Schedule C

Forum|Forum|4 years ago
March 20, 2022
2 replies
7 views

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?

Not A Product Question

Best answer by PattiF

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.

PattiFAnswer

Level 15

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.

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