Husband and Wife Joint Ventures

• Posted on May 19, 2008
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A married couple that owns a joint business venture in which they both participate can elect to file two self-employed business schedules (Schedule C or Schedule F) on their personal income tax return, dividing the income and expenses instead of filing a partnership return. However, the IRS has made it clear that this special provision does not apply to state law entities, such as general or limited partnerships or limited liability companies. If you are interested in pursuing this option for 2008 and currently have employees, are also required to file other types of tax returns, or simply have questions about this option, please give this office a call.