HELP! Hoping someone can help and offer some advice...
My husband has been self-employed as residential contractor for two years. He has made a lot or money...but also spent a lot of money (expenses in tools and equipment). According to our taxes last year, he lost money. (However...he really didn't. I'm sure you understand.)
The wife (me) has been employed full-time and held our family health insurance. I keep our taxes kosher with a stable income paying extra to taxes to accommodate his business....until, a couple months ago. In March, I accepted a position as a self-employed contractor for a marketing firm to work from home remotely. It was a great opportunity so I took it. With this change, there were a few things I was fearful of...#1... enrolling in self-employed healthcare, but to my surprise, rates were not as bad as I expected, so that's not much of a pain point right now, BUT #2... has me worried. I have to actually invoice the marketing firm each month. They told me I would need to apply for an LLC. I haven't yet done this because I'm not sure what to do here. See, my husband has an LLC for his business. Should we just turn his business into a partnership and I go under his LLC? And if so...we are not in the same industry....does this matter? I've been trying to research for a solution, but I haven't found anything out there like our situation. I just want to choose the method that will help us the most at tax time.
If anyone has any suggestions...please let me know. Thanks so much!
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