30Apr/101
Is it best to split income and expenses down the middle when filing joint venture?
We have a sole proprietor truck business and are filing joint venture is it better to separate the income and expenses evenly, we have joint personal and business bank accounts.
April 30th, 2010 - 04:04
I hope the we is a husband and wife married to each other….
For a husband and wife (unless they are an LLC) can choose to do either a 1065 (partnership) return, or attach 2 schedule Cs to their 1040. The IRS probably won’t question how you split up the money if there is a reasonable basis for doing so.