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December 21, 2024
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I started consulting, back in July, & create a business thru DE & obtained an EIN thru USG. I will get a1099. For 2024 taxes, do I report as a business or contract work?

  • December 21, 2024
  • 1 reply
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Total revenue from the work is small and I had negligible start up costs.
    Best answer by VolvoGirl

     Unless you set it up as a Single Member LLC  Scorp or a Corp or Partnership, it is a disregarded entity and you file it as self employment on Schedule C in your personal 1040 tax return.  

     

    To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.


    How to enter income from Self Employment
    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    1 reply

    VolvoGirl
    VolvoGirlAnswer
    Employee
    December 21, 2024

     Unless you set it up as a Single Member LLC  Scorp or a Corp or Partnership, it is a disregarded entity and you file it as self employment on Schedule C in your personal 1040 tax return.  

     

    To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.


    How to enter income from Self Employment
    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    rolomoAuthor
    December 30, 2024

    VolvoGirl, thank you.