View Single Post
  #4  
Old 05-17-2018, 11:53 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default partners?

Quote:
Originally Posted by deartasia View Post
I'm planning on opening a Daycare with my mother, July 2018. We are going into this business as partners, 50/50, so my concern is how would we claim certain things as total income, write offs when filing taxes next year? We are both married and file jointly with our husbands.

If anyone has any experience or knowledge regarding this matter, it would be greatly appreciated.
This is very tricky and would advise talking with a tax professional and a lawyer before moving forward. You either have to establish a formal partnership and file it with the state, or have the owner of the house hire the other person or set up a corporation. In the end, I believe the best option is to have the owner of the house hire the other person. Call me at 651-280-5991 for more feedback. I don't charge anything for answering questions. See also my article:http://tomcopelandblog.com/thing-informal-partnership
__________________
http://www.tomcopelandblog.com
Reply With Quote