Independent Consultant

[sj6hills]

Hello,

I am an independent consultant for Usborne Books and More.  I am wondering how to fill out some of the fields for the 1099 form.  Am I the "owner" of the business?  What name do I use for the business? Do I use my personal address for the business?

Thank you,

Sarah

[MinhT1]

Income reported in box 7 of form 1099-MISC is self-employed income. You are considered as self-employed and in IRS parlance, are operating a business doing what you do to earn the income reported on the form 1099-MISC. TurboTax will populate a Schedule C after you enter all your information.

Self-employed income is subject to income tax AND self-employment tax (calculated at 15.3% on 92.35% of net self-employed income).

You do not own a business in the common meaning of the word. So in TurboTax answer that you use the cash method, that you do not have an EIN. You use your own name as the business name and your personal address as the business address.