You will report this as self-employment income on your Schedule C of your 1040 individual tax return. You can offset the self-employment tax and income tax created by this income by applying business expenses related to this against this income. Travel, internet, cell phone, office supplies, video conference fees are a few that come to mind. I am assuming you are doing this work in the US. If you are doing this work outside the US, you have the ability to exclude all or a portion of this income as excluded foreign income.
Good luck to you.
Kelly C, CPA
