If a person has a small business and his wife works full time-does he still pay taxes?they have 5 kids,house?

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If a person has a small business and his wife works full time-does he still pay taxes?they have 5 kids,house?

2007-01-09 04:35:05 · 3 answers · asked by goldengirl 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Yes, of course he does.

If is income is large enough, he should be making quarterly estimated payments.

2007-01-09 04:44:19 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋

yes he must file as self employed. He may can deduct expenses required to produce the income and could possibly have a loss. That loss would then offset against the wifes earnings.

2007-01-09 13:39:14 · answer #2 · answered by terpfan2357 1 · 0⤊ 0⤋

Yes.

After taking the allowable deductions if there is anything left, taxes get paid.

2007-01-09 13:08:11 · answer #3 · answered by Jack 6 · 1⤊ 0⤋