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The sole proprietor is also able to get a tax deduction on his truck that the developer can't.
by refurb 3y ago
The sole proprietor is also able to get a tax deduction on his truck that the developer can't.
- rafram 3y agoOnly if he uses it for work (exclusively for work, if you ask the IRS). And he’s paying double in payroll taxes - sole proprietors/self-employed workers pay 15%, employees pay 7.5%.
- refurb 3y agoYes, it would have to be a full time work vehicle. And sure they are paying double payroll tax, but they also get to deduct all their expenses associated with employment (customer dinners, internet, computer equipment, mileage to customers, etc).