my wife and i are both mds and both moonlight at the same offsite hospital. i understand that i must report this as self-employment and be taxed the SE tax under provisions of the 1099MISC listing of nonemployee compensation.

my question relates to: is it necessary for each of us to individually list the job as two separate "self-owned business" OR can i list myself as the single business owner and have her listed under MY business ownership OR can we form a "partnership" for the shared ownership.

it is probably worth mentioning that i made a substantially larger income than she with the moonlighting job.

your assistance is very much appreciated

Zip Code: edward.frech@hsc.utah.edu

Unfortunately, you and your wife must each prepare your own Schedule C, reporting your respective moonlighting income and claiming whatever expenses you'll claim against that income. You'll also need to complete a Schedule SE for you and another Schedule SE for her - calculating the Self-employment Taxes due on your moonlighting.

It appears that you're over the social security max of $87,900 and your wife is not. One way to reduce your combined self-employment taxes is to claim whatever expenses you can, such as the home office or the purchase of a computer, on her Schedule C.

Zip Code: cpa@mdtaxes.com