TurboTax will handle preparing the forms below. He is considered self-employed, and his taxes are handled differently than if he were an employee of a company.
As a self-employed individual, you:
- Will pay self-employment tax (because income tax, Social Security, and Medicare aren’t deducted from your pay)
- Will get a 1099-MISC, 1099-NEC, or 1099-K (unless you only accept cash or personal checks)
- File a Schedule C, Form 1040 (this is how you report business expense or loss of income)
- Can deduct money you spent on work-related expenses (like mileage, home office expenses, and mobile phone use)
- Can estimate the taxes that are due and make quarterly estimated tax payments during the year
Get started by entering your income from self-employment. We'll handle the rest, from creating the forms you need, to reviewing work-related expenses that can help reduce your taxes.
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