Best Financial Advisors in Saint Joseph, MO

When a household starts a business, couples find themselves learning about the tax responsibilities related to that business. There are some things to consider when working together. Here are a few items to consider: You should first establish if you have a partnership business (where both spouses have an equal say in the affairs, services, and capital of the business) or an employee/employer relationship (one spouse substantially controls management decisions). These relationships face different tax situations. If there is an employee/employer relationship, the second spouse (employee) may be subject to income, Social Security, and Medicare You may need to file the U.S. Return of Partnership Income form if there is a partnership relationship. *This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.