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Business & farm
Thanks for the quick reply, Carl!
My understanding after reading irs/ftb site was in CA married owner can choose to file as single member llc and business income will be divided between husband and wife. They’ll fill separate schedule C and SE.
I’m just trying to avoid this situation where we have to pay self employment taxes especially social security part (12.4%) on my wife’s share if I can claim the whole business income on my SE.
I can’t find a clear rule or explanation about the division of business income for husband and wife. Is it always going to be 50/50 in community property states?
January 25, 2020
9:40 AM