mfly
DIS Veteran
- Joined
- Oct 2, 2015
Hi all! I have friends who have expressed interest in dipping their toes in the cc game. They’re cautious, so we’re starting slow.
Both have CSRs (opened over 6 months ago). No other new cards in the past 24 months.
I’m trying to encourage the idea of a business card, and they’re excited about the CIP. They brought up a few questions I really didn’t have solid answers to:
“Do I need to keep records of proof of income for my ‘business?’”
“Won’t the IRS want to know where I’m reporting this “income” when I file my taxes?”
One of the two has an actual business, set up with an EIN. I told him he may be better off applying as a sole proprietor with his SSN, as they tend to be scrutinized less. Is this true? Any harm in him doing it either way?
p.s. I love scotcharoos.
@SouthFayetteFan - if I’m asking anything you’d rather I not, feel free to let me know and I’ll edit/censor myself.
Both have CSRs (opened over 6 months ago). No other new cards in the past 24 months.
I’m trying to encourage the idea of a business card, and they’re excited about the CIP. They brought up a few questions I really didn’t have solid answers to:
“Do I need to keep records of proof of income for my ‘business?’”
“Won’t the IRS want to know where I’m reporting this “income” when I file my taxes?”
One of the two has an actual business, set up with an EIN. I told him he may be better off applying as a sole proprietor with his SSN, as they tend to be scrutinized less. Is this true? Any harm in him doing it either way?
p.s. I love scotcharoos.
@SouthFayetteFan - if I’m asking anything you’d rather I not, feel free to let me know and I’ll edit/censor myself.