Sole Proprietors Reported $1.3 Trillion in Revenue in 2007

And they reported $280 billion in profits. 

Wow!

This data comes from the most recent issue of the Internal Revenue Service's quarterly Statistics of Income report. 

And this is reported revenue and profits.  Some sole proprietors - you know who you are - have been known to under report revenue and over report expenses to the IRS. 

Given these numbers, it's hard to believe we are often asked if sole proprietors play an important role in the U.S. economy. 

Comments

[Vinay Duggal]

This is soooo...oooo cool esp since I'm looking to launch a few bizes myself!

[Conrad Walton]

So can we get a tax break then?