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Business & farm
You will file a schedule C. You don't need a business license or a tax number. The program will calculate the self employment tax for you and add it to your return. When you are done entering your information, the federal review will ask about stimulus payments. Any missing amounts will be calculated and added to your refund or reduce your tax liability.
You will need your business income and expenses. The program will walk you through. You will also want to visit the personal section on Tax relief related to COVID 19. You may qualify for additional credits there since you are self employed.
- If you do not have expenses, you can go with Deluxe, Here is a link to form by form differences.
- If you have expenses, you will need the Self-Employed version. Here is a link to purchase the software.
Helpful links:
Small Business and Self-Employed Tax Center - complete guide
- About Schedule C (Form 1040), Profit or Loss from Business ...
- Publication 535, Business Expenses
- Publication 583, Starting a Business and Keeping Records
- Self-Employment Taxes
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‎January 22, 2021
6:42 PM