Whether you’re a sole proprietor, an independent contractor, a consultant or a freelancer, you’re probably getting some or all of your income reported on a 1099-MISC or 1099-K. You have the flexibility to work the way you want, but it also means the government considers you to be self-employed — or even a business.
A couple of intuit quotes that you should consider reading
Now, I am a Small Business or Self-Employed, What are my benefits
Best Small Business Credit Card Promotions
The Chase Ink Preferred is currently offering one of the best sign-up bonuses around, where you’ll receive 100,000 points after spending $15,000 in the first three months. The 100,000 points are worth $1250 when redeemed for travel. This card has a $95 annual fee which is quite low compared to similar Small Business Cards.
If you have Chase Sapphire Reserve, this card would make the best combination by transferring Ultimate Rewards to Chase Sapphire Reserve. The same 80K rewards are worth $1200 when redeemed via Chase Reserve card for travel.
However, getting the Chase card has its advantages and challenges with Chase’s 5/24 rule. It is best to get the card sooner rather than later if you are currently under 5/24. Getting Ink card first might be a better choice as this card won’t be counted within 5/24 when you apply for other Chase Cards that checks the 5/24.
Capital One is currently offering some staggering bonus that you should consider getting right now.
- The Capital One Spark Cash card, which gives users the opportunity to earn a total of $500 cash back. You can unlock this by hitting the early spend bonus along with a few other competitive features associated with this card:
- Receive a $500 cash back bonus after spending $4,500 in the first three months of account opening
- Cashback of 2% on all purchases, every day with no limit to total rewards
Capital One Spark Cash $500 Bonus offer
- The Capital One Spark Miles comes with an opportunity to accrue a staggering 50,000 miles earning potential.
- After spending $4,500 in the first three months of account opening, receive 50,000 miles
- You earn another 2 miles for every $1 spent on all purchases
Capital One Spark Miles 50,000 promotion
Please note, you can only apply for one Capital One credit card in six month period.
What Information Do I need to provide in the Small Business Credit Card Application?
In legal business name, as a sole proprietor, your legal business name should be your own name.
In the revenue section, enter the total amount you receive annually for selling your products or services. If you are just starting out and haven’t sold anything yet, enter “0” or enter the amount that you received in your 1099.
In the income section, you can enter your personal income, not just the business revenue.
Consider reading this if you want to get one without any hassle.
My view on 1099-MISC might be different from yours. You should consult a tax consultant for your needs and determine the actual way of interpreting 1099. At the same time, I don’t see a reason why can’t someone be a self-employed freelancer by providing their service to others. There are benefits to it as mentioned above.
Planning to Open a Small Business Card? Do drop your comments on this page and take advantage of the benefits listed above.