Hello,
I received a 1099-MISC for being an online-teaching job. I input the information and it took me as my own business' to fill in a schedule C form. I was asked to input the business' name, address, principle business' code, accounting methods and other questions, What should I do? thank you for your kindness
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Actually you should have got the new 1099NEC for it. But that doesn't matter.
Yes you are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You need to fill out schedule C for self employment business income. You are considered to have your own business for it. YOU are the business.
To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. Here's a Schedule C https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version or use any of the Desktop CD/Download programs.
How to enter self employment income
Actually I would just enter your total income as Other self employment income or as Cash or General income. You don't need to get a 1099NEC or 1099Misc or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C.
You will need to keep good records. You may get a 1099 at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small and if you don't get the 1099NEC. For the future, you should use a program like Quicken or QuickBooks to track your income and expenses. There is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....
http://quickbooks.intuit.com/self-employed
You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.
You mean I do not need to add another 1099 -MISC form for this income and just add this as my other income?
Well you still enter it as self employment income. You can enter your total self employment income as Other self employment income or as Cash or General income. You don't need to get a 1099NEC or 1099Misc or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C....
How to enter income from Self Employment
So I will still add the information in the 1099-misc and in schedule C, I am going to input all my own information instead of the payer's information and choose cash for accounting?
Yes, enter your information for Schedule C for the income that you received from online teaching.
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