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Business & farm
@bookworm12k wrote:having to file as a sole proprietor for 2023, resulting in the largest tax bill he's ever had by a significant margin.
If his income was similar, in most cases that doesn't make sense (unless he also somehow owned a Limited Partnership Interest that was not subject to SE tax, but in my opinion that is legally questionable). If his income was similar, the tax should be very similar between Partnership income an income as a Sole Proprietor. Similarly, in answer to your question, you and your husband filing as a Partnership generally would not save tax (and could even result in more tax).
As Tagteam mentioned, going to a good tax professional is a good idea.
‎September 14, 2024
7:53 AM
34,719 Views