Please Help RE: Taxes!!?

Question

My husband and I filed jointly last year. We each had w-2's to report as well as 1099's and cash income as a result of a sole proprietary new business. This year, we both have w-2's and the same sole proprietary business plus another 1099 to report as a result of another new sole proprietary business. Are we able to file jointly again combining the profit/loss from both businesses 1040 line 12 assuming we include separate Schedule A's, Schedule C's, and Schedule SE's for each business? Or... do we need to file seperately and if so how? Please help, as your assistance will be greatly appreciated!!! Thank you in advance...

Answer 1

You can always file a joint return and will normally pay the least amount of tax by doing so.

You file only one Schedule A per tax return.

You file one Schedule C or C-EZ for each business activity, regardless of which of you participated in the activity.

You file one Schedule SE for each person with self employment income.

With a complex return such as yours with multiple business activities, a consultation with a CPA would be an excellent idea. A good CPA doesn't just prepare tax returns. They provide guidance on running your business and keeping accurate records of your income and expenses. Don't waste your time or money on the storefront tax prep mills like Block or Hewitt. Your situation is well beyond their limited capabilities.

Answer 2

You can file a joint return, showing all of the income from the W-2's and businesses.

Answer 3

You do not need to file separate returns.

You report all of your W-2's on one return and all of your separate Schedule C's on one return. All of your Schedule C Income will be combined into one Schedule SE
and all of your W-2's will be combined for Wages, Federal Withholding, and Excess
Fica, if any.

Answer 4

Yes you can still file jointly. Try Turbo Tax.

Answer 5

u may file Joint , see free links
http://www.taxbin.com/