MilesBuzz! - Business Accounts for non businesses

There are many offers out there for business credit cards and business checking accounts which can earn heafty bonuses.

It appears many people who do not have business are taking advantage of this.

On the application, how do you handle the business questions of TIN, income, gross recipts, address, etc.?


I assume business income would be your income through your real job
Your address is you home address.
TIN= ???
gross recipts = ???

I'm looking into this also but will probably setup a business anyway. My wife actually staring working as "self employed" so I'm assuming we could setup a business that way.

I believe most people do it as a self proprietorship, with their SSN as TIN.

It appears many people who do not have business are taking advantage of this.

On the application, how do you handle the business questions of TIN, income, gross recipts, address, etc.?
Just LIE.

I assume business income would be your income through your real job
Your address is you home address.
TIN= ???
gross recipts = ???


For a sole proprietorship, just think of yourself as a business.
Gross receipts and income are whatever income you earn.

TIN stands for Taxpayer Id Number, so most easily it's the same number you've been putting on your tax return to identify yourself.

It should be obvious, but making up a bogus name and then filing an application for credit or financial instruments is not a good idea.

Just LIE.

I strongly advise against this.

Consider yourself a sole proprietorship and use your SSN, income, etc. for the information. Have you ever sold anything on eBay, StubHub, etc? You're a sole prop then.

I strongly advise against this.

Consider yourself a sole proprietorship and use your SSN, income, etc. for the information. Have you ever sold anything on eBay, StubHub, etc? You're a sole prop then.Obviously you missed the point. The OP stated he/she does not have a business. Now you want the OP to pretend there is a business. Translation – LIE.

Just LIE.

That's a good way to make your frequent flying a living hell. If you get burned with one credit card provider other majors will refuse you in the future. IF you rely heavily on FF/hotel program combo cards then it's curtains.

Sun Trust Bank is giving 25,000 sky miles for a business check card. All that needs to be done is open an account and make 1 purchase.

There is a $55 annual fee.

https://www.suntrust.com/portal/server.pt/community/chk_suntrust_skymiles_check_card/1905


What other banks are doing this?

When I got the UA MP business Visa card several years ago and the Amex SPG business card over the summer I don't recall them asking any questions about my business. The card was issued based on my own personal income and credit ratings.

But I suppose since I have to file a schedule C (or C-EZ) for my sports officiating that counts as a business. Even though I don't do it much these days it is there. So you may be able to start a microbusiness like that and qualify if you are really concerned about it.

Obviously you missed the point. The OP stated he/she does not have a business. Now you want the OP to pretend there is a business. Translation – LIE.

Obviously you missed the point of my post...if you sell anything on eBay or Stubhub or any similar site, you are considered a sole proprietorship as defined by law. You only need to register your sole prop if you are doing business under a name other than your own. Sell a pen on eBay and you've got yourself a sole prop doing business as yourself and can legally apply for a card under your name with your SSN as the Tax ID Number. Got it ^?

See here (http://www.irs.gov/businesses/small/article/0,,id=98846,00.html) for more information regarding self employement

...if you sell anything on eBay or Stubhub or any similar site, you are considered a sole proprietorship as defined by law. Care to provide a link to this so called law?

Care to provide a link to this so called law?

Not a law but good enough for my purposes.

http://www.wisconsin.gov/state/byb/soleproprietor.html

Care to provide a link to this so called law?

Okay, I guess what I should've said:

...if you sell anything on eBay or Stubhub or any similar site, you CAN BE considered a sole proprietorship as defined by law.

Still, sell 1 thing on eBay, call it your business (in your name, of course), no lies necessary. As long as it's an unincorporated business, you can claim it as a sole prop.

Care to provide a link to this so called law?
Sole Proprietorships
If it's good enough for the IRS, it's good enough for me.


http://www.irs.gov/businesses/small/article/0,,id=98202,00.html (http://www.irs.gov/businesses/small/article/0,,id=98202,00.html)


A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.

How do business cards apply when applying for credit if you use your SSN and own name? Say you have 5 personal cards and 3 business cards. Is that the same as having 8 personal cards when you are evaluated during applications?

Care to provide a link to this so called law?

You will find more than you care to know on the IRS website regarding Self-employment and Sole Proprietorship.

I am sure you understand the term of self-employed - that is one of the options in many credit card application page from the box of employment status. :rolleyes:

As long as you do not incorporate yourself into an LLC, you are a sole proprietor of any income-generating activities outside your regular employment (with an employer other than yourself) and your income (and expenses to generate income) from all sources throws through 1040 personal income tax return via Schedule C when you are sole proprietor.

EDIT:

I see several posters have replied your question ahead of me. :^:

Self-employed and SP are not the same thing. The IRS does not consider someone who sells one pencil on EBay as a SP. There is no need to sell anything to form a SP. Using the pencil logic any 5 year old selling one cup of lemonade would be a business. If someone wants to pretend they have a business to get CC miles I could care less.

It is pretty funny when someone states that do not have a business everyone wants to pretend they do. :D

Self-employed and SP are not the same thing. The IRS does not consider someone who sells one pencil on EBay as a SP. There is no need to sell anything to form a SP. Using the pencil logic any 5 year old selling one cup of lemonade would be a business. If someone wants to pretend they have a business to get CC miles I could care less.

It is pretty funny when someone states that do not have a business everyone wants to pretend they do. :D

For those that are getting these business cards,the reason all of a sudden they are being offered to people without a business, is that none of them have to follow the new credit card laws that recently went in to law. Make sure you read an understand all of the fine print on this first.

Maybe a better question is...what are some of the more creative business names we've come up with?