There is no tax benefit from having an EIN, only the benefit of not having to provide your SSN to clients that reptort payments on 1099's. If both you and your wife will own the business and both working in it you may be required to file partnership return unless you meet certain exceptions. Large losses on weekend photography business that offset high income W-2's is good way to invite IRS audit of weekend business and all losses being disallowed as business is actually a hobby, oh and the best part all gross income is still reported on line 21 less COGS and any other expenses are only allowed up to income, also no depreciation is allowed for fixed assets (all the photography equipment such as camera's, tripods, etc.) but they are taken on Schedule A subject to 2% limitation and AMT. So better make sure it is a legitimate business before going down that road as hobby loss audits are very difficult to win.
Kerry Claxton, CPA
