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#9
06-07-2005, 07:31 AM
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 Re: Schedule C question? ? ? Each distinctly seperate business FOR AN INDIVIDUAL requires a seperate Schedule C, but related business can be on one Schedule C, such as CPA and tax preparer, but not CPA and lawn maintence company. Each taxpayer follows the above rules seperately from spouse. This is because each spouse has his/her own SE tax computations. So, each spouse files an SE if they also must file a seperate (or multiple)Schedule C. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
06-06-2005, 08:42 AM
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| Re: Schedule C question? ? ? Ray wrote: - quote - > For quite a few years I've used a Schedule C to report my
No. Your wife is the proprietor for her business, not you.> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? Your return will have [at least] two Schedule Cs. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
06-06-2005, 08:42 AM
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| Re: Schedule C question? ? ? Ray wrote: - quote - > For quite a few years I've used a Schedule C to report my
IRS rules require that you file a separate Schedule C for> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? every separate business. For example, if you were an attorney who also raises chickens, then you would have to file two Schedule Cs. You and your wife are not operating one business but two. So two Schedule Cs are required. In addition, you each owe Self Employment Social Security Tax on your individual earnings. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
06-06-2005, 08:04 AM
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| Re: Schedule C question? ? ? Ray wrote: - quote - > For quite a few years I've used a Schedule C to report my
NO !> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
06-06-2005, 08:04 AM
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| Re: Schedule C question? ? ? - quote - > For quite a few years I've used a Schedule C to report my
No, they are two separate businesses. You have to report> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? them on two separate Schedule Cs. If you file a joint return, you can include both Schedule Cs in the joint return. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
06-02-2005, 11:38 PM
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| Re: Schedule C question? ? ? Ray <rayj.balt[at]verizonDELETHIS.net> wrote: - quote - > For quite a few years I've used a Schedule C to report my
Use two different Schedules C because a) these are two> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? distinct businesses and it would be wrong to combine, expecially if one business had losses and one had gains, and b) each of you wants proper social security/medicare credit based on this work. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
06-02-2005, 11:38 PM
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| Re: Schedule C question? ? ? "Ray" <rayj.balt[at]verizonDELETHIS.net> wrote: - quote - > For quite a few years I've used a Schedule C to report my
Not a good idea. Include two Schedules Cs in your return> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? and also two Schedule SEs to calculate the self-employment tax for each venture. Wayne Brasch << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
06-02-2005, 11:38 PM
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| Re: Schedule C question? ? ? "Ray" <rayj.balt[at]verizonDELETHIS.net> wrote - quote - > For quite a few years I've used a Schedule C to report my
Nope. Her business income and her business expenses go on> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? her Schedule C. Your business income and your business expenses go on your Schedule C. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
06-02-2005, 11:38 PM
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| Re: Schedule C question? ? ? "Ray" <rayj.balt[at]verizonDELETHIS.net> writes: - quote - > For quite a few years I've used a Schedule C to report my
No. You each have to have your own Sched C (as these> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? are separate businesses), though the bottom lines from each business will be combined onto the business income line of 1040. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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06-02-2005, 11:38 PM
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| Re: Schedule C question? ? ? "Ray" <rayj.balt[at]verizonDELETHIS.net> wrote: - quote - > For quite a few years I've used a Schedule C to report my
No. One Schedule C per business. You'll also each have a> modest income from freelance writing. > My wife has now started a small business counseling > homeowners who are selling their houses. > Since we file a joint return, can I use the same Schedule C > to report both incomes? Schedule SE. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
06-02-2005, 06:02 PM
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| Schedule C question? ? ? For quite a few years I've used a Schedule C to report my modest income from freelance writing. My wife has now started a small business counseling homeowners who are selling their houses. Since we file a joint return, can I use the same Schedule C to report both incomes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| question, schedule |
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