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Lev
Lev, Tax Advisor
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Sorry that ive been keeping asking you questions, I learned

Resolved Question:

Sorry that i've been keeping asking you questions, I learned a lot from you, i do appreciate.

Here is another situation: as we discussed before, I got married in 2012. So right now we are filling Feudal taxes joint together, but fill marriage separately on new york state and new york city taxes, he fill MA taxes, for 2012. And also 2013.

I just open my LLC this month.

My question is since his company is LLC partnership, so if he can not pay taxes, i have to pay his on feudal joint taxes.

But if I apply S cop, are we still filling joint on feudal state taxes or completely separately, he fill his and I fill mine, no joint at all for 2013?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

LEV :

Hi and welcome to Just Answer!
His partnership is a separated legal entity - and it does file its own tax return. However the partnership doesn't pay income taxes. Instead - all tax liability is passed to partners - that is why it is called a pass through entity.
So - each partner receives K1 which indicated his/her share of taxable income. That income must be reported on individual tax return. If you file a joint tax return with your spouse - you both are liable for any tax liability resulted from that tax return. So while you are not liable for the partnership - you still liable of the portion of your spouse's income reported on K1. So you might want to be sure that K1 is issued correctly, timely - and that information is included into your joint tax return.

LEV :

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. In this prospective - S-corporation is similar to the partnership.
However generally - you woudl be an employee of your S-corporation - and will receive wages reported on W2 form. So you will have two types of reporting - W2 for wages and K1 as a shareholder of the S-corporation.
There would not be difference in deducting business expenses - deductions woudl be essentially the same regardless of what type of entity you choose - but these deductions woudl be reported on different tax returns.
Still - you will file your individual tax return jointly with your spouse - and will include all typed of income you both have - K1 from your spouse's partnership, W2 from your S-corporation, K1 from your S-corporation, and any other types of income either of you might have.

Customer:

Thank you!

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23253
Experience: Taxes, Immigration, Labor Relations
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