The owner of a sole proprietorship declares any profits earned by the company on his personal income tax at the end of the year. true of false?

True

Explanation:

Sole proprietorship and its owner are not treated a separate legal entities for the purpose of taxation. in fact a sole proprietorship and its owner are are both taxed under the same tax.

The owner of a sole proprietor reports the income from the sole proprietorship in his tax form when filling the tax assessment form.

A sole proprietor is personally liable for all the debt of the Sole proprietorship including the tax liability, hence the income from the sole proprietorship  is included in his tax return.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

choices : )

explanation: