Tax Law (Questions About Taxes)/Sole Proprietorship


My sole proprietorship does not require a separate EIN. However, the bank would not allow me to open a business account unless I applied for an EIN. When filing my tax return, can I use my social as the tax ID or must I use the new EIN? If the new EIN will I still get credit on my social security?

All you had to do to open the account with the bank was a fictitious name statement filed at your local town clerk (that, and a new bank).    They "forced" into additional complexity.   

So, now you have an ein which means you have to file the schedule c and report the ein.   But how it will change or affect your credit report I can't address. But my guess is it won't have any effect overall

Your credit report cares not one iota about your business activity, but instead focuses on what you owe, when you pay and how many credit arrangements you have.    Really poor people who pay their bills can have stellar credit

Get a new bank and move on  

Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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