[John131]

I have a EIN number for a small business that I own. When you receive a 1099k from Uber does it have your social security number on the 1099k or do you have the option of having Uber report to your EIN #?

 

[StarzykCPA]

You can use an EIN... no problem. You can specify it during the sign-up process. I'm not sure if you are able to do it after-the-fact, though.

However, if Uber is completely different than your current small business, you may be better off signing up for a new EIN solely for Uber. This way, you can easily report the two separately come tax time.

 

[Argel]

I have a EIN number for a small business that I own. When you receive a 1099k from Uber does it have your social security number on the 1099k or do you have the option of having Uber report to your EIN #?

If your small business is unrelated to ridesharing then you shouldn't combine the two. A separate Schedule C should be filed for the small business and for the Uber activity. Otherwise, your audit risk could increase. For example, if last year, you reported your small business income on Schedule C with one industry code and then this year you lumped your Uber income and deductions, you may be at risk of an audit if your income and expenses are statistically different from other companies in the same industry (i.e., a spike in mileage deductions year over year could be an audit risk).

Your option is to use your SSN or apply for new EIN which means you have to apply and maybe even pay taxes on another business entity which could be costly. Unless you're looking for legal protection on your existing assets, I would think twice before creating a legal entity for your Uber activities.

 

[Don Oldenburg]

OP... From Uber's stand point you can absolutely do this. In the UBER website dashboard there is a "Banking" option where you originally entered your ACH for your bank account under your social security number. You can change your settings in there.

There are benefits and liabilities to doing this under a LLC, or corporation. For me, I have another business that is closely tied to this -- and I have mine going to the same LLC. I run the other one as a paperwork loss, so from a tax stand point, I can offset most if not all of the uber profits (as much or as little as it may be), with the loss from the other business model.

The best advise someone could give you is to go talk to a tax accountant/tax advisor -- not a bad idea regardless to learn the many deductions that you can claim against your rideshare income to reduce your tax liability.

 

[John131]

Thank you for all your answers.

 

[CowboyMC]

You can use an EIN... no problem. You can specify it during the sign-up process. I'm not sure if you are able to do it after-the-fact, though.

However, if Uber is completely different than your current small business, you may be better off signing up for a new EIN solely for Uber. This way, you can easily report the two separately come tax time.

If the businesses are different, you MUST report as separate and do two schedule Cs (assuming the businesses are not incorporated). Example, one thing you do is sell baked goods and the other is ride for Uber. They are considered two difference businesses and you must keep income and expenses separate and file separate Schedule Cs. Not an option.