You're considered self-employed—even if it’s just something you do on the side, like drive for Uber, babysit, or blog.
Your taxes are handled differently than when you're an employee of a company.
As a self-employed individual you:
- Will pay self-employment tax (because income tax and Social Security aren’t deducted from your pay)
- Will get a 1099-MISC or 1099-K (unless you only accept cash or personal checks)
- File a Schedule C, Form 1040 (this is how you report business expense or loss of income)
- Can deduct money you spent on work-related expenses (like mileage, home office expenses, and mobile phone use)
- Can estimate the taxes that are due and make quarterly estimated tax payments during the year
Get started by entering your income from self-employment. We'll handle the rest, from creating the forms you need to reviewing work-related expenses that can help reduce your taxes.
Related Information:
Source: TurboTax FAQ
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