Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
kevin-cannon
New Member

If I am self-employed does that mean I am a business?

 
2 Replies
JulieH1
New Member

If I am self-employed does that mean I am a business?

Probably.

The key to determining if you’re self-employed is to assess whether you are in business for yourself or are the owner of your own business.

This includes any part-time businesses or private “side jobs” where you’re performing services in addition to a regular job or business.

You are also self-employed if you’re an individual who:

  • is the sole proprietor of an unincorporated business
  • works as an independent contractor, consultant or freelancer
  • is a member of a business partnership
  • owns or is part of a limited liability company (LLC)
  • earns income through investments
  • earns income through rental property

You may not think of yourself as running a business, but you’re considered self-employed if you engage in business-like activities.

Business activities include any activity where you:

  • intend to make a profit (even if you operate at a loss)
  • have regular transactions or production of income
  • make ongoing efforts to sustain, grow or further the interests of your business

When you’re self-employed, you’ll receive a 1099-MISC or a 1099-K from the person or business that paid you.

But even if you don’t receive a 1099-MISC or a 1099-K, you’re still responsible for reporting all your income and expenses from self-employment on your tax return

cynthiashelton19
New Member

If I am self-employed does that mean I am a business?

I am a victim of identity theft and its wants me to be able to be responsible for the thief's deductions they filed on my SSN.
Dynamic AdsDynamic Ads
Privacy Settings
v