I was wondering if anybody could answer a quick Schedule C question. I have historically filed as 'married filing jointly', and also included one Schedule C for my own operations. My wife is now starting her own business - which would be wiser?
a) 'Married Filing Jointly', and include two Schedule C documents (can there be more than one schedule C?)
b) File separately, each of us with a schedule C
I imagine if A is possible, it would likely be better, since one of us will show losses while the other shows a gain. Would this cancel each other out and reduce tax liability for the one with a gain?
