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Business & farm
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:
June 4, 2019
10:44 PM