CatherineR
Employee Tax Expert

Self employed

How exciting to create a new business Sketchtwin!

 

Creating a new LLC does not necessarily impact your Married Filing Joint status.  If the new LLC is created with just your spouse as the owner the business will be a disregarded entity and will not need to file business tax returns for the LLC.  The IRS considers this a Single Member LLC and is reported on your joint 1040 as a Schedule C business.  You can still apply to get an EIN number from the IRS but this will go on the Schedule C along with the business name.  Any profit would be taxed as part of your 1040 return and you can still claim MFJ or MFS whichever is best for your situation.  

One thing I should mention though is if substantial income is expected to be made by this LLC business then you should consider making estimated tax payments.  Here is a resource from the IRS that discusses that:

IRS Estimated taxes FAQ 

You can make these payments at IRS.gov under "make a payment" button and use the business EIN or your spouse's SSN.  Make sure you label it 2023 estimated tax payment so the payment is properly applied by the IRS. 

Good luck with the new business! 

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