I am regular salaried employee, my wife is unemployed and started a sole proprietorship business this year (more a hobby than a serious source of income). Her business is quite slow and will hardly break even by the end of the year. IRS p583 states that she has to file her income in regular tax return. Questions:
- Do I understand correctly, that we still can file as "Married filing jointly", just add Schedule C and Schedule SE for her?
- Business registration information letter she got once registered mentions that her due date for filing tax return is January 31, 2016. Does this prevent us from filing jointly (as far as I understand, I can't file my income before that date)?
- Do I understand correctly that we do not qualify as "Family partnership" (I do not participate in her business in any way other than giving her money for initial tools/materials purchase)?
- Do I understand correctly that she did not have to do regular estimated tax payments as business was not expected to generate income this year?