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Self employed
Hi Patricia
An expert inside turbo tax asked to me delete my form and leave jims' explaining that since I have a w2 i didn't need another form. So I deleted mine and added the full totals under Jim's.
If I don't add a form for my part and add the total under Jim's will that be wrong?
Is the join venture election optional? We don't take salaries and there is no social security or benefits. I am curious why file as joint venture?
The only reason I see would be to be clear and transparent since we both worked on the business and shared expenses. Otherwise it appears as is Jim was the only one working. But the taxes don't change. So would the IRS care? The difference for me now is to go back and re do the second form and change all the numbers so they are 50% / 50%. If there is no difference I would be done and ready to file as is.