Can someone who has 2 sole proprietorships share a single credit card processing device to save on processing fees? What would be proper way to file taxes in such case?
Basically, my concern is that there would be single 1099-k form coming from the credit card processing company and the number reported on it would not have exact match on either of the two Schedule C individually (aggregate would be fine though). If this is something permissible, then what is correct way to do that:
- Should one not use DBA name (or EIN) with credit card processing company so it would not map to particular Schedule C?
- Should one sole proprietorship issue 1099-MISC form to other sole proprietorship to split the income reported on 1099-k?
- Should owner keep some records on which transactions should be reported on the first Schedule C and which on the second Schedule C in case of IRS audit?