You will report your income made freelancing on Schedule C of your Form 1040.
Your first step as a freelancer is to gather and report all sources of your income. If you're like many freelancers, you have many sources of income.
When you're self-employed, you are your own boss—which is great news until tax time. In addition to regular income tax, freelancers are responsible for paying the self-employment tax of 15.3%. This tax represents the Social Security and Medicare taxes that businesses pay and that employees have taken out of their paychecks automatically. As a self-employed freelancer, you are considered both the employee and the employer.
As a freelancer, you'll likely have more business expenses than a typical employee, and you can take a number of tax deductions not commonly allowed as a regular employee. However, you're only allowed to take deductions that are ordinary and necessary for the operation of your business
Click this link to get started Every deduction found. Every dollar you deserve.
Click here for A Freelancer's Guide to Taxes
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