[PackerBacker12]

So I’m starting a tax hustle on the side where I’ll be filing basic returns for clients (W-2s, 1099s, etc.) and I would appreciate any tips from those of you who are currently running a side hustle or once started out running a side hustle and now have your own practice.

[Tncincy]

What kind of tips? To run a business you need marketing, good software, a place to work, and MONEY. Maybe a plan is a better answer.

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Recked]

I'm in the game.
Interested to see what sort of questions you come up with.
Your post is pretty general and vague, too broad a topic to really contribute anything worth while.

Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

[PackerBacker12]

For starters, I applied for both my EFIN and PTIN but both are under my SSN and legal name. I plan on reporting the activity on a Schedule C (I don't see a need to incorporate as of now). My first question is should I have applied for an EIN for my Schedule C and then have both the EFIN and PTIN under the Schedule C's EIN rather than my SSN? Or it doesn't matter since it's being reported on my personal 1040? And my second question is should I buy some sort of liability insurance or is it still too early for that?

[monikernc]

Start now on getting your e-file approval from IRS. That can take time. Errors and omissions insurance plus a good liability policy. Good security plan and insurance to cover a breech. Don’t just jump in. Drake has affordable software and filing options.

AUD - 93
BEC - 82
FAR - 76
REG - 88

How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
Experience was the worst part of the journey for me. You?
If you want things to change you have to do something different.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Recked]

Yes, you should have applied for an EIN first. It doesn't matter for tax purposes as the tax filing for a Schedule C is the same but…
If you don't have an EIN your SSN will be on every tax return your office produces, no bueno.
–
Yes, insurance is a good idea.

Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

[fassopony]

EINs take about 2 minutes to get, go here-

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Use the EIN for the C and any other reporting info.

The main thing with taxes is knowing what you are doing. Do you know what you are doing enough to file taxes for others? Maybe do a quick volunteer stint with VITA to see how you do?

AUD - NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training

Studying for FAR, then on to BEC, the AUD, and then REG

[Skynet]

You can start with advertising.

” Tax Preparation, Cold Beers, Topless Dancers, and False Advertising”

AUD - 90
BEC - 78
FAR - 84
REG - 87

World Domination Plan

Phase I : Pass CPA Exams - Complete
Phase II : Megan Fox - In Progress
Phase III : Megan Fox & Scarlett Johansson Lingerie Pillow Fight
Phase IV : Form the new Charlie's Angels with Megan Fox, Scarlett Johansson, & Gal Gadot
Phase V : TBD

BEC : 78
REG : 87
FAR : 84
AUD : 90

World Domination Plan

Phase I : Pass CPA Exams - Complete
Phase II : Megan Fox - Initiated
Phase III : Bring back 8-Tracks
Phase IV : Megan Fox & Scarlett Johansson Lingerie Pillow Fight
Phase V : TBA

[Author]

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