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Deductions & credits
If you run a small business as an independent contractor, freelancer, single-member LLC and you also have W-2 income, you'll need to use one of the following versions.
- If filing online, TurboTax Self-Employed or TurboTax Live Self-Employed.
- If filing using the TurboTax CD\Download version, you may use Deluxe, Premier or Home & Business. Note, the higher the price, the more assistance you'll receive from the software.
- What's the difference between TurboTax Online and the TurboTax CD/Download?
If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency:
- Open or continue your return in TurboTax
- Search for Schedule C and select the Jump to link at the top of the search results
- Answer Yes on the Did you have any self-employment income or expenses? screen
- If you land on the Your 2021 self-employed work summary page, select Review next to the work you're adding income for
- Answer the questions on the following screens until you arrive at Let's enter the income for your work
- Select Other self-employed income and Continue
- On the next page you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.
You're able to deduct qualified business expenses.
Related Information:
- What's the difference between self-employment income and other income?
- Why am I paying self-employment tax?
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‎January 25, 2022
11:47 AM