topic If I did self employment for 8 months will the IRS pay me back for bills paid for during that? in Self employed

If I did self employment for 8 months will the IRS pay me back for bills paid for during that?

caitlyn8222 — Tue, 03 Feb 2026 09:04:46 GMT

Re: If I did self employment for 8 months will the IRS pay me back for bills paid for during that?

slowreader — Sat, 22 Feb 2025 12:13:17 GMT

Well, the IRS doesn't pay you back for anything. If you earned income from self-employment, you must file a Schedule C as sole proprietor. You can deduct all legitimate business expenses and you must enter all income, which is usually provided to you on a 1099-MISC or 1099-NEC. Personally, I try to keep my expenses under 50% of my business income, since I was once audited when I actually lost money due to high travel expenses. (My deductions were approved, but that was in 1965 when IRS agents were friendlier.)

Since I have been dealing with paper forms since the 1950s, I opt for Forms in TurboTax, but you may find it easier when using Step-by-Step.

You will probably have other questions, so ask away. You may be surprised to learn that if you have a Schedule C profit of $400 or more, you must pay FICA (Social Security etc) tax as well.

Re: If I did self employment for 8 months will the IRS pay me back for bills paid for during that?

DianeW777 — Sat, 22 Feb 2025 13:52:48 GMT

You are allowed to enter your expenses that were ordinary and necessary, in your type of activity, and allowed you to earn your self employment income. Use the following links to enter your self employment income and tips about business to help you.

@caitlyn8222