Independent contractor for the first time

[SA841]

I am an independent contractor this year for the very first time in my life, and I want to make sure I’m not missing anything to be compliant with the IRS. I am asking my clients for a 1099 NEC to be filed, and am ready to pay income and self employment tax (this year my tax will likely be under $1,000 so I am not making estimated payments but paying tax at filing). Is there anything else I should be sure to do aside from this? Do I need to register for any certificate or license for my sole proprietorship with local city or state authorities?

[MB7_EA]

Hello SA841! Thank you for joining us today.  Besides your 1099-NEC to report your income, you should keep track of any expenses that are necessary and ordinary for your independent contracting business.  Depending on your state, city or municipality, and/or type of business, you may need to apply for a business license to operate as an independent contractor.  Check with your local Small Business Administration for license requirements.  Here is a link to some helpful tips for deductions that may apply.

https://thttps://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-busine...