Lincoln, Thanks for your question. Since it is not a partnership or an LLC, it is simply a joint venture. Each of you reports half the revenue and half the expenses on Schedule E of your 1040.
Ken, Thanks for your question. First off, under the arrangement you have outlined, he would not be an independent contractor, but an employee. Since he is providing management services and is required
I can't speak for the insurance company, but my wife is on disability, I have done numerous returns that included disability income and none of them have ever paid FICA tax. I don't have a citation for
Amitabh, Since the statute of limitations does not begin until the return is filed, they are required to file for all past years. Filing for the last three (for example) could trigger an investigation
Hi, If you withdraw money from a 401(k) you will pay ordinary income tax, at whatever rate your total income, deductions and exemptions dictate. If your state has a state income tax, you will pay that

©2009 About.com, a part of The New York Times Company. All rights reserved.