When you run a business as a sole proprietor, you enjoy the freedom of running it your own way. While you can take your decisions independently, the responsibilities are also all yours. There are certain implications from the tax perspective as well. The IRS tax norms consider the business and the sole proprietor as a single entity. This means that you will be taxed differently, with some additional taxes as well as extra reporting requirements. At the same time, you may also be eligible to claim certain tax deductions. This sounds confusing, doesn’t it? It’s enough to make your head spin. Obviously, you will need to brush up your tax…