Yes - Form 1099-MISC reports total amounts of payments received from a company or individual during the year. The most common reason to get a 1099-MISC is because you are self-employed or an independent contractor (in other words, the company you performed the work for doesn't consider you an employee). Because of this, you're able to deduct expenses that are both ordinary for the type of business and necessary for the work.
Here are a number of resources that will help you declare Schedule C (business) income and expenses.
