I need to know when you are self employed and married. If you need to do taxes together or separately. Please let me know right away. Thanks for your help on this.
2007-02-26 11:58:16 · 3 answers · asked by coolredhotmama 1 in Business & Finance ➔ Taxes ➔ United States
Being self-employed has no bearing on your filing status. You can choose to file jointly or separately, whichever benefits you more. Generally speaking, filing jointly will be better for Federal tax purposes, since the self-employed individual will benefit from using the spouses withholdings (if the spouse has W-2s and would otherwise be getting a refund) to 'cover' some of the liability of the self-employed individual. Also, many deductions and credits are available only to joint filers, if married.
Be sure to check your state's implications of filing jointly or separately as well.
2007-02-26 12:58:41 · answer #1 · answered by lakerchner 2 · 0⤊ 0⤋
If you are married, you have two choices. You can file a joint return showing all income that either or both of you made, or you can each file as married filing separately, showing your own income. You almost always pay less tax (sometimes a little, sometimes a lot) if you file jointly rather than separately.
Some of all of the income being from self-employment does not change these options.
2007-02-26 13:26:03 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Do them together. It doesn't matter if only one of you is self-employed. Fill out the Schedule C for the self-employment income & follow the instructions to add that onto your 1040. It is a lot easier than you think. BTW, married filing jointly is almost universally the best filing status.
2007-02-26 12:02:00 · answer #3 · answered by Tom's Mom 4 · 0⤊ 0⤋