I found your blog and wasn't sure how to go about asking a question on there.
Here's my question:
I am a single mom w/ 2 kids and for the first time ever, my business w/ it's own tax id# has earned enough that I have to file a return for it. The total earnings for this business are $2000. Is there a way to do a joint return including myself and this tax id#, or do I need to file 2 separate returns? If both are possible, which would you recommend, and why?
Thanks for your help,
Amy
Monday, February 1, 2010
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2 comments:
Dear Amy, thank you for visiting our blog.
Whether you file a seperate tax return or disclose it on your personal tax return will depend on your business structure. If your business is a sole prop. or a single member LLC then you may choose to disclose it on your return. If your business is a C Corp or a S Corp, you then you have to file two separate tax returns.
Good luck and please let us know if you need tax preparation service. Our 20% discount offer expires Feb 15, 2010.
Please feel free to share our blog with your family and friends.
Web Tax Office
http://webtaxoffice.com
My vehicle was recalled in 2009, in which Toyota issued me a check for $10,500. Do I claim that money as "taxable income"? I have not received a 1099 form from Toyota.
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