I will have multiple businesses operating at the same home address for taxes. My questions are as follows:
Should I put all expenses on one DBA or split between the two DBAs?
Would it be best to put all the expenses on the one generating the most income or producing income if the other is making zero dollars?
I will be making income from one while the other will become more active but further behind.
What happens if I let one business become inactive, with no income or expenses, for 5-7 years, then build that one up?
Will the business be considered a hobby for tax purposes, or will that not become the case since I’ll eventually be producing significant income from it before putting expenses on that one?
What changes when I convert the DBAs to LLCs regarding TurboTax? Can I convert the same-name DBAs to LLCs? Can I still purchase the same TurboTax version with small business live tax help?
Also, can I put all my DBAs in the same bank account? Does it have to be in the name of one DBA, or can it be a personal checking account?
