I am self-employed consultant with my LLC, and now I will work as part-time real estate agent. I will conitnue with my consultancy business, but don't know if I should use same LLC also for real-estate work. I will need to sign Independent Contract Agreement with my real-estate broker. Should I keep the businesses separately or can I mix them together? Can i use business credit card also for real-estate expenses or not? I assume for taxes I will summarize put all income together and pay taxes on it and not separately, correct?
You should not commingle the 2 businesses ... they should be kept separate and reported on separate Sch C's... then the 2 Sch C's will be netted against each other in the end. If possible, you really need to get a separate credit card for the new business and making it an LLC is an option not a requirement.
You should not commingle the 2 businesses ... they should be kept separate and reported on separate Sch C's... then the 2 Sch C's will be netted against each other in the end. If possible, you really need to get a separate credit card for the new business and making it an LLC is an option not a requirement.
Thank you! Then I can use my personal CC for real-estate until it becomes such an income generator to justify separate LLC, right?