I'd also like to add that it is now more important than ever to keep detailed books and records due to the new 1099-K reporting.
For example: If a client business pays you more than $600 for services they are required to report on a 1099-NEC. However, if they make that payment to you via paypal or credit card, it will also be reported on a 1099-K by the 3rd party payment processor. So it is possible you will receive two tax documents reporting the exact same income. In order to avoid overreporting your income on your taxes, you will need to keep track of what income you received, from where, via what payment method. When tax filing time comes, you must input both forms, however you can add an expense to offset the 1099-NEC income by selecting 'other miscellaneous expenses' and adding 'Form 1099-K income included in Form 1099-NEC reporting' as the description.
