I started consulting, back in July, & create a business thru DE & obtained an EIN thru USG. I will get a1099. For 2024 taxes, do I report as a business or contract work?

[rolomo]

Total revenue from the work is small and I had negligible start up costs.

[VolvoGirl · Accepted solution]

 Unless you set it up as a Single Member LLC  Scorp or a Corp or Partnership, it is a disregarded entity and you file it as self employment on Schedule C in your personal 1040 tax return.  

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

[rolomo]

VolvoGirl, thank you.