If you receive money from
freelance or side jobs and getting paid cash, the income is reported
as self-employed income. It is reported on Form 1040, Schedule C,
Profit or Loss from Business.
To enter your self-employment income from cash, personal checks or credit card payments (1099-K):
- When in your account, select the Take Me to My Return button on the main screen.
- Type “Schedule C” in the Search box
- Select the “Jump to” link.
- Answer the general questions about your business.
- At the Let’s get income for… screen, select Additional Income
When you’re
self-employed, you’ll also want to review your expenses. If they are work-related expenses, you can deduct them.
