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An independent contractor is considered as a self employed person meaning they do not have an employer. In this situation a Schedule C for self employment is required to be completed. TurboTax will calculate any self employment tax for you, which is the social security and medicare tax on your independent income.
This allows you to deduct any expenses you might have that allows you to produce your income such as car or truck expenses, tools, office supplies, cell phone, etc. TurboTax Home & Business can accommodate this type of work and make sure you are paying tax on only the net profits.
In TurboTax Home & Biz:
An independent contractor is considered as a self employed person meaning they do not have an employer. In this situation a Schedule C for self employment is required to be completed. TurboTax will calculate any self employment tax for you, which is the social security and medicare tax on your independent income.
This allows you to deduct any expenses you might have that allows you to produce your income such as car or truck expenses, tools, office supplies, cell phone, etc. TurboTax Home & Business can accommodate this type of work and make sure you are paying tax on only the net profits.
In TurboTax Home & Biz:
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