I have w2 income from job. Then I quit and become self-employed. I want to start a self-driving car technology consulting business.
The business is not registered or incorporated because I wasn't expecting to get any income within the tax year. Obviously, I did not receive 1099 misc or 1099 k.
But in order to prepare for my own business, I spend a lot of money on electronic hardware, supplies, including a testing car. That's about $20,000 expense.
Can I use schedule C to deduct this expense from my w2 income?
Do I have to register a business to be considered as sole proprietor? Am I qualified as a freelancer or independent contractor?
If I can deduct it, what business name do I enter on schedule C.
