You will file a Schedule C as a self-employed person.
The Schedule C will flow onto your individual income tax return (Form
1040) and be netted with other personal income and expenses.
How to get to that area: While inside the software
and working on your return, type Schedule C in the Search at
the top of the screen (you may see a magnifying glass there). There will
be a popup that says Jump to Schedule C. Select that to get
to the general area.
When you set up your business, you can use your own name, address, and
social security number.
Then, when done with the Business Profile:
- then,
Business Income and Expenses
- select Edit next
to your business (if it is there already)
- scroll
to Business Income
You will enter the total off ALL of your gross income received. You will
see a screen for 1099-MISC if you received one, if not Skip it. Also,
there will be a screen after the 1099-MISC screen to enter other business
income as General Income. Then, subtract off expenses such as
credit card processing fees and other ordinary and necessary business expenses
in following screens.
NOTE: Every dollar you receive is reported as income. Then, your expenses are deducted from that.
Also, this link may be helpful to you IRS Small Business Help Center .
