topic How do I file as an independently contracted driver who was contracted through a company but doesn't own the business? This is my very first year not doing 1040EZ. in Get your taxes done using TurboTax

How do I file as an independently contracted driver who was contracted through a company but doesn't own the business? This is my very first year not doing 1040EZ.

mralaskanman — Thu, 18 Mar 2021 22:37:51 GMT

This past year I was a delivery driver who worked on contract independently. Due to COVID-19, my contract was canceled and I spent the rest of the time on unemployment. This is my very first year not having worked as a regular hourly paid employee but as an independently contracted worker who does not own the business but works under contract and I did not pay any of the taxes as of yet.

Re: How do I file as an independently contracted driver who was contracted through a company but ...

ErnieS0 — Thu, 18 Mar 2021 23:12:14 GMT

The IRS considers anyone who is not an employee to be self-employed and operating a “business” (meaning the person has to pay their own income, Social Security and Medicare taxes).

Enter your contract income under self-employment.

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If you have expenses, you will need TurboTax Self-Employed Online or Home & Business CD\Desktop. You can upgrade within the program. TurboTax will tell you who much in expenses you will need to make the update worthwhile. You still have to report the income, even if you don’t report expenses. The IRS requires you to report all income, whether you received a 1099-NEC or not.

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Self-employed individuals may defer the payment of 50 percent of the Social Security tax on net earnings from self-employment income for the period beginning on March 27, 2020 and ending December 31, 2020.

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Re: How do I file as an independently contracted driver who was contracted through a company but ...

mralaskanman — Sun, 21 Mar 2021 19:04:12 GMT

Update: The answer was slower in coming so we went ahead and got someone on the phone who walked us through the whole filing process and we got through it painlessly. 😄 I was a bit scared of it at first as I know many are who have never ventured out into being self-employed. It was a learning experience for sure. Thank you for the responses. It has been an education for us as we learn and stretch and grow.