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Returning Member
posted Feb 10, 2021 6:37:54 PM

Can turbotax file self employed

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1 Replies
Expert Alumni
Feb 10, 2021 7:59:56 PM

Yes, TurboTax offers self employed version for self employed taxpayers.  

 

To see information, click here: TT Self-employed

 

As a self employed person, you’ll need file a Schedule C to report your income and expenses.  You also need to pay self-employment Social Security and Medicare taxes by filing Schedule SE with your tax return.  The rate is 15.3% of your self-employment earnings.  However, you also get to deduct half of those taxes on your 1040 as an adjustment to income. Most taxpayers with self-employment income make quarterly estimated tax payments based on the amount of income the business earns.  To see what you can deduct, click here: Deductions