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Spinoff to my own post: A few more tax questions
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Spinoff to my own post: A few more tax questions
1) DH and I filed seperately last year b/c we got married in the middle of 2006 and our accountant recommended we file like that. For 2007, I only worked from Jan.- March full-time and than went back to work 2 days a week starting in Sept. I am thinking we should file jointly this year?
2) I also started my own home based business last year. Do I need to do a federal tax return for my business entirely seperately under my business name or do I claim my business income/expenses only on my joint return with DH? My state taxes are paid on a quarterly basis, seperately so I dont need to worry about that right now.
ETA: I just spoke to one of my accountant's partners re: my business taxes. He said to file my business income/expenses under my joint return with DH being it is not a corporation and only a home-based business (I have a EIN number). Of course I will confirm with my accountant when he calls me back, but for the experts, does that sound right?
Message edited 1/21/2008 11:01:47 AM.
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Posted 1/21/08 10:48 AM  |
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Long Island Weddings
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: Spinoff to my own post: A few more tax questions
Posted by jellybean1420
1) DH and I filed seperately last year b/c we got married in the middle of 2006 and our accountant recommended we file like that. For 2007, I only worked from Jan.- March full-time and than went back to work 2 days a week starting in Sept. I am thinking we should file jointly this year?
2) I also started my own home based business last year. Do I need to do a federal tax return for my business entirely seperately under my business name or do I claim my business income/expenses only on my joint return with DH? My state taxes are paid on a quarterly basis, seperately so I dont need to worry about that right now.
#1 I dont know
#2 you file under your business name
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| Posted 1/21/08 10:54 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Spinoff to my own post: A few more tax questions
Is your business a sub S?
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| Posted 1/21/08 11:03 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Spinoff to my own post: A few more tax questions
Is your business a sub S?
I am a sole proprietorship. I think I just answered my own question. I found this on the IRS website:
Sole proprietorships. A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest form of business organization to start and maintain. The business has no existence apart from you, the owner. Its liabilities are your personal liabilities. You undertake the risks of the business for all assets owned, whether or not used in the business. You include the income and expenses of the business on your personal tax return.
Message edited 1/21/2008 11:14:10 AM.
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| Posted 1/21/08 11:13 AM |
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