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tncdops
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Tax Year Prior to 2020: We teach Motorcycle safety - we do not OWN the business. We do receive 1099's. Its showing we OWN the business. how can we change this?

 
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Tax Year Prior to 2020: We teach Motorcycle safety - we do not OWN the business. We do receive 1099's. Its showing we OWN the business. how can we change this?

If you are paid with a 1099-MISC for income earned, the IRS considers you to be self-employed business owners/independent contractors.  You own your "business" and are paid by the company who issued the 1099s.  They are your clients. 

You will file a Schedule C as a self-employed person.  The Schedule C will flow onto your individual income tax return (Form 1040) and be netted with other personal income and expenses.  When you set up your Schedule C, you can use your own name, address, and social security number (if you don't have a business name or EIN).

The business start date is the first date you started to work this job in which you are paid with a 1099-MISC.

How to get to that area  While inside the software and working on your return, type Schedule C in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to Schedule C.  Select that to get to the general area. 

Follow through all the areas in the Business section of the TurboTax software and it will provide you with a lot of assistance. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful. 

Also, this link may be helpful to you IRS Small Business Help Center .


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