MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

Can I have a day job & have a business with the same SSN?

19 Jan 2021 · 2 min

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1:34

In this brief conversational segment, host Mark Kohler asks whether a person can maintain a regular W‑2 job while also operating a business that uses the same Social Security number, such as a sole proprietorship filing 1099 income. Matt confirms that it is entirely permissible: both the employee income and the self‑employment income are reported on the individual’s personal 1040 tax return. He highlights that this arrangement opens up opportunities for tax planning, including business expense deductions, asset‑protection strategies, and establishing retirement contributions for the self‑employed side. The discussion is informal and includes light banter, but the core message is that using one SSN for both employment types is legal and can be financially advantageous.

Chapters

Okay, now we have the gun mag guy. Can I still have a regular job if I own a company like my social for both? You interpret it the way you can.
Okay, all right. I think what you're talking about is your Social Security number being used for both. So, yes, absolutely, you can have a job where you have a W2. I presume that's your regular job that's using your social. And also you could be having your own business that's just a sole proprietorship. Maybe you're getting 1099 where you're also using your social. So those things are both. And of course, hit your personal 1040 tax return. But, yes, absolutely, you could be doing both. And that business, you know, where you're using your social, that's where a lot of the tax planning and tax savings can come, and that's where a lot of the topics on this podcast will be applicable. How do you write things off? How do you expense things? How do you grow that business? How do you protect your assets from liabilities that may occur in that business? How do you add a retirement plan or contribute to that to save for the future? I mean, that's what this show's all about. So. But
absolutely. 10 seconds. Wow, did that one in 50 seconds. The only word keyword that
change would be Nicolas Cage would be proud. As we'd gone, you know, gone in 50 seconds on that. Gone
in 50 seconds. Yeah. We will keep any innuendos that would be inappropriate for the show. We are not going to go there. Because even though Matt is gone in 50 seconds, I almost walked
into that. Huh? Okay. Yeah, you did. You did.
You walked into it. But I. I'm not going to say what she might have said.