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tax question

Posted by on Feb. 2, 2013 at 3:03 PM
  • 4 Replies

So this is the first year my husband and I have to deal with the business he and his dad started. He is a partner and his mom is the owner. They had a loss this year because it was the first actual year. Anyways his dad and mom couldnt start it alone with their other business and regular taxes they would end up audited and in trouble if they just had my husband as a silent partner. So we are trying to figure out what form we need to get so we can get our taxes filed. Thanks in advance for anyone who can help.

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by on Feb. 2, 2013 at 3:03 PM
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Replies (1-4):
frndlyfn
by Emerald Member on Feb. 2, 2013 at 3:32 PM

I would talk to a local CPA about what needs to be done legally.

143myboys9496
by Gold Member on Feb. 2, 2013 at 3:39 PM

 I would talk to a CPA. My dh was an ID for Archway cookies (before Cadderton ran them into the ground)..and we had to have a CPA do our taxes. Multiple choices of deductions but only one and which one is worth more...etc..

Really for your sanity and your dh's, call a CPA.

my3boys0710
by on Feb. 2, 2013 at 3:51 PM

thanks i think ill do that monday

Quoting 143myboys9496:

 I would talk to a CPA. My dh was an ID for Archway cookies (before Cadderton ran them into the ground)..and we had to have a CPA do our taxes. Multiple choices of deductions but only one and which one is worth more...etc..

Really for your sanity and your dh's, call a CPA.


FooLynRoo
by on Feb. 2, 2013 at 4:05 PM
1 mom liked this

It depends on the way the business is set up. If its a simple partnership, after business taxes are filed you should get a schedule K i think it is, showing a profit or loss and you claim that on your taxes.



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