LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

Spinoff to my own post: A few more tax questions

Posted By Message

Mommy2Boys
My Boys!!!!

Member since 6/06

14437 total posts

Name:
C

Spinoff to my own post: A few more tax questions

1) DH and I filed seperately last year b/c we got married in the middle of 2006 and our accountant recommended we file like that. For 2007, I only worked from Jan.- March full-time and than went back to work 2 days a week starting in Sept. I am thinking we should file jointly this year?

2) I also started my own home based business last year. Do I need to do a federal tax return for my business entirely seperately under my business name or do I claim my business income/expenses only on my joint return with DH? My state taxes are paid on a quarterly basis, seperately so I dont need to worry about that right now.


ETA: I just spoke to one of my accountant's partners re: my business taxes. He said to file my business income/expenses under my joint return with DH being it is not a corporation and only a home-based business (I have a EIN number). Of course I will confirm with my accountant when he calls me back, but for the experts, does that sound right?

Message edited 1/21/2008 11:01:47 AM.

Posted 1/21/08 10:48 AM
 
Long Island Weddings
Long Island's Largest Bridal Resource

KPtoys
I'm getting old

Member since 5/05

8688 total posts

Name:
Karen

Re: Spinoff to my own post: A few more tax questions

Posted by jellybean1420

1) DH and I filed seperately last year b/c we got married in the middle of 2006 and our accountant recommended we file like that. For 2007, I only worked from Jan.- March full-time and than went back to work 2 days a week starting in Sept. I am thinking we should file jointly this year?

2) I also started my own home based business last year. Do I need to do a federal tax return for my business entirely seperately under my business name or do I claim my business income/expenses only on my joint return with DH? My state taxes are paid on a quarterly basis, seperately so I dont need to worry about that right now.




#1 I dont know

#2 you file under your business name

Posted 1/21/08 10:54 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Spinoff to my own post: A few more tax questions

Is your business a sub S?

Posted 1/21/08 11:03 AM
 

Mommy2Boys
My Boys!!!!

Member since 6/06

14437 total posts

Name:
C

Re: Spinoff to my own post: A few more tax questions

Is your business a sub S?




I am a sole proprietorship. I think I just answered my own question. I found this on the IRS website:

Sole proprietorships. A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest form of business organization to start and maintain. The business has no existence apart from you, the owner. Its liabilities are your personal liabilities. You undertake the risks of the business for all assets owned, whether or not used in the business. You include the income and expenses of the business on your personal tax return.

Message edited 1/21/2008 11:14:10 AM.

Posted 1/21/08 11:13 AM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
6 weeks post partum - some questions from fit BTDT moms lipglossjunky73 5/16/07 5 Diet & Fitness
2 questions in one post-RE: 1st Molars & RE: Acid Reflux LuvMy2Girls 3/9/07 5 Parenting
Post M/C Questions LUCY 9/9/06 12 TTC
Two Questions in One Post - Baby Blues and C-Sections MrsJ 5/5/06 20 Parenting
Post Partum Questions... BabyAvocado 9/17/05 7 Parenting
Please post your FF questions here suvenR 6/24/05 10 Families Helping Families ™
 
Quick navigation:   
Currently 1257813 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows