Self-Employed Tax Forms

Self-employed taxes are part of your individual tax return due in April each year. You may need to add several forms and schedules to your Form 1040.

This post is provided for general information only. Please confirm the details and circumstances of your unique situation with your tax accountant or other appropriate advisor before taking action.

Schedule C

Schedule C calculates the profit and loss from your business. You enter your business income and expenses on it.

If you’ve kept good records in your self-employed accounting software, filling out Schedule C is just copying and pasting.

Form 1099-NEC

Form 1099-NEC is a form you get from your clients. It shows how much they paid you.

Form 1099-NEC can help you total your income, but you should have your records. You need to report your income even if you don’t get a 1099.

Form 1099-K

If you get paid through an electronic payment platform, such as PayPal or Stripe, you might get a Form 1099-K instead of a Form 1099-NEC. 1099-K does the same thing as Form 1099-NEC.

There’s a form 1099-K because the IRS thinks it’s easier to get the information from the payment processors instead of your clients. Your clients should not give you a 1099-NEC for income covered by Form 1099-K.

Form 8829: Expenses for Business Use of Your Home

Form 8829 calculates the expenses you can claim if you qualify for the home office deduction. You will enter the information from Form 8829 onto your Schedule C.

Schedule SE

Schedule SE calculates your self-employment taxes. It uses the net profit or loss from your Schedule C.

You’ll pay 15.3% of your net profit in self-employment tax in most cases. Your Social Security tax may be capped if you earn higher amounts, while your Medicare taxes may increase.

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