AnnetteB6
Expert Alumni

Self employed

If you are receiving a Form 1099-MISC reporting your income, then the company that is paying you is treating you like an independent contractor.  In the eyes of the IRS, you are self-employed.  Your income from the Form 1099-MISC and any related expenses will be reported on Schedule C.

 

Since you stated that you also have a job as a W-2 employee, you may not need to make estimated payments to cover your self-employment tax and additional income tax.  You could increase your tax withholding from your W-2 instead.  

 

Since you just started the job recently, these changes will take place for your 2020 tax return and that gives you some time to research and figure out what you need to keep track of and report next year.  

 

Here are some TurboTax articles that may help you get started:

 

What's different now that I'm self-employed?

 

What self-employed expenses can I deduct?

 

Self-Employment Taxes Tax Tips -- this one contains links to many different article that may be helpful

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