My wife and I got married in 2021. In 2020, we started a S Corporation partnership in Maryland. Its a very small business selling natural beauty products and jewellery. It's basically a hobby that we both shared, selling the items at fairs and events. So the income is very small (apx $1000 per year). The 1st year filing, we were required to purchase the offline TurboTax Business software in order to create a schedule K-1 to divide our costs and income. 2021, I mainly did everything on my own (selling and buying supplies). We are not concerned with dividing costs and will be filing jointly as a married couple. Are we still required to do the schedule K-1? I heard something about filing as a joint venture, but it was a little confusing.
We are just hoping to keep filing as simple as possible by doing everything on a joint 1040.
