An independent contractor is considered as a self employed
person meaning they do not have an employer. In this situation a Schedule C for self employment is required to
be completed. TurboTax will calculate any self employment tax for you,
which is the social security and medicare tax on your independent income.
This allows you to
deduct any expenses you might have that allows you to produce your income such
as car or truck expenses, tools, office supplies, cell phone, etc. TurboTax Home & Business can accommodate
this type of work and make sure you are paying tax on only the net profits.
In TurboTax Home
& Biz:
- In the search box type
Schedule C
- Jump to Schedule C
- Follow the prompts to enter
your business information, income and expenses if applicable.
