Updated over 5 years ago on . Most recent reply
Starting the Business as Husband & Wife Team - Tax Deduction Q's
It's happening. Our first REI purchase on a single family buy and hold out of state. We will not make enough money this year that would lead us to want to open an S corporation or an LLC. I just want to get started so we can make things official and also claim tax advantages like start up costs, etc. How are any of you running your husband/wife team? What basic step did you take just to open up the business? Lessons you've learned? Advice? (I'm a newbie reading all kinds of blogs, books an articles and I think I've just confused myself on something that should be pretty simple.)
Did you use a partnership or a sole proprietor with the other spouse as the employee?