Sunday, September 28, 2014

We live in California-community property state.My husband owns his own business. I am not listed as part owner. We file our taxes jointly. Am I responsible?

We live in California-community property state.My husband owns his own business. I am not listed as part owner. We file our taxes jointly. Am I responsible?
If his business is an S-Corp, incorporated or an LLC then the only thing on your joint taxes should be his income (in the form of a job-based income), not any business-related taxes or revenue.If he is a sole-propriater, and claims all his business income on your joint taxes, then your filing, as a couple, has equal liability.

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