I do the bookkeeping for my wifes microbusiness (less then 30k year). Once a month and year end. Should I charge for services?
My wife runs a micro-business (less then 30k). I've done her taxes every year as she keeps good records. I will be taking over this aspect of the business too and basically go through month end records every month and doing the taxes. Should I be charging her and reporting it both on my tax return and on hers? And if so, should I be inputting it as an employee/family member on her return or just a straight professional fee (I am in no way a professional accountant! Just anal about numbers and receipts!)
I do the bookkeeping for my wifes microbusiness (less then 30k year). Once a month and year end. Should I charge for services?
This is a very good question and has many variables.
1. do you have any other income? Reporting income on your return may reduce any spousal amounts if you go from zero to having an income. ( of course your income would be reduced by expenses) (If you earn more than $3500, you would also be considered self-employed.)
2. You cold be considered a co-owner if you are an active participant of the business... ie book keeping.
I do the bookkeeping for my wifes microbusiness (less then 30k year). Once a month and year end. Should I charge for services?
So if you make less than $3500 doing your wife's books, you can enter it as other income not reported on a tslip.
October 30, 20191:29 PM
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