His and Her Businesses

Today TaxMama hears from Jason in Arizona who says “My wife and I both started businesses in 2007. My wife sells candles and I do accounting. I know since we do joint taxes that normally you can file your business taxes with our personal taxes. But how does it work when filing for two different businesses? Would we need to file Married-filing separately? Or would there be a way to file our joint taxes and the business taxes for both companies, all in one return?”

Dear Jason,

This is easy.

All you have to do to file jointly is to include 2 Schedule C’s in your 1040 – one for your wife’s business; one for yours.

That’s all there is to it. See?

Read IRS Publication 344 Tax Guide for Small Businesses – it will help you understand the process a little better.
http://www.irs.gov/publications/p334/index.html

It also wouldn’t hurt if you read Small Business Taxes Made Easy to get some ideas on how to cut your taxes.

http://www.taxmama.com/AskTaxMama/book/

And remember, you can find answers to all kinds of questions about multiple businesses and other tax issues, free. Where? Where else? At TaxMama.com

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