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re: Wife Started a LLC / S Corp
Posted on 2/8/24 at 8:49 pm to Nighthawk504
Posted on 2/8/24 at 8:49 pm to Nighthawk504
Visit IRS website and search "Self employed". A helpful,page has some information. As a 100% owned LLC you can report the operations on Sch C of your joint 1040. Keep tract of any supplies, uniforms, license fees that can be deducted. Home office can open a can of worms that affect the basis of your home and may not be worth the deduction. Mileage deduction may be helpful is she goes to multiple locations. Daily commuting to and from home is not deductible.
If you currently prepare your own taxes you can probably complete her the Sch C. And other forms with the right tax software. I use HR Block Premium for my wife's business. You may want to make quarterly tax payments or increase the withholding on your pay to avoid a surprise tax bill next year.
If you currently prepare your own taxes you can probably complete her the Sch C. And other forms with the right tax software. I use HR Block Premium for my wife's business. You may want to make quarterly tax payments or increase the withholding on your pay to avoid a surprise tax bill next year.
This post was edited on 2/8/24 at 9:05 pm
1
Posted on 2/9/24 at 8:50 pm to CEB
quote:
If you currently prepare your own taxes you can probably complete her the Sch C
Sure. You can absolutely file a sch c for an s corp….
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