How do we file our Kansas Income taxes if we file our Federal taxes as a 'Qualified Joint Venture'?

Business 2 views 1 answers
I understand that if my husband and I start a business and file Federal taxes as a 'Qualified Joint Venture' we each file a Schedule C and Schedule SE along with our 'Married, filing jointly' IRS 1040. How then do we file our Kansas Income Taxes? The K-120S (for Partnerships) requires information from the IRS 1065 which is not filed by a QJV. But, I'm unsure if we can file two K-40 (Individual Income) if we have to file the same marital status as our IRS 1040.

Attorney Answer

1
Charlotte Erdmann ·
It depends on how you set up your business entity. If you are running the business as a sole propriator, it goes on a schedule C, if you are running it as a partnership, then it would not go on a schedule C, it would go on a partnership return. If you are running it as an LLC, it can be a partnership, disregarded entity or s-corp for tax purposes. Your best bet is to sit with an attorney to discuss your business venture and help pick an entity that is right for you and set up the proper business formalities. Do it right the first time before it could cost thousands to fix down the road.
0 upvotes

People Also Asked