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Reporting Self-Employment Income on Your Taxes

Video Credit: TurboTax - Duration: 01:17s - Published < > Embed
Reporting Self-Employment Income on Your Taxes

Reporting Self-Employment Income on Your Taxes

Reporting self-employment income on your taxes this year?

Learn about the types of self-employment income you'll need to report on your taxes, self-employment tax forms you may receive, taking business tax deductions and how to file your self-employment taxes in TurboTax Online with this helpful video from TurboTax Support.

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Reporting Self-Employment Income on Your Taxes

Are you self-employed?

TurboTax handles all the necessary calculations, so you can file your taxes with confidence.

You'll likely receive one or more 1099-MISC forms to show the income you received for the year.

If your 1099-MISC has an amount in Box 7, called Non-Employee Compensation, the payer did not consider you an employee.

Instead, you may be a freelancer or an independent contractor, which makes you self-employed.

After you enter your 1099-MISC info in TurboTax, we'll ask you questions to be sure your income is from self-employment.

Then we'll go over your expenses.

Expenses like mileage, home office expenses, supplies, and computers can lower your tax bill.

The IRS requires you report all of your income, even if you didn't get a 1099-MISC.

So we'll also ask you to enter income you received as cash, checks, or credit card transactions.

If you accepted credit cards, you'll get a 1099-K with the amount you received in Box 1a.

For more answers to your questions, visit turbotax.com/support.




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