My wife is a stay at home wife who makes extra income on the side by selling website designs. Last year, she made close to $20,000. This year, on our taxes, when we report it, are we going to get taxed MORE if we report it as supplamental income or should she just get a DBA (Doing Business As) and report it as a business (and file seperately)? We live in Oregon and want to not pay an arm and a leg in taxes. Thanks! :-)
2007-03-02 04:35:34 · 1 answers · asked by Wolffman 3 in Business & Finance ➔ Small Business
Did your wife make estimated tax payments? If not get that arm and leg ready.
She is considered self employed. You will have to file a Schedule C to report her income. Make sure to report all of her expenses too because that lowers her income and lessens your tax bill.
2007-03-02 05:21:21 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋