The IRS reports that the number of Schedule C filers increased to 24 million returns in 2013, up from 23.5 million in 2012. Total profits as a percent of business receipts were 22.5% for 2013, the second highest level in this data series which begins in 1988. For sole proprietorships as a whole, receipts increased 3.1%, while deductions increased 4.3%. Of the 24 million filers, 9.5 million claimed home office deductions.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
