M asked:
I am a medical transcriptionist that is self-employed. Is there any reason that I would NOT want to setup a tax id number? Everything I have read makes it look like it would be the best thing to do for record keeping purposes and to prevent identity theft. Is there any reason I should NOT?
Renee
I am a medical transcriptionist that is self-employed. Is there any reason that I would NOT want to setup a tax id number? Everything I have read makes it look like it would be the best thing to do for record keeping purposes and to prevent identity theft. Is there any reason I should NOT?
Renee
Karl
You are working as a sole proprietor without employees. Just use your SSN.
Comment by v b — June 26, 2009 @ 12:27 pm
Roberta
The only reason I would ever consider setting up an LLC or S Corp would be if I were in an industry where I needed huge tax breaks, or if I needed to protect myself from being sued. Using your SS# if your business gets sued, its like suing you and everything you have. Set up as one of the other entities I talked about then only your company and company assets can get sued. So its for tax reasons and protection purposes.
Comment by Matt Siltala — June 28, 2009 @ 5:05 pm