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I want to open a side business but don't want to attach it to my bank account or SSNo. Can I do that?

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  • I want to open a side business but don't want to attach it to my bank account or SSNo. Can I do that?


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Answer #1 | 26/12 2013 13:26
It would be against tax code, but you could just operate it as a side business and don't declare the income nor the expenses. The second option is to run it as a sole proprietorship and fill out a schedule C each year at tax time - the problem with that is if you lose money for several years in a row (3 or so) the IRS is likely to declare it a hobby and tax you on the income by disallow the expenses.

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