Posted by CB in central NY on January 30, 2008 at 12:12:07 from (63.162.143.5):
I know there are a few accountants out here, but anyone with knowledge of the subject would be welcome to respond.
In preparation for doing my taxes 2007, I was re-reading the instructions for Schedule F and noticed that as of 2007 there is a new provision dealing with married couples and filing the Schedule F, something to do with a married couple being considered a partnership even if one was not formally established. They also talk about something called "exempt joint venture" and filing the Form 1065 instead of Schd. F. It certainly reads and sounds like tons more paperwork for just a simple husband and wife operation. The way around this SEEMS to be "married, filing separately" but that leads to other tax liability.
Thoughts? Opinions? Advice? I think many of us will have to deal with this one. Thanks in advance to all who respond.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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