Income Tax Home Office Deduction
July 23rd, 2010Question: Independent contractor in Michigan – will having EIN change how much my income will be taxed?
I currently work for a couple of companies and get 1099s at the end of the year. I have an offer from another company but they require me to have an EIN. My concern is that I will end up paying more in taxes by working under an EIN than I am now working under my SSN. (My husband is primary wage earner and we have 2 children – we file long form and claim our home for a deduction as well). It looks like my tax office may have permanently shut down so they aren’t available to ask. Thanks in advance!
Answer: Having an EIN should not affect your taxes. If you obtain the EIN but do not create a corporation, or if you create an S corporation, then you will continue to report all the income on Schedule SE and on either Schedule C or Schedule C-EZ. However, if you create a C corporation, then it will be required to file its own return and to pay tax.
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Tax Deduction Tips & Advice : How to Claim Home Office Deductions
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