Ok this is my first year with EIN and I'm in need of some clarification: do you have to file EIN and SSN separately? (both are on my name) are EIN and SSN considered to be the single entity if they are both on one name? are there any issues with deductions (if EIN and SSN have to be filed separately) if all my bank accounts/credit cards are under my SSN, but all income comes to EIN? (in other words I "sponsor" the business expenses through personal accounts) Thanks guys!
Hi, It depends on your company structure. I assume you are a sole proprietor or a single member LLC. Both of these entities are pass through entities for tax purposes, which means you report your business income on Schedule C of your personal tax return. For your Schedule C you will be asked the name of the business and your EIN if you have one. You can mention the EIN at that point. Otherwise, for tax purposes, you and your company are treated as a single entity. This has been my experience with filing taxes. Of course, I am not an accountant or a lawyer, so check with one before you file anything. Good luck!
Some friendly advice. Spend a couple rolls and meet with a tax advisor or CPA... If you have any amount of earnings they may save you more then you pay them, and at least help you put together a strategy for next year. -SS
I use my EIN for everything online so I don't have to give out my SSN. Then I just file like a normal individual with business income.