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New Law Concerning
Hi Everyone,
There was a new law that pertains to all Sole propreitors who are Married, File Joint Returns,
the law states,
if you are a couple and only one recieves a 1099 MISC for a income producing business, t all of income and expenses are split equally between both parties, This is for Social Security purposes, WHY: when prior 1099 MISC was made out to the Husband, he would get the credit towards Social Security and the wife would not get anything. So when the wife would apply for Social Security she would be denied any benefits.
This way she will have a better chance of recieving benefits,
So All of the income that the truck makes is not split on 2 sch C's ( Business Forms) and 2 SE(Self Employment forms) so that the SE tax Go on the wife's record
Frank
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
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