If I were you, I'd make the whole thing a joint venture with your husband. If you try to figure the "salary" for him as an employee, you are going to have to figure benefits, social security, state taxes, federal taxes . . . wouldn't you really rather just trust the man you have married and make him a true partner in the business? Then you file jointly, and let a professional bookkeeper/accountant handle it. All taken care of at once, business and personal.
2007-01-10 06:31:05
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answer #1
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answered by auntb93again 7
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If you're running a business it really pays to find a good CPA to do your taxes. I've saved a lot more than I pay for the service and it makes this time of year easier to manage.
Or better still, ask your local politicians to support the Fairtax amendment and turn April 15th into just another beautiful spring day. (sorry, I've never seen a better way to boost our economy and help the poor and I always end up mentioning the Fairtax whenever I can.)
I wish I could give you more specifics, but almost no one really understands the thousands of pages in the IRS tax code. It's best to see a professional for tax matters.
2007-01-10 14:34:11
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answer #2
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answered by Anonymous 7
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If you report the business as joint ownership between you and your husband, then the net income is split between you and your husband. If you report him as an employee, then you can deduct the salary paid to him as a business expense, but then he has to pay tax on the salary he receives, which essentially washes each other out. As an employee, you would also be subject to paying unemployment taxes for him.
2007-01-10 14:28:31
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answer #3
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answered by jseah114 6
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In the US I file my wife as an employee.
But I also get my taxes done by a professional - it usually saves more.
2007-01-10 14:28:42
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answer #4
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answered by MarauderX 4
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If he "works" then you're paying him and he would have to file.
2007-01-10 14:30:28
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answer #5
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answered by stonerosedesigndotcom 3
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