Hi,
So me and my spouse are married filing jointly but I'm self employed, while my spouse is on a regular salary.
So basically, my monthly revenue is not my income as I will deducting my expenses.
So my question is what is the best for me and my spouse to do this via Turbotax, accounting for my business expenses.
Any help would be appreciated.
You would use the Self-Employed version if filing online, and the Home&Business version if you buy the program to install on your own computer. Actually, you can use any CD/download version Deluxe or higher, they all have the same forms. But H&B has more guidance built into the narrative so might be easiest if you are new. The other caveat is that if you want Live assistance (for an extra cost) I think that's only available online.
You will file a schedule C for your business, that lists all your business income and expenses and calculates your net taxable income (profit). That flows to the main tax return where it is combined with any other income you or your spouse has along with your personal deductions, dependents and credits. A final tax due is calculated. You add in any estimated payments you made for your business, and you get credit for any other withholding and payments. If you overpaid, you get a refund, and if you underpaid, you owe a further payment.
If you need more help with business taxes and schedule C generally, @VolvoGirl has some more detailed answers.
Lastly this only applies if your business is a sole proprietorship or single member LLC. For a partnership, and LLC with more than one member, or an S-corporation, the answer is very different and we need more information.
You would need to use TurboTax Self Employed online or TurboTax Home and Business.
You will file a Schedule C to report your income and expenses by answering the questions in the business section and enter your spouses wages in the W-2 section.
If you owe any taxes, your spouses withholdings could help to offset the amount you owe.