Friday, January 15, 2010

Can I do taxes as Married filing jointly if I have a business?

I am starting a side business and getting an EIN for the business. I don't have a job otherwise. My husband is the only one with a job. Can I file for taxes this year as married filing jointly like I have been doing, or do I have to file another way since i've started the business?Can I do taxes as Married filing jointly if I have a business?
You can always file jointly. In the case of many small side businesses you can include that income with your personal tax return.





The real question you have is whether you have to file taxes for the business separately, in most cases you will be able to.Can I do taxes as Married filing jointly if I have a business?
The business situation has no bearing on how one files a form 1040 income tax return.


If you file as a sole proprietor and there is a profit, there will be 15% self employment tax to pay on profit in excess of $400.


A loss is deductible against your husbands income.


If you incorporate and then file for a small business the profit or loss transfers to your personal income tax return and no self employment tax to pay.
If the business is a sole proprietorship you can still file jointly. You will have to include some additional forms because you have the business, but that's all.
You can continue to file jointly in either case (whether you obtain an EIN or just use your SSN).
You can file jointly, no problem.

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