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You'll definitely need to file a 2020 return with the IRS if you had $400 or more in self-employment net earnings (gross income minus expenses). The IRS treats this income as a business.
If you haven't incorporated, you can file a Schedule C, Profit or Loss From Business with your personal income tax return. TurboTax automatically generates a Schedule C when you enter your business income and expenses.
When you're self-employed, if it's directly related to the work you do, you can deduct it as an expense.
You may use the following TurboTax products to report your business:
Note: The higher the version, the more step-by-step guidance you'll receive.
Will I also be able to file my taxes for the first time using TurboTax ? @HelenC12
Yes, you can file your taxes for the first time using TurboTax. You will need TurboTax Self-Employed if you are filing a Schedule C. Please go to TurboTax Self-Employed to create an account. For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit.
Once you create a TurboTax account, you can follow the on-screen instructions to complete your return.
To set up your YouTube business, please follow the instructions below :
NOTE: If you need to report a 1099-NEC, 1099-MISC, or 1099-K, then you can do so while entering your self-employment income on the Schedule C screens.
If you have any additional questions, comment below and we can assist you further.
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