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If you're married and one spouse has own business (s corp) and the other a w2, is it best file separate?
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If you're married and one spouse has own business (s corp) and the other a w2, is it best file separate?
It is almost always better to file jointly but you can try it both ways and compare.
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If you're married and one spouse has own business (s corp) and the other a w2, is it best file separate?
you would have to do the return both ways to see what the result is, but i can state this: 96% of married couples file joint! and that is because the tax laws motivate that behavior. I suspect within that 96% are many, many married couples where one ones a business and one is W2.
the other 4% - probably situations where two people are not getting along and a very few where it does make financial sense.
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If you're married and one spouse has own business (s corp) and the other a w2, is it best file separate?
And you are filing a separate Business 1120 S corp return for it? You will get a K-1 or W2 from the S corp to enter into your personal tax return.
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If you're married and one spouse has own business (s corp) and the other a w2, is it best file separate?
In almost all cases Married Filing Joint is best. The S-Corp will have to file a return for that business but
The S-Corp will have to file a return for that business but your S-Corp income will flow through to your individual tax and TurboTax can handle this without any problems.
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