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Andrew Schwartz CPA
Apr 20, 2005 - 1:20PM
Re: moonlighting

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.

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