What do you do when your an independent consultant for two companies and also have an Ebay business on the side.
Should you have a separate business account for each business? Or can you have one account; and make sure to keep good records?”
When it comes to your tax return, you will need two separate Schedule Cs – one for each business.
You can set up your bookkeeping to accomplish this fairly easily. Either set up separate company files in your accounting system. Or, if you use QuickBooks, you can get the same result by setting up a CLASS for each of the businesses.
You can set up your bookkeeping to accomplish this fairly easily. Either set up separate company files in your accounting system. Or, if you use QuickBooks, you can get the same result by setting up a CLASS for each of the businesses.
When you code the entries properly, you can get a full report by each CLASS for your tax return.
But do you need separate bank accounts?
Not in the early stages of the Ebay business. Once you see that your sales are about to be high enough to support you – set it up as a full-blown business, with bank account, appropriate licenses – and all.
OR if you already have a solid long-term plan in place to generate volume sales, set the business up properly right from the start.
But do you need separate bank accounts?
Not in the early stages of the Ebay business. Once you see that your sales are about to be high enough to support you – set it up as a full-blown business, with bank account, appropriate licenses – and all.
OR if you already have a solid long-term plan in place to generate volume sales, set the business up properly right from the start.
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