I am new to this online community and would like to ask a question. I own a candy route. Also just started drawing my RR Retirement. Limited in how much I can earn with route or else retirement benefit gets reduced. Candy route is currently sole proprietorship in my name. In order to not jeoparodize my full retirement amount, what is the best way to file my return? Should my wife and I each file a separate Schedule C so that we divide the amount made? Or should we actually form a partnership? Thanks, Jim
BizResearcher | Window Shopper |
7/20/2011 - 11:03 am
If the business is a sole proprietorship in your name, your wife may not be able to claim half the income. (Sole means one person, not two.) Have you considered amending your registration and listing your wife as the business owner? That way, all the income would be reported in her name. When you reach the age where your earnings are no longer limited, you can then amend the DBA back to you if you wish.
If the business is a sole proprietorship in your name, your wife may not be able to claim half the income. (Sole means one person, not two.) Have you considered amending your registration and listing your wife as the business owner? That way, all the income would be reported in her name. When you reach the age where your earnings are no longer limited, you can then amend the DBA back to you if you wish.
BizResearcher | Window Shopper | 7/20/2011 - 11:03 am
aksbmw9 | Window Shopper | 9/19/2011 - 3:41 am
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!