Multiple Jobs and Unusual tax situations

[cmaass]

Hi I'm wondering if there are special considerations for multiple incomes within a household? My spouse works a w2 job, is employed as a part time military member, and operates an LLC. I have a w2 job and am looking to start my own LLC this year. We keep the LLC finances separate from our joint accounts, and I will likely do the same with my LLC and keep finances separate from joint accounts. Otherwise, we comingle funds from the 2 w2s and military.

When we file taxes, are there special considerations we should take?  Are there specific deductions we should consider (I WFH and both LLCs would be operated out of our home as well)? 

For instance, last year our w4s were off by roughly $1,500 that we needed to pay, and we increased our withholding this year to account for this. However, will the opening of my husband's LLC (and this year my own) affect this further? We will see a tax pro/CPA, but I always like to keep my options open when there could be multiple points of view on the topic. 

[ThomasM125]

If the LLC's have single-member ownership, you can enter them as self-employment income on your personal tax return form 1040, using schedule C. You need to track the income and expenses associated with them separately. If you use a room in your house exclusively for the businesses, you may be able to take a home office deduction for that. 

Net income from an LLC is subject to self-employment tax of about 15% in additional to income taxes, so you may need to pay in estimated taxes so you don't get penalized for late payment of tax when you submit your tax return.

Any expenses that you have that are ordinary and necessary for the operation of the businesses are deductible on the business tax returns.