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justkatherine
New Member

Starting off in 2020 i will be starting work as an “Independent Contractor” for a virtual assisting comp. I have dependants so i wanted the easiest advice on how i can do my taxes for the co

 
2 Replies
BillM223
Employee Tax Expert

Starting off in 2020 i will be starting work as an “Independent Contractor” for a virtual assisting comp. I have dependants so i wanted the easiest advice on how i can do my taxes for the co

An independent contractor is considered "self-employed" by the IRS, and therefore files Schedule C as part of the tax return.

 

Generally, having dependents will not alter this (perhaps I misunderstood the thrust of your question as it was cut off); you will enter the dependents as normal in Personal Info.

 

However, note that how you treat health insurance premiums for you and your family is a little different than what you might expect. Please see this answer from Coleen which describes how to enter these premiums.

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MarilynG1
Employee Tax Expert

Starting off in 2020 i will be starting work as an “Independent Contractor” for a virtual assisting comp. I have dependants so i wanted the easiest advice on how i can do my taxes for the co

As BillM223 mentioned, you will be considered self-employed with income reported on a 1099. 

 

Click the link for more helpful information on Reporting Business Income and Expenses (in addition to health insurance) as you are getting started with your self-employment income and expenses on Schedule C.

 

Type 'schedule c' in the Search window in TurboTax and 'Jump to schedule c' to get there. 

 

Take advantage of the More Info and Learn More links, too. 

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