1099-misc income for consulting work
I have a full time job, regular W2, no issues with that. I did some consulting work and have a 1099-misc for income I made listed in box 7, nonemployee compensation. I'm not too sure how to file it. In my tax software, it gives me a section for 1099-misc. But then it wants me to name my business. It asks me for startup costs. Then it goes on to ask if "I started or acquired this business during 2007." Is all this stuff necessary? What is "accounting method" referring to? They're asking me is I was active in the operation of the business. I'm not sure what they mean. Please help. Thanks!