Fluent in English, Spanish & Italian | 888-882-9243

call us toll free: 888-8TAXAID

IRS SIB Shows Sole Proprietor's Income Declined & Real Estate Makes up 49.9% of Partnership Filings

IRS SIB Shows Sole Proprietor's Income Declined & Real Estate Makes up 49.9% of Partnership Filings

The Internal Revenue Service announced today that the Spring 2019 Statistics of Income Bulletin is now available on IRS.gov. The SOI Division produces the online Bulletinquarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on the following topics:

  • Sole Proprietorship Returns, Tax Year 2016--For Tax Year 2016, taxpayers reported nonfarm sole proprietorship activity on approximately 25.5 million individual income tax returns, a 1.2-percent increase from 2015. Profits fell to $328.2 billion in 2016, a 1.1-percent decrease from the previous year. In constant dollars, total nonfarm sole proprietorship profits decreased 2.4 percent in 2016. Total profits as a percentage of business receipts were 23.1 percent for 2016, the second highest level in this data series which begins in 1988. The largest percentage increase in profits was reported by the arts, entertainment and recreation sector which increased 19.6 percent or $1.9 billion.
 
  • Partnership Returns, Tax Year 2016--The number of partnerships in the United States continued to increase for Tax Year 2016. Partnerships filed more than 3.7 million returns for the year, representing more than 28 million partners. The real estate and leasing sector contained almost half of all partnerships (49.9 percent) and over a quarter of all partners (29.7 percent).
 Need Tax Help?

 
Contact the Tax Lawyers at 
Marini & Associates, P.A. 
 
 
for a FREE Tax HELP Contact Us at:
orToll Free at 888-8TaxAid (888) 882-9243

    Read more at: Tax Times blog

    Comments are closed.

    Live Help