Schedule C

[mgwinter]

My wife and I both have one W2 each and one Schedule C each. We file married jointly. We want our Schedule C businesses to be taxed independently of our W2's and overall tax return, so to do this, would it be accurate to apply our tax rates to our Schedule C gross profit or net profit amount?

[PattiF · Accepted solution]

If you want to know what the tax amount is owed for each Schedule C, you would use line 31, net profit, from Schedule C. Then you would apply your tax rate to that as you said.

Then you can see how much of your tax owed is due to each business. 

[mgwinter]

Thank you very much for your help!