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TAX QUESTION im doing my own taxes online and it says...?
I dont own a business but I did get a 1099 because i am self employed within a company..is this where I would enter that information??? please help, and no rude comments, this is my first year doing taxes, so I just need some clarification, and yes im doing my own because HR block wants to charge me more than half my return to file for me...so please dont be rude that im new at this and dont understand! Thanks for all the positive help in advance! :)
Do you have income and expenses from a business you own?
Business income includes the following sources:
A farm that you or your spouse own and operate
A business that you or your spouse own and operate
Form 1099-MISC income reported in boxes 5, 6, 7, 10, 14 and Box 3 if related to a trade or business
All activities that you own in partnership with others
All activities that you own with others in a Sub Chapter S-Corporation
6 Answers
- 8 years ago
Yes to the "income & expenses from a business"
You are a 1099 MISC income.
But make sure you don't end up short-changing yourself by trying to do this on your own. You could miss a lot of the deductible expenses due to you that you might not be aware of.
- forcierLv 45 years ago
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- card-ronLv 78 years ago
I'm guessing you have a 1099-MISC with income reported in box 7. If my guess is correct, then you answer "yes" to the question.
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- kelby7670Lv 78 years ago
The interview questions sometimes ask too many questions.
Just create a form 1099MISC and fill it in from your 1099MISC. The software will create a Schedule C. Fill in your expenses and anything else required in Schedule c. IT will also create a schedule SE. You don't have to do anything to this form. Then it will fill in the proper lines on your 1040. That's it.
