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Education
In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income”
Scroll down to:
- Business Items
- Business Income & Expenses (Sch C)
Or type> business <in the search box
Be advised that the self employed have to pay both the employer and employee share of FICA (social security & Medicare) tax. This is known as self employment tax (SET) and is in addition to income tax. TT automatically calculates this when you enter self employed income, and completes schedule SE.
You cannot use the free edition of TT to report business income.
You are not allowed to not claim your expenses, in order to manipulate your income to qualify for credits.
References:
January 22, 2025
12:49 PM