If I was self employed and working for myself doing landscaping and other jobs and for the year I kept up with all my receipts,gas mileage, other things I had to buy out of my own pocket to do my work and when I file my taxes at the end of the year does anyone know how this all works? EXAMPLE After I added up all the money that I got paid for jobs and then added up all my expenses like tools,gas, equipment,labor I had to pay for extra help to complete the job and misc items and say for instance the number I came up with was negative let's say $12,000 for the year I'm assuming I wouldn't owe any taxes but would I receive a tax refund on my return. Or does anyone know how this works?? Thanks so much for your time your taking to look into this and get back into touch with me. God bless you!!¡!
You'll need to sign in or create an account to connect with an expert.
You have self-employment income for which you will pay self-employment tax for Social Security and Medicare; you will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-
calculator-2021-2022-50907/
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
If you live in a state with a state income tax, you might need to make estimated payments to your state.
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Jlp2224
New Member
mishs27
New Member
joshuaramelb808
New Member
AMNU
New Member
samarth2222
New Member