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January 30, 2024
Question

Why am I being asked about business name code if I dont own a bussines form 3514.

  • January 30, 2024
  • 1 reply
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VolvoGirl
Employee
January 30, 2024

Did you get a 1099NEC for something?  That is for self employment.  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 are considered to have your own business for it.  YOU are the business.

 

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.