Legal Question in Business Law in Oklahoma

I work for a company now and am trying to start up a business on the side for side income. So far the second business is an online company and is costing much more to start up than it is producing. My current work may or may not have issues with me having a second job so I would prefer to not register the second business until it earns a decent amount yearly. My question is, I would like to write off some of the start up expenses which shouldn't total more than $2k. Some sites say that I will need a tax ID to do this but will I need to register it as a business or can I write things off with the way it is now? Thanks in advance

Asked on 7/27/12, 12:09 pm

1 Answer from Attorneys

You should be able to file a "Schedule A" with your personal return to report expenses but we recommenrd that you contact a certified public accountant for other information and requirement. And, it is recommended that you get your tax ID number regardless of whether you want to register your business. This is for you protection.

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Answered on 7/27/12, 2:20 pm

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