Sole Proprietor Basics: a US Starter Guide
EIN, business names, keeping money separate and quarterly estimated taxes in general terms, with a bookkeeping sheet. Not tax advice.
By Whole Life HQ4 parts · about 5,800 words · printable · read online
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OpenWho it's for
US residents who work for themselves, full time or on the side, and want the basics explained in plain words before they talk to a tax professional.
What you receive
- 4 written parts, with pointers to IRS.gov throughout
- EIN, business names, licenses and separating your money
- Quarterly estimated taxes explained in general terms
- A bookkeeping sheet, a year-end checklist and questions for an accountant
4 printable pages, in reading order
- Part 1: What a sole proprietor is, and your first questions
- Part 2: EIN, names, licenses and separating your money
- Part 3: Quarterly estimated taxes, explained in general terms
- Part 4: A simple bookkeeping sheet and your records
See inside
The first 4 pages, as they print.
Look inside
The first page, word for word. 4 printable pages in total.
Part 1: What a sole proprietor is, and your first questions
This guide is for people in the United States who do some work for pay on their own: a tutor, a cleaner, a designer, a seller of handmade things, a person who walks dogs. It explains the basic pieces in plain words: what "sole proprietor" means, what an EIN is, why to keep business money separate, how quarterly estimated taxes work in general terms, and how to keep a simple set of books.
This is general information, not tax, legal or accounting advice. Rules differ by state and by situation, and they change. Every section points you to an official source, mainly IRS.gov, and tells you what to ask a professional. Nothing here predicts how much anyone will earn or owe. Where numbers appear, they are for explaining how a calculation works, not for planning your own taxes.
What you get from this guide
- Part 1: what a sole proprietor is, the questions to ask first, and a one-page starting checklist.
- Part 2: the EIN, business names, licenses and keeping money separate.
- Part 3: estimated taxes explained in general terms, with a worked example of how the pieces fit.
- Part 4: a simple bookkeeping sheet, a records checklist and a list of questions for an accountant.
What is in each part
- What a sole proprietor is, and your first questions
- EIN, names, licenses and separating your money
- Quarterly estimated taxes, explained in general terms
- A simple bookkeeping sheet and your records
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Downloads included
4 printable pages: see the list
- Part 1: What a sole proprietor is, and your first questions
- Part 2: EIN, names, licenses and separating your money
- Part 3: Quarterly estimated taxes, explained in general terms
- Part 4: A simple bookkeeping sheet and your records
They open in your library, and you can print them, once they are yours.
Who wrote it
Written by the Whole Life HQ team.
Not yet reviewed by an outside expert.
We plan to ask a finance educator to review it. Until then it is general information, not professional advice.
General education, not financial, tax or legal advice. For decisions about your own money, talk to a qualified professional.
How you get it
- In your libraryAfter you pay, it is in your library straight away.
- Any devicePhone, tablet or computer. Print it if you like paper.
- Yours to keepIt stays in your account, and you can come back any time.
