Do my wife & I have to file 2 separate schedule Cs if we operate a home based business together? We get checks in both our names & do most activities/expenses together

[alicame33]

Do my wife & I have to file 2 separate schedule Cs if we operate a home based business together? We get checks in both our names & do most activities/expenses together

[DawnC0]

Yes, you will need two separate Schedule Cs only because as self-employed you each need to pay SECA ( a 15.3%  of most of your net income for Social Security and Medicare ) to your individual accounts.  You can use your own names as the name of business, your home as your business address ( don't forget home office deductions ). Turbo will walk you through the sequence, just make sure that you have receipts for all incomes and expenses.