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Level 1
January 25, 2025
Question

How do I submit income as an independent contractor (teaching)?

  • January 25, 2025
  • 4 replies
  • 8 views
I teach English on Preply and wanted to know how I can file income as an independent contractor?

    4 replies

    VolvoGirl
    Level 15
    January 25, 2025

    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.

     

    You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

     

    You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.

     

    How to enter income from Self Employment

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

     

    Here is some IRS reading material……

     

    IRS information on Self Employment

    http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

     

    Pulication 334, Tax Guide for Small Business

    http://www.irs.gov/pub/irs-pdf/p334.pdf

     

    Publication 535 Business Expenses

    http://www.irs.gov/pub/irs-pdf/p535.pdf

     

    Turbo Tax Self Employed Tax Hub
    https://turbotax.intuit.com/personal-taxes/self-employment-taxes

     

    Level 15
    January 25, 2025
    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    DoninGA
    Level 15
    Level 15
    January 25, 2025

    You will need to upgrade to the Premium online edition if you are using the online editions.

     

    You will report your self-employment income and expenses on Schedule C.

    See this TurboTax support FAQ for Schedule C - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-c/L5Fz3j5us_US_en_US?uid=m6cj4sdg

    MarilynG
    Level 15
    January 31, 2025

    TurboTax guides you through entering your Business Income & Expenses.  

     

    In the Wages & Income section, choose Self-Employment Income and Expenses and Add/Edit. 

     

    You will first answer a few questions about your Business (Profile), then proceed to entering Expenses and Income.  You can return to add or change info any time. 

     

    Don't forget about Health Insurance, Retirement Plan Savings and Home Office Expenses.  Here's Top Tax Write Offs for the Self Employed.

     

    @kenneth-hou 

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