Check this Entry Schedule C (Handyman) I am handyman & do not have business entity. I am solo prop. Should I put my name in the business name box? How to fix this error?

[Carl]

There is no error. As far as the IRS is concerned, all income earned by you as a handyman is self-employment income and it gets reported on SCH C as a part of your personal return. So from the IRS's point of view, you are self-employed and you do have a business of your own; a handyman business. What you call that business doesn't matter and the IRS could care less, so long as you pay your taxes on the self-employment income.

Also, if your business made more than $400 of taxable income in the tax year, then in addition to the regular income tax you will pay on that money, you will also pay an additional 15.6% self-employment tax. That's basically the employer side of your social security and Medicare tax. So overall on your business income you'll pay 30% in taxes, give or take depending on the total household income reported on your tax return, and what tax bracket that total puts you in.

[VolvoGirl]

So yes, you can use your name.

[gurusikh]

ok, thank you very much for the quick replies 🙂