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Old 05-15-2014, 05:38 PM
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Join Date: May 2014
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Sole prop deductions

I have a full time job and my wife and I are starting a business. Our start up costs will be around 40K and I want to make sure I get the write off but I want the business under my wifes social. If we file a joint return and she schedules the start up costs on her schedule C as a loss will it lower our taxable income? Would it be better to use my social? We want to file as a joint venture if possible but are unsure of what is best. Any help is greatly appreciated. We are planning on using some of our 401 k for this investment and are also open to any advice on how to avoid penalties.

Thanks



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