I added my 1099-K and MISC information, but it is asking me about Material Participation and accounting information and I don't know what to answer for that.
Your Form 1099-K is for self-employment- Self-employment income is entered on Schedule C and is supported by TurboTax Home & Business. Along with the income you report on Sch C, you will be able to deduct fees, commissions, phone rental payments, mileage (if you keep a log), etc. Examples: Uber, paypal and etsy sales.
There are many questions for the Schedule C that cover topics that may not be related to your particular business. Material participate question means you were actively working in the business on a consistent basis. As opposed to an investor, who just gives money to a business. You would answer, Yes to that question, because your business is driving. Your accounting method is cash.
Keep going. You will want to deduct vehicle expenses, commissions and fees, phone, etc. Check back here if you need more help.
Your Form 1099-K is for self-employment- Self-employment income is entered on Schedule C and is supported by TurboTax Home & Business. Along with the income you report on Sch C, you will be able to deduct fees, commissions, phone rental payments, mileage (if you keep a log), etc. Examples: Uber, paypal and etsy sales.
There are many questions for the Schedule C that cover topics that may not be related to your particular business. Material participate question means you were actively working in the business on a consistent basis. As opposed to an investor, who just gives money to a business. You would answer, Yes to that question, because your business is driving. Your accounting method is cash.
Keep going. You will want to deduct vehicle expenses, commissions and fees, phone, etc. Check back here if you need more help.