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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Tax law with a DBA
Expert: John Stancil, CPA
Date: 9/5/2008
Subject: Tax law with a DBA
Question
I have recently made an agreement with a former employer to do some marketing and consulting for the company for extra income. They informed me that I should start a DBA so I can claim exemptions for my expenses on my tax returns. I filed a DBA under Rasco Investments. Do I need to obtain anything from the IRS to open a business account?
Answer
Chandler,
You really did not need to set up a DBA. A sole proprietorship (Schedule C) business in your own name would have been fine. The DBA does not affect any deductions you could take.
I presume you are operating as a sole proprietorship. If so, and you have no employees you can do everything under your social security number. If you formed an LLC or other type of organization or if you have employees, you should apply to the IRS for a federal tax ID number for the business.
Hope this helps.
John Stancil, CPA
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