 401(k) plans as a part of its benefits package, opening one can be a piece of cake. But if you are self-employed or the sole owner of your own business, you can also open a 401(k) with a minimum of fuss and hassle.

How to choose the right business structure. Choosing the right type of business entity is important for any business.

The Forester Value Fund was the sole equity mutual fund to post a (slim) positive gain in 2008. Should you buy?