Small Proprietorship With Spouse
Description
How to fill out Small Business Startup Package For Sole Proprietorship?
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FAQ
The answer is yes, you may file your taxes jointly with your spouse while operating as a sole proprietor. Your business ownership doesn't affect whether you can file your taxes jointly with, or separately from, your spouse.
If you have an operating agreement for your single-member LLC, make sure that you follow that agreement when bringing in a partner. If you don't have an operating agreement, make sure that you follow the laws in your state to add a member to your LLC, as you will default to those laws.
Property With Business Uses In the event you use personal property like a car for business, you might want to add your spouse to your LLC. For example, if you use their car for a business trip, it could open up liability and tax questions if they're not a member of the LLC.
The fact that one spouse has a business and one is an employee will not impact a standard deduction. This is why filing jointly still works in your favor. Although you won't be able to claim actual expenses, like mortgage costs, the owner-spouse can still claim a home office deduction on Schedule C form.
A qualified joint venture is a unique type of business structure available only to married couples that allows them to be treated as one business owner. That means a married couple can run their family business as a sole proprietorship or SMLLC while owning it together.