My friend and I work together. We earn commissions in our separate names and split them. We also share 50-50 the cost of office space, marketing programs, and all other expenses. We have been reporting our separate amounts on our personal Schedule Cs. Is this correct? (C.D., Danvers, Mass.)
No. You and your friend are a partnership for tax purposes, and your income and expenses should be reported on a partnership return. The tax rules on partnerships ... Log in to view full article.