I had a minor business income in 2006 approximately 4K. I have a fulltime job so business is partt time. SHall i file business income separately on EIN or with same married filing joint return ??
ANy advice?
2007-02-14 23:45:11 · 4 answers · asked by desiredKay 2 in Business & Finance ➔ Taxes ➔ United States
If your business is a sole proprietorship, it is reported on the Schedule C for your personal (joint) tax return. It doesn't matter whether the business has a separate EIN or not. If the business has an EIN, you would use the EIN on the Schedule C as the business ID rather than your SSN. If your business is incorporated, then you must file a separate tax return, either the 1120S for a S-corp, or 1120 for a C-corp. If your business is a partnership, then you must file a separate tax return on Form 1065.
2007-02-15 00:42:26 · answer #1 · answered by jseah114 6 · 1⤊ 0⤋
What form of business is it? If it is a sole proprietorship, you usually file it together with personal tax return.
A lot of married people try to separate their business and personal tax returns. What many couples who own businesses do is open a new business (corporation). The corporation is run by the husband but all of the personal assets (such as home and cars) are put in the name of the wife. So if the business fails, the creditors cannot get to the assets in the wife's name. And also separate returns are filed as well.
2007-02-15 03:57:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can ONLY file one return a year so you MUST include that income on your joint return.
2007-02-15 01:23:13 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Business income is different, from house hold income. your fill them separately.
2007-02-14 23:49:25 · answer #4 · answered by railroad_joe 3 · 0⤊ 2⤋