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Sole Proprietorships
My wife and I have filed our taxes as married/jointly since I am the sole income earner. If she started a small tutoring business (no employees, just her) How would that affect our future filing for taxes. Would she have to file a separate tax return? Would we be still be able to roll everything into a joint married return? I am anticipating the income from her tutoring business to be $5000. - $10,000.00 annually.
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June 6, 2019
3:27 AM
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Business & farm
You can still file a tax return using the Married Filing Jointly tax status. Her income will be reported with yours on one tax return. It is almost always better to file using a Married Filing Jointly status rather than Married Filing Separately.
Your wife will complete a Schedule C for her tutoring business. In Turbo Tax, you will have to upgrade to Turbo Tax Self Employed to complete the tax return.
Your wife will complete a Schedule C for her tutoring business. In Turbo Tax, you will have to upgrade to Turbo Tax Self Employed to complete the tax return.
June 6, 2019
3:27 AM