@VolvoGirl
Thank you so much for the detailed information! Just to clarify—if I’m understanding correctly, because I’m filing a Schedule C with my personal tax return, the reason I need to link my 1099-NEC income to it is to report my self-employment income properly and calculate the net profit, which will then be subject to self-employment tax, correct?
Also, you mentioned entering my expenses to reduce my net profit. Does that mean I should make sure to track all business-related expenses, even the smaller ones, in order to reduce the taxable income from my 1099-NEC?
Lastly, regarding the estimated quarterly payments, do you recommend setting those up right away, or should I first determine how much I owe for the year before making that decision?
Thanks again for all your help—I really appreciate it!
