Complications with Multiple Entrepreneurships?

[KaliStar]

For the past year I have been operating a small online retail business on ebay. I also do graphic design and media work on the side as an independent contractor. Last year I didn't make enough at the design business to report it, but this year I plan on pursuing my design business more so. I have a business certificate under my legal name. Would I be able to operate two separate trade names under my legal name even if one is a service business and the other is a retail business? - basically to save myself the paperwork of having to do everything twice?

Any tips would be appreciated. I haven't been able to find much on this in my research.


Thanks,

Star

[vangogh]

It's probably not an issue. I'm guessing your currently a sole proprietor, in which case I don't think it matters at all as you and your businesses are seen as one by the IRS. Essentially you're operating under the term DBA or Doing Business As, where you and your businesses aren't the same name. It's normal.

If you've registered either business as an LLC or other corporate entity you may need to file some additional paperwork, but I'm guessing your a sole proprietor and fill out your taxes as an individual instead of a corporate entity.

[Quad H Properties]

I have several businesses I do under my "freelance writing" umbrella, but others, such as rental property run as a sole propriatorship, I need to use a seperate schedule on your 1040.

FYI - If you are not declaring income for your business, you cannot take deductions!! I have bought 3 computers and deducted them from my freelance writing income BC they are 99.9% used for that business. Other things, such as office supplies, can also be deducted. Even if you are under the threshold, you still may want to declare the income so you can take the deductions. One year I was able to take a loss BC I had more expenses than income!