Sole Proprietorships on the Rise

The IRS released statistics on 2018 returns for Schedule C filers (“nonfarm sole proprietor”). This category includes independent contractors, freelancers, gig economy workers, as well as limited liability companies (LLCs) owned by one individual who does not choose to file a corporate return. There were 27.1 million non-farm sole proprietors in 2018, compared with 26.4 million in 2017, which is a 2.6% increase. #IdeaoftheDay