Thursday, January 21, 2010

How do I prepare a joint/married return?

I am self employed (made $7500 this year), he works full time, we have no kids or complicating situations like house payments, interest income, etc. Do we combine everything into one return, all the numbers for both of us? I have to file a schedule C for my business, that would all go onto the 1 return that we share? Thanks!How do I prepare a joint/married return?
Yes, you combine everything onto one return. And yes you'll have to file a schedule C for your business, and an SE to calculate your self-employment tax (social security and medicare). The net income from your business will go onto line 12 of your 1040, not onto line 1, just like it would if you were filing individually. The self employment income will go onto line 58.How do I prepare a joint/married return?
I use TaxBrain.com because it is cheap and VERY easy to use. It also includes sch. c things. Free to work the forms. They don't charge you until you're ready to file.
It all goes on one return just with more lines filled in.

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