JanetKT
Employee Tax Expert

Self employed

 

@Rajamubeenali

 

As a contractor, you are considered Self employed. Yes your income and expenses will be included in your individual tax return. TurboTax does a great job of guiding you through your taxes in TurboTax Self Employed https://turbotax.intuit.com/personal-taxes/online/premium/

 

Also https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center will walk all about how to file etc. TTonline does it easily and we also have experts that can complete your taxes for you!

 

Here are some great links with videos that are very through in explaining. https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4

 

With being self employed your income after expenses will be taxed both self employment tax and Ordinary income tax. 

 

You are expected to pay estimated taxes throughout the year. Here is a link to help with that. Since you do not have throughout the year, the IRS and state (lucky in Texas we have no state income tax) encourage you to pay throughout year. Then you would enter those payments in your individual tax return.

 

Thanks for joining us today!

 

Janet CPA

 

Janet CPA