I am a self-employed sole proprietor of my own LLC, and file by Schedule-C.
Two part question:
- Is it possible to take a Business Loss by declaring my own wages greater than the revenue ?
- I know there a complications when going from no employees to having other employees, such as needing to show Workers Compensation Insurance, having a Benefit Plan, etc.. I file a Joint Return with my wife. But if I pay wages to my wife on her work for my LLC, do I need do all those things ? Or are we like the same entity, since we file jointly ?
Thanks!