Form an LLC in your own state, owned solely by you (or with spouse) and it will be reported on Sched C of your 1040.
You will need a FEIN (no cost).
Any profit from that Sched C is subject to Self-Employment income.
Remember the bank & investment accounts must be held in the name of the LLC for the 1099's to be included as LLC income !
Be sure to treat it as a business. Don't move money between you & the LLC unless it is paid in capital, a Loan Agreement, or salary (can be via a 1099-NEC).
Your health insurance, travel and office expenses may be deductible ... depending on your situation.
Any other variations add risk or complications (e.g. company tax filing, tax filings in multiple states), and you can lose the asset protection.
I have done that for 29 years & it has been very helpful.
Our Corp. has another 20 LLC's with $ millions in assets ... so even though I am NEITHER a CPA nor a tax lawyer (and never played one on TV or in movies), I'm well versed on this stuff.
