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Filing Taxes with 2 1099 incomes, Myself and My EIN

 

 I was told if I have EIN 1099 income I can just put the EIN on the schedule C and file just one set of taxes.

 

but

 

what if I have 1099 income with my social, and also 1099 income with my EIN? Meaning I did work as my company using the EIN and then some different type of work just as me using my social.

 

So if I have both kinds of income I can't just put my EIN instead of my social on my sch C right?

 

I would have to file 2 completely different taxes as 2 different entities I assume?

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2 Replies
DianeW777
Expert Alumni

Filing Taxes with 2 1099 incomes, Myself and My EIN

Report the income on one Schedule C if it is the same type of activity.  There is nothing wrong with reporting two Schedule Cs if it makes it easier for you to differentiate between the two businesses.  As long as all income is being reported you are in a good position either way.

 

If the activities are not similar in nature, then each business is required to be reported individually.  This answer assumes that both business are operated as a Sole Proprietor or a Single Member Limited Liability Company (SMLLC) and reported on your individual income tax return.

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Filing Taxes with 2 1099 incomes, Myself and My EIN

"I would have to file 2 completely different taxes as 2 different entities I assume?"

 

Hope you do not have the notion that you need to file two separate tax returns.  ALL of your 2021 income has to be entered on the SAME Form 1040, whether you use one or two Schedule C's for the self-employment income.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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