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Andrew Schwartz CPA
Jan 13, 2007 - 4:21AM
Re: Income Question

When someone has a business, they are required to keep a "set of books". For most small businesses, keeping track of cash receipts and cash disbursements does the trick. At the end of the year, the business owner needs to compile this information to calculate the income, expenses, and profit from the business to report to the government.

I would say that your boyfriend would need to report the profits from his business on his tax return. Since you live together, I don't see why the profits from his business that are used to pay for your combined household bills would be considered income to you.

Zip Code: 01801

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