[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....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.

[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.

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.

[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?

[Skynet]

You can start with advertising.

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

[Author]

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