KrisD15
Expert Alumni

Business & farm

Actually, the IRS wants you to claim the expenses as well as the income. 

Part of the reason for this is that your income may be eligible for the QBI (Qualified Business Income) deduction where 20% is tax free. 

 

Since you get paid as an independent contractor, you should keep records just like any other business. If the IRS audits you, they will expect you to have them. Just keep a log and save it with your tax file. 

 

For Schedule C you can use your name and social security number as the business name and EIN number if you don't have something else set up. Don't use the name of the company that paid you since you are not their employee. You can use your home address if that is the place you work out of. 

 

 

 

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