Have you ever done a home-based business before? And you were required to fill-out form W-9 to provide your name and social security number so you can be issued a 1099 during tax time.
Hello, this is Noel Dalmacio, your ultimate CPA at LowerMyTaxNow.
Here’s a LowerMyTaxNow strategy on how to properly structure your tax ID when starting a business.
I would recommend applying for a separate tax ID number with your preferred business name. Make it a generic name so you can use it for your existing or any future businesses. Fill-out form SS-4 and you can go to irs.gov for both the forms and instructions.
I know what you are thinking. Your million dollar question is: “why?” Answer: identity theft. The sole purpose of doing this is to prevent any identity theft in the future. You want to avoid providing your social security number as much as possible.
There you go! That is my LowerMyTaxNow strategy that you can use when you start a home-based business.
If you like to learn more, click the link lowermytaxnow.com and sign-in to receive my weekly blog.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com.