I am a newbie sole proprietor and would like to file jointly with my husband. He also had some independent contractor activities other than my business in last year. In addition I didn't earn any income in last year only invested in business. The husband is helping me a lot in my business. I'm wondering if it's be a better choice to change for partnership and filing jointly if the sole proprietorship does not allow it...
Any thoughts?
Thank you!Can a sole proprietor file married jointly?
You can and should file jointly, the business situation has no bearing on how you file your personal taxes. You would filing out schedule C, which will show income made from business activity, and all of your expenses for operating your business. If there is a profit in excess of $400, there will be 15.4% self employment tax.
You will find a lot of useful info here
http://www.irs.gov/pub/irs-pdf/i1040sc.p鈥?/a>Can a sole proprietor file married jointly?
';Sole proprietorship'; refers to the way your business is organized. That doesn't restrict the filing status you choose for your personal income tax return - you can file a joint return or as ';married filing separately.';
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