I have been working with my bussiness partner together since the beginning of the year, but we never appled for an EIN. All the incomes are going in to a bank account we share, we each pay the expenses.
We got our EIN today (November).
I was told that I will not be able to claim more than $5,000 of expenses this year, they all have to be amortized over a long period.
Can we file 2 separate Schedule C and start the partnership officially next year? Does it matter how we split the income/expenses as long between the two of us we declare all the incomes/expenses?
