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March 22, 2013 01:16 am GMT

Filing Taxes as a Sole Proprietor? What You Need to Know

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Nellie Akalp is a passionate entrepreneur, small business advocate and mother of four. As CEO of CorpNet.com, a legal document filing service, Nellie helps entrepreneurs start a business, incorporate, form an LLC or set up sole proprietorships (DBAs) for a new or existing business.

More Americans are working for themselves than ever before. Call them freelancers, contractors, micro business owners, entrepreneurs, but a recent report says there are now 17 million full-time independents in the U.S.

Even if this is your first year self-employed, you already know that your income taxes are more involved than those of your colleagues, who only require W-2s. However, the complexity also brings opportunity, as freelancers can deduct many of their expenses, such as the cost of a computer, office supplies and work-related travel


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