Author Topic: Banking/Tax Question: Firefighter with a side job and rental  (Read 1766 times)

Frugal Firefighter

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Banking/Tax Question: Firefighter with a side job and rental
« on: April 04, 2015, 01:41:38 PM »
My main job is as a firefighter, where I work at 24 hrs on, 48 hrs off schedule. I work for another firefighter on my days off doing construction. I'm also in the middle of purchasing a rental property.

My question is regarding my taxes and bank accounts. Right now I'm running any business expenses off a business credit card, but everything is through the same bank account. With adding in the rental should I create one business account for rental and construction or one for each of them? Also, should I have a business name that encompasses the construction and rental, one for each, or just have all rent check made out to my name? I'm just not sure which makes it easiest on taxes, expenses, and keeping everything straight.

seattlecyclone

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Re: Banking/Tax Question: Firefighter with a side job and rental
« Reply #1 on: April 04, 2015, 02:10:55 PM »
For a variety of reasons it can be a good idea to form an LLC for a rental property, with its own bank accounts and everything.

arebelspy

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Re: Banking/Tax Question: Firefighter with a side job and rental
« Reply #2 on: April 04, 2015, 03:01:33 PM »
Even if you don't have an LLC, having a separate account for easy accounting purposes is beneficial, and free.
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firewalker

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Re: Banking/Tax Question: Firefighter with a side job and rental
« Reply #3 on: April 04, 2015, 04:47:27 PM »
First off, on the MMM forums, it's best not to admit to fighting FIRE. :-)

Frugal Firefighter

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Re: Banking/Tax Question: Firefighter with a side job and rental
« Reply #4 on: April 04, 2015, 04:49:46 PM »
That was easy enough, and what I was thinking I needed to do. Thanks for the advice on the LLC, I hadn't thought of it on the rental.

Haha. Fire and FIRE are two vastly different things, but each day I look forward to them both.

johnhenry

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Re: Banking/Tax Question: Firefighter with a side job and rental
« Reply #5 on: April 07, 2015, 09:29:38 AM »
pyromaniac, FIRE-o-maniac!!