No, you would:
- Enter
your Name as the business name,
- Enter
your address as the Business Address and,
- Click
on NO when asked if you have an Employer Identification
Number (unless you applied for one with the IRS).
The IRS
considers you self-employed and have your own business if:
1. You earn money as a contractor, consultant,
freelancer, or other independent worker.
2. You income is reported on 1099-MISC (Box 7),
1099-K (Box 1a), or you receive cash, check or credit card sales transactions,
instead of a W-2.
When you have
self-employment income, the IRS:
- Requires you to complete Schedule C, Profit or
Loss From Business.
- You can deduct expenses related to the income.
- Requires you to pay self-employment (social
security and Medicare).
If
your self-employment income was from cash or personal
checks or credit card payments:
- Type “Sch C” in
the Search box.
- Click on “Jump to” link.
- This will take you to where you can enter any
cash, personal checks or credit card payments (Form 1099-K)
related to your self-employment.
- You may be asked some general questions about
your business.
- After you answer them, you’ll be taken
to the Your XXX Business screen where you can enter
this income as Additional Income under Business Income.
If you received
a 1099-MISC for your self-employed income:
- Type 1099-misc in
the Search box.
- Click on “Jump to” link.
- This will take you directly to the section
where you can enter your 1099-MISC.
- You’ll also be able to enter any cash,
personal checks or credit card payments (Form 1099-K) related to your
self-employment.
Related information:
