classylady71118 Posted January 11, 2007 Share Posted January 11, 2007 I just returned from my accountants for this quarters taxes and asked him since I now have a business and I PAY quarterly taxes would my DH and I be filing separately in April...my DH is a muscian (self-employed, NO taxes taken out) plus he works at a music store (taxes taken out), he DOESN'T pay quarterly taxes. My accountants answer was we would still be filing jointly. My dilemma is EVERYTHING that has to do with my business I MYSELF have paid for, NO HELP from my DH, ( I even have to pay for my own gas and cigs. AND we have separate checking acc'ts). Since he is self-employed, when tax time comes around the IRS ALWAYS collects because he doesn't pay HIS quarterly taxes, usually a hefty self-employment tax. IF my business shows a loss any monies that are refunded would be minus any monies my DH owes because HE DIDN'T pay quarterly taxes My question is, IF my business does show a loss why would my accountant even ask IF I wanted to show a loss???? This IS my first year (started April 2006) in business with a tax I.D. number, one would asume you would take a loss to get some money back wouldn't you? I know next to nothing about taxes thats why I have an accountant. Can someone PLEASE advise????TIA,Beverly Quote Link to comment Share on other sites More sharing options...
jldorrington Posted January 11, 2007 Share Posted January 11, 2007 i don't see why you and your husband would have to file jointly. alot of married couple file married but filing seperatly. no offence but you may want to find another acct. obviously this one is trying to make things as simple as possible.. but dont take my word on it never done business taxes i'd just assume since you file quarterly then you wouldn't be able to file end of year with him Quote Link to comment Share on other sites More sharing options...
koala-nut Posted January 11, 2007 Share Posted January 11, 2007 Of course you can do married filing separately but that is a smaller deduction which means you will pay more and get less back. I think you would be better off doing an Injured Spouse Allocation (form 8379). The government can't touch your money for DH's liability.I would find another accountant too. Quote Link to comment Share on other sites More sharing options...
RobinInOR Posted January 11, 2007 Share Posted January 11, 2007 Yup, the fun of figuring out how to file. When married, everything of yours is his and his is yours and the IRS gets it all We file jointly. I've got a real job w/ taxes taken out, a business w/ no taxes, and DH has a business w/ no taxes. The real job is what saves me, otherwise we'd always be paying big time.We do a 1040, schedule A, Sched C and SE for me, and a Sched C and SE for him.The self employment tax is separately calcualted, but it all ends up in one big bucket at the end.Sometimes when taxes get that complex it pays to do them twice - try it joint, and try it separate, and see what happens.There are probably reasons why someone might not want to take a loss on a business. If you do, the IRS might look harder to make sure you are truly a business, and not just a hobby selling. If you're classified as a hobby, you can't take a loss. Some people might not want that IRS scrutiny. Quote Link to comment Share on other sites More sharing options...
Ashlie K Posted January 12, 2007 Share Posted January 12, 2007 My question is, IF my business does show a loss why would my accountant even ask IF I wanted to show a loss???? This IS my first year (started April 2006) in business with a tax I.D. number, one would asume you would take a loss to get some money back wouldn't you? I know next to nothing about taxes thats why I have an accountant. Can someone PLEASE advise????TIA,BeverlyDepending on the state, you can claim a LOSS for the first 3 yrs of your business. Quote Link to comment Share on other sites More sharing options...
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