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Old 24th February 2014, 11:41 PM   #1

Join Date: Feb 2014
Posts: 0
Default New Business/Tax/Income

Good evening all,

I would like to say thank you to whoever responds to this post. So, here it goes. I'm looking to make extra income and would like to keep it separate from my current work.

I'm in the IT industry and from time-to-time fix peoples computers and would like to accept other forms of payment(s) other than cash (yes, I know, less of a paper trail). I also find other things online to do as well such as mystery shopping, data entry work or any other line of that work. The sites I found for the latter are all legit and requiring either a tax id or ssn and I would prefer to use a TAX id. What I'm essentially asking is can I form an LLC and use the TAX ID/Company Name, generate revenue from any resource and put it through the company or do I have to form an LLC for each work I do (ex. company-a solely will be IT work, company-b solely does mystery shopping, etc.)? I hope I did articulate myself clearly.

Please let me know as I am completely clueless when it comes to this subject.

Thank you

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Old 25th February 2014, 09:38 AM   #2
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Location: Triangle area, NC, USA, North America, Earth (usually)
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Assuming you're in the USA, technically, you don't have to form an LLC at all. Since you'll be a sole proprietorship with no employees, you can use your own SSN as your tax ID. Simply file a Schedule C with your personal tax return to report income/expenses.

If it's preferable in your situation to form an LLC for whatever reason, you can form a single LLC to cover all your business activities. Companies go into new lines of business all the time without getting a new tax ID for each one. The IRS doesn't care so much what your business does, as they care that the business pays the appropriate taxes.

Of course, there's nothing stopping you from forming a separate business entity to handle each line of business, if that works better for you.

Which leads directly to the bottom line:

I strongly recommend you consult with a tax adviser, and possibly an attorney as well, before you make your decision. What you choose to do can have significant tax implications and you need to talk with an expert who's familiar with your specific circumstances. Casual advice from denizens of a free online discussion forum, no matter how experienced and well-meaning they may be, absolutely cannot substitute for a real, professional consultation with an expert.



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