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relative mt-[0.375rem] mx-auto w-full h-full lg:min-h-[40rem] left-0 right-0 "><div class="w-full h-full"><div class="grid gap-x-4 grid-cols-6 md:grid-cols-12 md:gap-x-8 justify-center md:items-center px-4 flex md:flex-row flex-col justify-center items-center lg:px-31 md:px-10 md:pt-10 pb-10 gap-10"><div class="col-span-full md:col-start-1 md:row-start-1 md:col-span-6 md:h-full md:w-full flex"><div class="relative z-10 flex flex-col"><div class=" mt-8 text-black-600 md:text-base text-sm"><span class="opacity-50 cursor-pointer">Home › </span><span class="opacity-50 cursor-pointer">Tax Forms › </span><span class="font-medium">Schedule C</span></div><div class=" mt-14 tracking-[0.08em] !leading-[120%] uppercase font-medium text-black inline-block md:text-base text-sm">SCHEDULE C:</div><div class="mt-4 md:text-5xl text-3xl !leading-[120%] font-extrabold text-grey-500 "><p class="whitespace-pre-line">What Freelancers Need to Know</p></div><div class="md:w-fit w-full flex justify-start 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00-.37.402v.437a.854.854 0 01-.857.849h-2.576a.854.854 0 01-.858-.849v-.437a.405.405 0 00-.37-.402 27.08 27.08 0 01-3.898-.633l-.049-.012a2.313 2.313 0 01-1.794-2.251v-3.068c0-.22.18-.4.4-.4h4.15a.4.4 0 00.4-.4v-.511c0-1.078.885-1.954 1.973-1.954h2.667c1.088 0 1.974.877 1.974 1.954 0 0 0 0 0 0zm-.93.511a.4.4 0 01-.4.4h-3.954a.4.4 0 01-.4-.4v-.511c0-.57.468-1.033 1.043-1.033h2.667a1.04 1.04 0 011.043 1.033v.511zM9.647 25h11.07a1.966 1.966 0 001.973-1.953V19.09a.4.4 0 00-.4-.4h-.13a.4.4 0 00-.4.4v3.956a1.04 1.04 0 01-1.044 1.033H9.646a1.04 1.04 0 01-1.042-1.033V19.09a.4.4 0 00-.4-.4h-.13a.4.4 0 00-.4.4v3.956c0 1.077.885 1.953 1.973 1.953h0z" fill="#212121" stroke="#212121" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Self-employed</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Self-employed</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">Freelancer, independent contractor, etc</p></div></div></div></div><div class="md:hover:border-[#3C96EC] w-full flex gap-3 py-4 pl-4 rounded-lg cursor-not-allowed lg:cursor-pointer border bg-white-light items-center border-white-fade "><div class="w-full flex flex-col gap-4"><div class="flex flex-col justify-center items-start w-full pr-1"><div class="flex justify-between items-center w-full md:mb-4 mb-2"><div class="flex justify-start items-center gap-2"><div class=""><svg width="27" height="26" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M26.032 6.65l-2.887-1.082V2.106a1.057 1.057 0 00-.378-.785A1.359 1.359 0 0021.87 1h-7.651a1.36 1.36 0 00-.897.32c-.239.208-.375.49-.378.786V5.41L9.631 6.651a.797.797 0 00-.45.404.663.663 0 00.004.566l1.635 3.361c.267-.086.537-.165.81-.236L9.968 7.327l2.975-1.115v4.243c.29-.05.574-.092.85-.125V2.106a.353.353 0 01.126-.261.453.453 0 01.299-.107h7.65c.113-.001.22.037.3.107.08.069.125.163.126.261v9.4H19.88c.243.233.464.484.66.75h3.339a.679.679 0 01.323.101c.413.359.61.725.588 1.09-.038.628-.704 1.101-.71 1.105a.392.392 0 00-.112.117.335.335 0 00-.027.3c.019.05.05.095.09.133.622.593.889 1.162.795 1.694-.157.88-1.25 1.433-1.26 1.438a.39.39 0 00-.195.205.334.334 0 00.01.266c.297.634.32 1.19.067 1.65-.456.83-1.669 1.14-1.68 1.143a.443.443 0 00-.178.089.372.372 0 00-.11.152.333.333 0 00-.018.18c.011.06.039.117.08.166.406.473.552.894.437 1.254-.168.52-.836.826-1.047.911h-2.805a1.199 1.199 0 01-.431-.05 1.102 1.102 0 01-.373-.198.95.95 0 01-.251-.313.846.846 0 010-.752.95.95 0 01.251-.313 1.1 1.1 0 01.373-.198c.138-.042.285-.06.431-.05h.98a.476.476 0 00.167-.025.434.434 0 00.142-.08.377.377 0 00.096-.123.338.338 0 000-.293.377.377 0 00-.096-.123.474.474 0 00-.31-.105h-.979a1.197 1.197 0 01-.431-.05 1.101 1.101 0 01-.373-.199.952.952 0 01-.251-.313.847.847 0 010-.751.952.952 0 01.251-.314 1.1 1.1 0 01.373-.198c.138-.042.285-.06.431-.05h1.83a.479.479 0 00.167-.025.435.435 0 00.142-.08.377.377 0 00.096-.123.338.338 0 000-.293.377.377 0 00-.096-.123.476.476 0 00-.31-.105h-1.829a2.107 2.107 0 00-1.392.48c-.374.315-.591.75-.603 1.206.002.255.07.505.199.733.129.227.315.426.545.58-.23.153-.416.351-.545.579a1.503 1.503 0 00-.199.732c0 .336.118.663.338.937h-4.55a.695.695 0 01-.324-.116l-2.139-1.652c-.668-.483-1.985-.48-2.037-.48h-.85V14.13h.64a3.777 3.777 0 001.914-.574l.13-.072c4.362-2.315 8.374-1.468 8.879-1.347.926.56 1.744 1.892 2.433 3.962a.757.757 0 01-.09.579.928.928 0 01-.495.388c-.5.168-1.052-.007-1.686-.534-.678-.562-1.446-1.248-1.636-1.515a.406.406 0 00-.167-.133c.101-.212.188-.429.26-.65a.336.336 0 00-.035-.285.42.42 0 00-.254-.18.475.475 0 00-.323.032.388.388 0 00-.204.224c-.897 2.727-3.305 2.73-3.408 2.729a.455.455 0 00-.295.108.355.355 0 00-.126.259.351.351 0 00.114.263.45.45 0 00.288.12h.008a4.84 4.84 0 002.055-.561 4.18 4.18 0 001.51-1.351c.511.522 1.056 1.019 1.63 1.486.643.534 1.276.802 1.89.802.233-.001.464-.039.68-.113a1.76 1.76 0 00.951-.757c.202-.346.255-.745.15-1.123-.284-.85-1.146-3.442-2.838-4.41a.45.45 0 00-.104-.043c-.187-.051-4.64-1.238-9.624 1.408-.05.027-.1.054-.15.083a2.907 2.907 0 01-1.46.455H1.47c-.113 0-.22.04-.3.11a.354.354 0 00-.125.265v8.996c0 .298.135.584.374.795.239.21.563.33.9.33h2.976c.338 0 .662-.12.901-.33.239-.21.374-.497.374-.795h.866c.353 0 1.155.074 1.472.303l2.122 1.64c.25.186.562.294.889.306h9.1a.477.477 0 00.152-.024c.053-.018 1.305-.449 1.624-1.427.073-.255.088-.52.041-.779a1.794 1.794 0 00-.31-.729c.718-.27 1.312-.748 1.684-1.354a2.286 2.286 0 00.078-1.977c.442-.284 1.215-.898 1.376-1.793.123-.678-.125-1.365-.738-2.046.406-.375.657-.86.713-1.377.038-.59-.244-1.152-.84-1.67a1.098 1.098 0 00-.237-.153l1.918-4.053a.662.662 0 00.002-.565.797.797 0 00-.45-.402zM5.72 22.75c0 .1-.045.196-.125.266a.456.456 0 01-.3.11H2.32a.456.456 0 01-.3-.11.354.354 0 01-.125-.265V14.13H5.72v8.62zM23.72 11.507h-.576V6.378l2.55.96-1.974 4.168z" fill="#333" stroke="#333" stroke-width="0.5"></path><path d="M18.166 9.432c.36 0 .712-.095 1.012-.273.3-.178.533-.432.67-.728.139-.296.175-.622.105-.937a1.575 1.575 0 00-.499-.83 1.9 1.9 0 00-.933-.444 2.03 2.03 0 00-1.052.092c-.333.123-.617.331-.817.598-.2.266-.307.58-.307.9 0 .43.192.843.534 1.147.341.304.804.475 1.287.475zm0-2.702c.24 0 .475.063.675.182.2.118.355.287.447.485a.97.97 0 01.069.624 1.05 1.05 0 01-.332.554c-.17.151-.386.254-.622.296-.235.042-.48.02-.702-.062a1.195 1.195 0 01-.544-.398.999.999 0 01-.205-.6c0-.287.128-.562.356-.764.228-.203.536-.317.858-.317z" fill="#333" stroke="#333" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Salaried employee</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Salaried employee</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">Full-time or part-time W-2 employee</p></div></div></div></div><div class="md:hover:border-[#3C96EC] w-full flex gap-3 py-4 pl-4 rounded-lg cursor-not-allowed lg:cursor-pointer border bg-white-light items-center border-white-fade "><div class="w-full flex flex-col gap-4"><div class="flex flex-col justify-center items-start w-full pr-1"><div class="flex justify-between items-center w-full md:mb-4 mb-2"><div class="flex justify-start items-center gap-2"><div class=""><svg width="26" height="26" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M1.179 20.421l1.31 3.148a2.34 2.34 0 003.053 1.252l4.316-1.82a.845.845 0 00.507-.85l.302-.129a2.076 2.076 0 011.106-.144c2.142.321 5.816-.42 7.71-1.556a47.43 47.43 0 005.278-3.697 1.61 1.61 0 00-1.853-2.629 172.38 172.38 0 00-2.451 1.712 1.26 1.26 0 00-1.388-.892c-.185.043-.362.1-.543.155-.718.23-1.46.469-3.092-.155-3.105-1.19-6.192.338-6.306.396l-1.346.57a.822.822 0 00-.96-.242c-.7.29-2.769 1.158-4.394 1.839A2.329 2.329 0 001.18 20.42zm8.165-4.734c.03-.015 3.018-1.489 5.905-.383 1.803.69 2.67.41 3.435.164.167-.054.33-.107.5-.146.483-.097.853.471.853.917 0 .566-.96 1.167-1.309 1.322a5.678 5.678 0 01-2.394.175.258.258 0 00-.284.323.258.258 0 00.216.19 6.131 6.131 0 002.672-.215c.016-.007 1.577-.73 1.613-1.76.44-.31 2.04-1.442 2.644-1.848a1.092 1.092 0 011.242 1.796 46.852 46.852 0 01-5.219 3.657c-1.778 1.065-5.36 1.79-7.367 1.487a2.614 2.614 0 00-1.384.18l-.259.11-2.186-5.41 1.322-.56zm-2.328.335a.328.328 0 01.427.177l2.387 5.904a.325.325 0 01-.175.42l-.87.367-2.692-6.482.923-.386zm-1.4.586L8.31 23.09l-2.97 1.253a1.819 1.819 0 01-2.376-.974l-1.307-3.147a1.811 1.811 0 01.97-2.364c.967-.404 2.09-.876 2.99-1.251zm9.295-6.216l.633.01c.35-.004.687-.142.94-.385l.576-.585.92.801a.517.517 0 00.672.006l.954-.801.673.758a.517.517 0 00.73.043l2.117-1.876a1.303 1.303 0 00.028-1.912L21.49 4.887a2.323 2.323 0 00-1.56-.632L15 4.183A6.2 6.2 0 009.579 1a6.28 6.28 0 00-6.2 5.877 6.21 6.21 0 0011.533 3.515zm-9.49.705a5.649 5.649 0 01-1.526-4.192 5.756 5.756 0 015.683-5.388 5.683 5.683 0 015.04 3.044.259.259 0 00.225.137l5.08.075a1.81 1.81 0 011.214.49l1.665 1.566a.78.78 0 01-.016 1.146l-2.117 1.877-.673-.757a.513.513 0 00-.72-.052l-.953.8-.92-.801a.517.517 0 00-.71.026l-.576.585a.776.776 0 01-.564.231l-.784-.012a.263.263 0 00-.229.132 5.715 5.715 0 01-7.267 2.415 5.645 5.645 0 01-1.853-1.322z" fill="#333" stroke="#333" stroke-width="0.5"></path><path d="M7.539 5.11a2.07 2.07 0 102.039 2.1 2.097 2.097 0 00-2.039-2.1zm-.052 3.622a1.552 1.552 0 11.045-3.106 1.552 1.552 0 01-.046 3.106h.001zm7.524-1.207h2.587a.259.259 0 100-.518h-2.587a.259.259 0 000 .518z" fill="#333" stroke="#333" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Business owner</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Business owner</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">LLC, S corp or partnership</p></div></div></div></div></div><div class="h-13 lg:h-16 lg:mt-10 mt-5 mb-4 w-full flex items-center justify-end"><button disabled="" class="downloadAppBtn md:w-fit w-full text-center bg-[#0D0F0F] hover:bg-[#0d0f0fdc] text-white-light py-4 px-14 rounded-lg font-semibold md:mx-0 mx-auto">Next</button></div></div></div><div class=""><div class="absolute top-[0px] left-[0px] bg-[#d9d9d9] w-full h-[13px]"></div><div class="absolute top-[0px] left-[0px] [background:linear-gradient(89.79deg,_#4affe0,_#4a2fec)] h-[13px] " style="width:0px"></div></div></div></div></div></div></div></div></section><section class="md:mx-auto mx-4 md:mt-28 mt-14 md:px-4 lg:px-0"><div class="lg:w-[49.13rem] md:mx-auto"></div><div class="lg:w-[49.13rem] md:mx-auto"><h1 class="md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 mb-6">What Is the Schedule C, <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">and Why Is It Important for You?</span></h1> <div class="py-2 flex flex-col gap-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Trying to get a grip on all the tax forms you need as a freelancer? The all-important Schedule C tax form is a good place to start. If you're a freelancer, you have a side gig or you are self-employed, you may need to file a Schedule C with your <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040.pdf" >1040 tax form</a> form when the tax year ends. The Schedule C tax form is used to report your self-employment income and your business expenses. <span class="text-2xl font-semibold">Key Highlights:</span> <ul class="list-disc lg:pl-8 pl-4"><li class="text-base md:text-xl">Schedule C is filed as part of your personal income tax return.</li><li class="text-base md:text-xl">You will have to file a Schedule C if you earned any self-employed income.</li><li class="text-base md:text-xl">Schedule C helps you find your taxable self-employed income after you’ve entered your profit and loss.</li></ul></div><div class="rounded-xl text-center lg:m-auto lg:my-10"><div class="md:text-xl md:!leading-8 mb-4 font-normal whitespace-pre-line text-grey-500">Here's what the Schedule C looks like:</div><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:127.6190476190476%"></span><img alt="Image of Schedule C form for self-employed individuals to report profit or loss from business, including expenses such as taxes, 1099 payments, and depreciation." title="IRS Schedule C for Sole Proprietorship - Taxes & Expenses" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Schedule C form for self-employed individuals to report profit or loss from business, including expenses such as taxes, 1099 payments, and depreciation." title="IRS Schedule C for Sole Proprietorship - Taxes & Expenses" sizes="(max-width: 767px) 100vw , (max-width: 991px) 50vw, 100vw " srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=384&q=60 384w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=640&q=60 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=750&q=60 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=828&q=60 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=1080&q=60 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=1200&q=60 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=1920&q=60 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=2048&q=60 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=3840&q=60 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=3840&q=60" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%271000%27/%3e"/></span><img alt="Image of Schedule C form for self-employed individuals to report profit or loss from business, including expenses such as taxes, 1099 payments, and depreciation." title="IRS Schedule C for Sole Proprietorship - Taxes & Expenses" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Schedule C form for self-employed individuals to report profit or loss from business, including expenses such as taxes, 1099 payments, and depreciation." title="IRS Schedule C for Sole Proprietorship - Taxes & Expenses" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=1920&q=60 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=3840&q=60 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-form.png&w=3840&q=60" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div></div><div class=""><div id="toc" class="w-full gap-10 flex flex-col"><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 rounded-xl p-5 mt-4 border border-white-fade"><p class="md:text-xl md:!leading-8 font-semibold text-grey-500">Table of contents</p><div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is the 1040 Schedule C?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-the-1040-schedule-c">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What’s IRS Schedule SE?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#whats-irs-schedule-se">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Who files Schedule C?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#who-files-schedule-c">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is a sole proprietor?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-a--sole-proprietor">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Is Schedule C only for the self-employed?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#is-schedule-c-only-for-the-self-employed">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">When to file Schedule C...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#when-to-file-schedule-c">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">How to fill out Schedule C...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#how-to-fill-out-schedule-c">Read more</a></span></p></div></div></div><div class="flex flex-col gap-10"><div id="what-is-the-1040-schedule-c" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is the <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1040 Schedule C?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">The Schedule C is a tax form issued by the IRS to report the income and expenses related solely to self-employment activities. Everyone who runs a business as a sole proprietor must also fill out the Form 1040 Schedule C. Even if you also work as a full-time employee, any income outside of your W-2 earnings, from side gigs to freelance income should be reported on Schedule C. Business expenses like advertising expenses, rent, supplies, insurance and vehicle-related expenses are all reported on the Schedule C IRS form. This helps you find the net profit you made on your business income, so you know how much tax you owe.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:71.25382262996942%"></span><img alt="Image of Tax Form Schedule C for reporting business profit or loss to IRS along with annual tax 1040 Form. Relevant for self-employed, freelancers, and those receiving 1099. #taxes" title="Schedule C for Business Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Tax Form Schedule C for reporting business profit or loss to IRS along with annual tax 1040 Form. Relevant for self-employed, freelancers, and those receiving 1099. #taxes" title="Schedule C for Business Taxes" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27309%27/%3e"/></span><img alt="Image of Tax Form Schedule C for reporting business profit or loss to IRS along with annual tax 1040 Form. Relevant for self-employed, freelancers, and those receiving 1099. #taxes" title="Schedule C for Business Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Tax Form Schedule C for reporting business profit or loss to IRS along with annual tax 1040 Form. Relevant for self-employed, freelancers, and those receiving 1099. #taxes" title="Schedule C for Business Taxes" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-for_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Let’s look at a Schedule C example:</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:36.74121405750799%"></span><img alt="Image displaying a list of expenses for business use of home, including advertising, car expenses, legal services, rent, travel, and taxes. Useful for self-employed, 1099, and freelance workers filing taxes." title="Business Expenses for Taxes: Part II - Self Employed & Freelancers" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image displaying a list of expenses for business use of home, including advertising, car expenses, legal services, rent, travel, and taxes. Useful for self-employed, 1099, and freelance workers filing taxes." title="Business Expenses for Taxes: Part II - Self Employed & Freelancers" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27982%27%20height=%27404%27/%3e"/></span><img alt="Image displaying a list of expenses for business use of home, including advertising, car expenses, legal services, rent, travel, and taxes. Useful for self-employed, 1099, and freelance workers filing taxes." title="Business Expenses for Taxes: Part II - Self Employed & Freelancers" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image displaying a list of expenses for business use of home, including advertising, car expenses, legal services, rent, travel, and taxes. Useful for self-employed, 1099, and freelance workers filing taxes." title="Business Expenses for Taxes: Part II - Self Employed & Freelancers" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=1080&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=2048&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-4-options.png&w=2048&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">If you're wondering whether the Schedule C 1040 is the same as the 1099 form, the answer is no, but you may need Form 1099 to help you fill out your Schedule C. A 1099 form is an information sharing form that a company or individual uses to report to the IRS any payments it made to a non-employee for a product or service. So, if you are a freelancer who works for another company on a contract basis, then the company is responsible for reporting the payments to the IRS using a 1099 form.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="ClusterPagesV1_QuickTipBgGradient__hIlc0 lg:mx-32 rounded-xl"><div class="flex flex-row-reverse"><svg width="66" height="12" fill="#FFF" xmlns="http://www.w3.org/2000/svg" class="mt-4 mr-3 opacity-30"><path fill-rule="evenodd" clip-rule="evenodd" d="M45.555 0h-8.54v1.789h8.54V0zM0 0h8.54V1.79H0V0zm0 6.635v-1.92h8.539v1.92H2.015V12H0V6.635zm37.016 0v-1.92h8.537v1.92h-6.522V12h-2.015V6.635zM14.788 0h-2.015v12H20.428v-1.758h-5.64V0zM49.72 0h2.015v12H49.72V0zm14.263 0v9.199L58.87 0h-2.326v12h2.015V2.827L63.694 12H66V0h-2.016zm-38.65 0l3.041 5.426L31.416 0h2.294l-4.328 7.224V12h-2.016V7.224L23.04 0h2.295z" fill="inherit"></path></svg></div><div class="flex flex-row gap-3 px-4 pb-4 items-center"><div class="w-3/12"><svg width="73" height="89" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M34.991 25.778c-9.28 0-16.862 7.582-16.862 16.862 0 4.853 2.123 9.523 5.702 12.677 2.668 2.67 2.426 8.37 2.365 8.431 0 .304.06.546.303.789.182.182.486.303.728.303h15.468c.303 0 .545-.121.727-.303.182-.182.304-.485.304-.789 0-.06-.304-5.762 2.365-8.43l.182-.183c3.518-3.215 5.58-7.764 5.58-12.495 0-9.28-7.581-16.862-16.862-16.862zm9.705 27.962c-.06.06-.182.182-.182.243-2.365 2.547-2.79 6.733-2.85 8.734H28.257c-.06-2.001-.485-6.369-3.032-8.977a14.783 14.783 0 01-5.095-11.16c0-8.189 6.611-14.8 14.8-14.8 8.188 0 14.8 6.611 14.8 14.8 0 4.306-1.82 8.37-5.035 11.16z" fill="#FFD159"></path><path d="M34.937 30.096c-.545 0-1.03.485-1.03 1.03 0 .547.485 1.032 1.03 1.032 6.127 0 11.04 4.974 11.04 11.04 0 .545.485 1.03 1.03 1.03.547 0 1.032-.485 1.032-1.03.06-7.219-5.823-13.102-13.102-13.102zM41.666 65.98H28.2a2.563 2.563 0 00-2.548 2.548 2.563 2.563 0 002.548 2.548h13.405c1.456-.06 2.608-1.153 2.608-2.548a2.563 2.563 0 00-2.547-2.547zm0 2.973H28.2a.479.479 0 01-.485-.485c0-.304.182-.486.485-.486h13.405c.242 0 .485.182.485.486 0 .303-.182.485-.425.485zM39.662 72.128H30.2a2.563 2.563 0 00-2.548 2.547 2.563 2.563 0 002.548 2.548h9.462a2.563 2.563 0 002.548-2.548 2.524 2.524 0 00-2.548-2.547zm0 2.972H30.2a.478.478 0 01-.485-.485c0-.304.182-.486.485-.486h9.462c.243 0 .486.182.486.486a.478.478 0 01-.486.485zM34.937 20.136c.607 0 1.032-.485 1.032-1.03v-7.037c0-.546-.486-1.031-1.032-1.031-.545 0-1.03.485-1.03 1.031v7.036c0 .546.485 1.031 1.03 1.031zM54.388 18.115c-.375-.477-1.008-.459-1.41-.127l-5.257 4.62c-.477.374-.533 1.05-.143 1.469.145.164.305.27.48.317a.968.968 0 00.946-.25l5.257-4.619c.462-.316.517-.992.127-1.41zM21.93 24.49a.978.978 0 00.48-.316c.39-.42.335-1.095-.083-1.485l-5.155-4.71c-.419-.39-1.095-.335-1.485.084-.39.418-.335 1.094.084 1.485l5.155 4.71c.329.288.653.327 1.004.233zM14.375 33.644l-6.78-1.637c-.532-.108-1.13.24-1.238.772a.968.968 0 00.771 1.237l6.781 1.637c.191.012.324.039.5-.008a1 1 0 00.738-.763c.108-.532-.24-1.129-.772-1.238zM63.602 32.792c-.109-.531-.706-.88-1.238-.771l-6.84 1.621c-.53.109-.88.706-.77 1.238a1 1 0 00.737.762c.176.048.367.036.5.009l6.84-1.621c.531-.109.88-.706.77-1.238z" fill="#FFD159"></path></svg></div><div class="flex flex-col gap-3"><p class="text-xl font-semibold">Quick tip</p><div class="text-sm font-light text-white-fade whitespace-pre-line">If you're expecting to receive a 1099 form for self-employment work you did, and it isn't sent to you at the end of the year, you can reach out to your client to send you a copy.</div></div></div></div></div></div><div id="shareCards" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 "></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">1099 forms report payments to self-employed people to the IRS, but a copy should also be sent to the self-employed person. If the self-employed person was paid less than $400 over the course of the year, a 1099 form is not required.</div></div></div><div id="whats-irs-schedule-se" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What’s <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">IRS Schedule SE?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">If you're self-employed, Schedule C isn't the only form you need to fill out that W-2 employees don't. <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/tax-forms/schedule-se" >Schedule SE</a> helps you calculate your Social Security and Medicare taxes, also known as self-employment tax or SECA (Self-employed Contributions Act) tax. They are 15.3% of your taxable income, 50% of which you can deduct from your taxable income. Both Schedule SE and the 1040 Schedule C get attached to Form 1040</div></div></div><div id="who-files-schedule-c" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Who files <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">Schedule C?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Form 1040 Schedule C is useful for both sole proprietors and single-member limited liability corporations (LLCs). When you are filing as a single-member LLC, Schedule C helps reduce the paperwork that is otherwise required when filing as a full-fledged company. A single-member LLC is a business entity that's owned by one person. That person will use Schedule C to calculate taxes if their business is not paying taxes as a corporation. The business can have employees or an office, but it doesn't need to have them in order to be classified as an LLC. Anyone who is self-employed can file a Schedule C. This means anyone who runs a business as a sole proprietor or earns income as an independent contractor, a freelancer, a gig worker or a business owner. According to the IRS, you qualify as a business if you pursue your gig work regularly, and you continuously earn an income. Certain side gigs require their own schedules. For example, if your freelance work involves farming, you should fill out <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040sf.pdf" >Schedule F</a>. If it involves rental income or royalties, fill out <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040se.pdf" >Schedule E</a>. If you own an unincorporated business with your spouse, you can choose to report that income on Schedule C as a Qualified Joint Venture (QJV), instead of reporting your business income as a partnership subject to federal taxes.</div></div></div><div id="what-is-a--sole-proprietor" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">sole proprietor?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">A sole proprietor is someone who does not have a company like a <a href="https://flyfin.tax/business/c-corp" class="text-[#3563CD] font-medium underline">C-Corp</a> or <a href="https://flyfin.tax/business/s-corp" class="text-[#3563CD] font-medium underline">S-Corp</a> but is a single individual who owns the business. As soon as you start working on freelance or side-gig projects, or you start your own business, the IRS automatically considers you a sole proprietor that needs to pay <a href="https://flyfin.tax/quarterly-tax-calculator" class="text-[#3563CD] font-medium underline">estimated taxes</a>. Your taxpayer status is by default a <a href="https://flyfin.tax/business/sole-proprietorship" class="text-[#3563CD] font-medium underline">sole proprietorship</a> if you are working as a full-time self-employed individual. For example, if you own a catering company, tutoring service, house cleaning service or landscaping company, you're a sole proprietor. If you start a business with other people, it's considered a general partnership.</div></div></div><div id="is-schedule-c-only-for-the-self-employed" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Is Schedule C only for <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">the self-employed?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">If you're a W-2 employee, but you also work a side gig such as delivering for <a href="https://flyfin.tax/delivery-driver/doordash-taxes-1099" class="text-[#3563CD] font-medium underline">DoorDash</a> or <a href="https://flyfin.tax/delivery-driver/lyft-and-uber-tax-1099" class="text-[#3563CD] font-medium underline">Lyft</a>, you'll need to fill out a Schedule C to report the income from your side gig separately from your W-2 income. On the flipside, if you're making money on the side but have no intent to run your own business or earn business profits, what you're doing could be considered a hobby and wouldn’t be part of your Schedule C. However, you would still need to report the income from your <a href="https://flyfin.tax/tax-tips/1099-business-vs-hobby-tax-rules" class="text-[#3563CD] font-medium underline">hobby</a> on Schedule 1, under Additional Income, and you cannot claim any <a href="https://flyfin.tax/self-employment-tax-calculator" class="text-[#3563CD] font-medium underline">self employment tax deductions</a> on this income.</div></div></div><div id="when-to-file-schedule-c" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">When to file <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">Schedule C</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Every taxpayer must file a Schedule C once a year in April or October (if you filed for an extension), when you submit the 1040 Form.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:69.72477064220183%"></span><img alt="Alt text: Schedule C due dates for taxes. 2021 tax year due on April 18, 2023 and 2022 tax year due on April 17, 2023. Relevant for self-employed, 1099, and freelancers." title="Schedule C Due Dates for 2021 and 2022 Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Schedule C due dates for taxes. 2021 tax year due on April 18, 2023 and 2022 tax year due on April 17, 2023. Relevant for self-employed, 1099, and freelancers." title="Schedule C Due Dates for 2021 and 2022 Taxes" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27321%27/%3e"/></span><img alt="Alt text: Schedule C due dates for taxes. 2021 tax year due on April 18, 2023 and 2022 tax year due on April 17, 2023. Relevant for self-employed, 1099, and freelancers." title="Schedule C Due Dates for 2021 and 2022 Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Schedule C due dates for taxes. 2021 tax year due on April 18, 2023 and 2022 tax year due on April 17, 2023. Relevant for self-employed, 1099, and freelancers." title="Schedule C Due Dates for 2021 and 2022 Taxes" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-deadline_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div><div id="how-to-fill-out-schedule-c" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">How to fill <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">out Schedule C</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">You can easily download a copy of the Schedule C form on the <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040sc.pdf" >IRS website</a> and follow the IRS Schedule C instructions to fill out the form. . Read over the IRS Schedule C instructions before filling out the Schedule C tax form. Be sure to gather the following information so that you can have it readily available:</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:129.0519877675841%"></span><img alt="Image listing information required for Schedule C including business income, expense receipts, inventory details, and mileage records for tax purposes. Relevant for self-employed, 1099, and freelance workers." title="Schedule C Information for Business Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image listing information required for Schedule C including business income, expense receipts, inventory details, and mileage records for tax purposes. Relevant for self-employed, 1099, and freelance workers." title="Schedule C Information for Business Taxes" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271206%27%20height=%27341%27/%3e"/></span><img alt="Image listing information required for Schedule C including business income, expense receipts, inventory details, and mileage records for tax purposes. Relevant for self-employed, 1099, and freelance workers." title="Schedule C Information for Business Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image listing information required for Schedule C including business income, expense receipts, inventory details, and mileage records for tax purposes. Relevant for self-employed, 1099, and freelance workers." title="Schedule C Information for Business Taxes" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-info-needed_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">You should prepare a detailed profit and loss statement to help with preparing your schedule C. You can use <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/" >FlyFin</a> to automatically create one. You can calculate your taxable income based on the information you enter on the Schedule C tax form.. Enter the taxable income from the Schedule C Form 1040 on your 1040 tax form to calculate your overall tax liability. Let’s look at the steps for calculating your Schedule C income. First, add together your receipts from any sale of goods or services. You should receive a 1099-NEC from any clients who paid you $600 or more for your services. Even if you didn't, you are still responsible for reporting this income to the IRS. If you gave any refunds for damaged or returned goods, you would need to report this on line 2 and subtract this amount from your gross receipt from sales. In section III, subtract the cost of any goods you sold. Be sure to account for any purchases you made for inventory or raw materials during the year. This will give you the gross profit amount. Last, add the gross profit to any income from other sources or tax credits. This will give you your gross income amount. Check your calculations with a <a href="https://flyfin.tax/1099-tax-calculator" class="text-[#3563CD] font-medium underline">1099 tax calculator</a>. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:120.48929663608563%"></span><img alt="Alt text: Image explaining how to calculate gross profit and income from sales, returns, and other sources including tax credits. Useful for self-employed, 1099, and freelance workers for tax purposes." title="Calculating Gross Profit & Income for Business" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Image explaining how to calculate gross profit and income from sales, returns, and other sources including tax credits. Useful for self-employed, 1099, and freelance workers for tax purposes." title="Calculating Gross Profit & Income for Business" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271206%27%20height=%27310%27/%3e"/></span><img alt="Alt text: Image explaining how to calculate gross profit and income from sales, returns, and other sources including tax credits. Useful for self-employed, 1099, and freelance workers for tax purposes." title="Calculating Gross Profit & Income for Business" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Image explaining how to calculate gross profit and income from sales, returns, and other sources including tax credits. Useful for self-employed, 1099, and freelance workers for tax purposes." title="Calculating Gross Profit & Income for Business" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2Fcalculate-gross-profit-income_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">If a CPA or other <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax">tax service</a> files your taxes, including Schedule C taxes, they can calculate your gross profit and income for you.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto flex flex-col gap-6"><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">The Schedule C form</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Depending on your type of business, you might not need to fill out every section of the IRS 1040 Schedule C: reporting income, reporting expenses, cost of goods sold, information on your <a href="https://flyfin.tax/blog/does-my-vehicle-qualify-for-section-179-deduction" class="text-[#3563CD] font-medium underline">vehicle</a> (used for your business) and any other expenses.</div><div class="rounded-xl lg:mx-auto my-4"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:175.53516819571865%"></span><img alt="Image showing 5 parts of Schedule C for self-employed individuals, including income reporting, expenses, vehicle info, cost of goods sold, and gross income calculation for taxes." title="Schedule C: 5 Parts for Income & Expenses" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img alt="Image showing 5 parts of Schedule C for self-employed individuals, including income reporting, expenses, vehicle info, cost of goods sold, and gross income calculation for taxes." title="Schedule C: 5 Parts for Income & Expenses" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:52.314049586776854%"></span><img alt="Image showing 5 parts of Schedule C for self-employed individuals, including income reporting, expenses, vehicle info, cost of goods sold, and gross income calculation for taxes." title="Schedule C: 5 Parts for Income & Expenses" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img alt="Image showing 5 parts of Schedule C for self-employed individuals, including income reporting, expenses, vehicle info, cost of goods sold, and gross income calculation for taxes." title="Schedule C: 5 Parts for Income & Expenses" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1040-schedule-c-5-parts_Desktop.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div></div></div></div></div></div><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Important Schedule C Form 1040 considerations for freelancers</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">There are no set criteria for how much income you need to earn to file Schedule C, and you should report your income and all other expenses regardless of your income amount. Failing to include Schedule C on your tax return could trigger a <a href="https://flyfin.tax/tax-tips/irs-audit-notice" class="text-[#3563CD] font-medium underline">tax audit</a>, and no one wants that. According to the IRS, the average freelancer will spend at least ten hours working on Schedule C, including the time to learn how to fill out the form. But FlyFin's A.I. can find every possible tax deduction automatically, and expert CPAs prepare and file freelancer tax returns in a fraction of the time it takes to fill out the Schedule C form.</div></div></div></div></div></div></div></div></div></div></div></div></section><section><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 lg:px-0 md:text-xl font-normal whitespace-pre-line text-grey-500 mb-4"></div></section><section></section><section><div class="relative pb-12 pt-20 px-4 lg:px-31 mx-auto cluster_swiper-container"><div class="rounded-b-lg flex flex-wrap text-white"><div class="swiper mySwiper"><div class="swiper-wrapper"><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="35"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="36"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">IRS Penalties for Not Reporting 1099 and Taxes Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. Learn the value of precise and timely reporting to prevent expensive errors.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/irs-penalties-for-failing-to-report-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This is the most common document in the US tax system. It's the master tax return that every American fills out.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040 Schedule SE</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/schedule-se">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="2"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 8829</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you use your home for work, you can deduct things like utilities and supplies used for your home office or storage space used for inventory from your taxes. Use this form to figure out how much you can deduct.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/form-8829">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="3"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you're self-employed, this is the form that the people who pay you use to report those payments to the IRS. Here's what you need to know about it.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="4"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Losing a 1099 form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you've lost a 1099 that was sent to you, fear not. Here's what you can do if it happens.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/losing-a-1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="5"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-NEC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Entities that pay you for services as a freelancer or independent contractor report those payments to the IRS using this 1099 form.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-nec">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="6"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-MISC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Entities that give you other forms of income as a freelancer or independent contractor, such as prize money or money for healthcare, report those payments to the IRS using this 1099 form.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="7"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Avoid 1099-Misc</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">There are ways to lower the amount of tax you pay as a 1099 self-employed individual. Here are five proven strategies.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-misc/how-to-avoid-paying-taxes-on-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="8"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you receive payments of $600 or more as a self-employed individual through credit card companies and payment services like PayPal, they report those payments to the IRS using this 1099 form.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="9"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Paypal</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from PayPal and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/paypal-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="10"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Shopify</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from Shopify and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/shopify-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="11"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Venmo</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from Venmo and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/venmo-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="12"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Who Receives a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out who gets a 1099-K form and how your taxes are affected by it. Learn about the requirements, cutoff points, and typical receivers of this crucial IRS document.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/who-receives-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="13"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Information Reported on a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Accurate tax reporting can be ensured by learning how to use the 1099-K form and comprehending the information given. Learn about monthly transactions, payer information, and gross payments.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/information-reported-on-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="14"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">How to Use a 1099-K for Tax Filing</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover how to properly report 1099-K revenue on your tax return, check amounts against your records, and claim expenses as a deduction. Avert typical errors and make sure your taxes are filed correctly.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/how-to-use-a-1099-k-for-tax-filing">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="15"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Differences Between 1099-K and 1099-MISC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">To accurately report income and prevent tax-related complications, self-employed individuals must understand the fundamental differences between 1099-K and 1099-MISC forms. Learn how to deal with income that is reported on both forms and the IRS standards for figuring out which one to use.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/differences-between-1099-k-and-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="16"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Common Issues with Form 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Acquire knowledge on managing differences between income that is reported and what is really received, fixing inaccurate 1099-K forms, and settling conflicts with payment processors. For self-employed people to guarantee appropriate tax reporting, this information is crucial.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/common-issues-with-form-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="17"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Preparing for Tax Season with a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Get tips for handling tax season by using a 1099-K. Learn how to properly arrange your documents, seek advice from a tax expert, and use tax software to ensure accurate reporting.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/preparing-for-tax-season-with-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="18"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Filing Requirements for eBay Sellers</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Learn about the necessary tax filing requirements for eBay sellers, such as IRS compliance, estimated tax payments, and deadlines. Use our professional guide to stay compliant and stay out of trouble.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/filing-requirements-for-ebay-sellers">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="19"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Tax Implications of Selling on eBay</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Recognize the state-specific tax ramifications, self-employment tax, and sales tax duties while selling on eBay. The purpose of this article is to assist independent contractors in understanding the intricacies of eBay sales tax.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/tax-implications-of-selling-on-ebay">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="20"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">eBay 1099 and Tax Planning Strategies</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">As an eBay seller, learn crucial tactics to reduce tax obligations, optimize tax write-offs, and handle predicted quarterly tax payments. Find out how much money to set away for taxes, and get tailored guidance from a tax expert.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/ebay-1099-and-tax-planning-strategies">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="21"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-MISC VS Form 1099-NEC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understand what makes these 1099 forms different from each other and what they mean for you as a 1099 freelancer, independent contractor or self-employed individual.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="22"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040-ES</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This vital tax form for self-employed individuals and freelancers is how they pay quarterly taxes, which they need to estimate (ES means estimated taxes).</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-es-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="23"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 A form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-A form is received when an owned property has been foreclosed. This form is reported on Schedule D after calculating capital gain or loss.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-A">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="24"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 B form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">A 1099-B form is an informational return form for recording the sale of investments by brokerages. This is reported on Form 8949 and Schedule D.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-B">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="25"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 G form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-G form is used to report payments made by governments to individuals. Unemployment compensation should be reported on Schedule 1 (Form 1040).</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-G">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="26"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 SA form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-SA form is an informational form that reports distributions from your health plan. This is filed on Form 8889 or Form 8853 and attached to Form 1040.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-SA">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="27"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Knowing the Various Form Types</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">To guarantee correct tax reporting and compliance, familiarize yourself with the several kinds of 1099 forms, their functions, and the filing requirements. Find out which form you require for interest income, dividend income, miscellaneous income, non-employee remuneration, and more.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/understanding-different-types-of-1099-forms">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="28"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: How to Include Income from 1099s on Your Tax Return</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover the correct way to include 1099 revenue on your tax return. Comply with a methodical procedure, recognize the need of keeping precise documentation, and learn how to reconcile 1099 revenue with personal data.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/how-to-report-1099-income-on-your-tax-return">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="29"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Typical Errors with 1099 Forms to Avoid</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover key mistakes to avoid with 1099 tax forms. Learn about accurate income reporting, correct form usage, meeting deadlines, and best record-keeping practices to ensure tax compliance and avoid penalties.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/common-mistakes-to-avoid-with-1099-forms">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="30"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Independent Contractor Tax Deductions</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Navigate the complex tax landscape as a 1099 independent contractor with our comprehensive guide on tax deductions. Learn about QBI, meal and travel costs, home office deductions, and more to optimize your savings and reduce your tax liability.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/tax-deductions-for-1099-independent-contractors">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="31"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Filing 1099 and Taxes for Gig Workers or Freelancers</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]"> Discover how to file taxes if you work as a gig worker or freelancer. Recognize self-employment taxes, submit estimated taxes on a quarterly basis, and use tax software to streamline the procedure. Learn how to keep track of and classify business spending while adhering to state tax regulations.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/filing-taxes-as-a-freelancer-or-gig-worker">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="32"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Strategies for Contractor Tax Planning</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover crucial tax planning strategies for 1099 contractors. Learn how to save for taxes, make quarterly payments, use tax-advantaged accounts, manage variable income, and more to ensure financial stability and compliance.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/tax-planning-strategies-for-1099-contractors">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="33"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Managing 1099 and Taxes: What to Do with a Missing or Inaccurate Form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Become knowledgeable about managing incomplete or inaccurate 1099 paperwork as a self-employed person. Learn the ins and outs of accurately reporting income, obtaining revised forms, and preventing problems with tax returns.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/how-to-handle-a-missing-or-incorrect-1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="34"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Predicted Repayments on Income from 1099s</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">In order to stay in compliance with IRS requirements and prevent fines, learn how to calculate and submit anticipated tax payments for 1099 revenue. Learn the value of quarterly installments and how to file your estimated taxes using Form 1040-ES.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/estimated-tax-payments-for-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="35"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="36"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">IRS Penalties for Not Reporting 1099 and Taxes Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. Learn the value of precise and timely reporting to prevent expensive errors.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/irs-penalties-for-failing-to-report-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This is the most common document in the US tax system. It's the master tax return that every American fills out.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040 Schedule SE</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/schedule-se">LEARN MORE →</a></div></div></div></div><div class="swiper-button-prev"></div><div class="swiper-button-next"></div><div class="swiper-pagination"></div></div></div></div></section><div class="w-full flex flex-col bg-transparent px-4 lg:px-[120px] pt-12 pb-8 md:py-8"></div><section class="bg-[#FAF9FF] w-full"><div class="2xl:w-[70%] xl:w-[90%] mx-auto grid lg:grid-cols-2 grid-cols-1 gap-4 px-5 xl:gap-20 xl:px-24 pt-8 items-center pb-10 md:mt-20 mt-10"><div class="w-full"><h2 class="md:text-3xl text-2xl text-black font-semibold">What’s FlyFin?</h2><div class="md:text-xl text-base text-[#212121] font-normal lg:whitespace-pre-line md:whitespace-normal whitespace-pre-line mt-4">FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.</div><div class="grid md:grid-cols-3 grid-cols-1 gap-3 md:my-16 my-8"><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">Expert tax CPAs ensure 100%-accurate tax filing</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">A.I. finds every tax deduction, eliminating 95% of your work</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">On average users save $3,700</p></div></div><button class="downloadAppBtn bg-[#0D0F0F] hover:bg-[#0d0f0fdc] text-white-light flex items-center gap-2 py-4 px-14 rounded-lg font-semibold lg:mx-0 mx-auto lg:mb-0 mb-8">Get FlyFin App</button></div><div class="relative bg-gray-100 xl:h-[37rem] lg:h-[38rem] h-[30rem] w-full -left-[0.04rem] 3xl:left-[5.5rem] 2xl:left-[5.5rem] xl:left-[5rem] "><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="rightCTAImage" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img alt="rightCTAImage" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" loading="lazy"/></noscript></span></div></div></section><div class="w-full bg-black-500 flex items-center justify-center flex-col md:p-10 p-4"><div class="text-base text-grey-light mb-5 mx-5 font-bold">Was this tip useful?</div><div class="flex gap-8 text-silver"><div class="flex flex-col items-center justify-center gap-2 cursor-pointer"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2748%27%20height=%2748%27/%3e"/></span><img alt="happy-active" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="happy-active" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></div><div>Yes</div></div><div class="flex flex-col items-center justify-center gap-2 cursor-pointer"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2748%27%20height=%2748%27/%3e"/></span><img 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class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><h2 class="flex items-center md:text-base xl:font-semibold py-3.5 xl:py-5">More about FlyFin</h2></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-white"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-white"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class="pr-4 xl:pr-20"><div class="flex flex-col gap-5 leading-6 pb-6 text-base"><p class="font-light">FlyFin is the world’s #1 A.I. and CPA tax filing service for freelancers, self-employed, business owners, 1099 & W-2 workers. A.I. finds every tax deduction and starts to <a class="border-b" href="https://flyfin.tax/filed-taxes-before">build your tax returns</a>, saving you hours of tedious work. A dedicated CPA prepares your federal & state tax returns from start to finish and ensures your taxes return with precision. A.I. and CPAs work together to make your <a class="border-b" href="https://flyfin.tax/tax-filing">tax filing</a> 20x faster and 5x cheaper. Act now and file your IRS tax returns with FlyFin before the last day to file taxes in 2024.</p><div class="flex flex-col gap-4"><p class="font-semibold">With FlyFin:</p></div><p><span class="font-semibold xl:font-bold">A.I. eliminates 95% of your work: </span>A.I. analyzes your expenses, identifying every tax write-off automatically. This helps freelancers and self-employed individuals filing <a class="border-b" href="https://flyfin.tax/tax-forms/schedule-c">Schedule C</a> with their 1040 forms save $7,800 on average, more than in previous years.</p><p><span class="font-semibold xl:font-bold">Dedicated CPA file taxes from start to finish : </span>You're assigned an expert CPA to prepare your federal and state <a class="border-b" href="https://flyfin.tax/1099-tax-calculator">tax returns</a> for your review and e-sign. When everything is ready and reviewed, the CPA will efile the income tax federal return, and your taxes are complete for the year.</p><p><span class="font-semibold xl:font-bold">Pay quarterly taxes: </span>A.I. & CPAs help you accurately calculate your <a class="border-b" href="https://flyfin.tax/quarterly-tax-calculator">quarterly tax</a> and ensure timely payments to avoid any <a class="border-b" href="https://flyfin.tax/tax-penalty-calculator">IRS penalties.</a></p><p><span class="font-semibold xl:font-bold">Maximum tax refund guaranteed: </span>75% of tax filers miss out on taking all deductions. A.I. doesn’t forget anything and keeps track of every deduction 24/7. A dedicated CPA reviews every deduction, calculates your taxes precisely and suggests tax-saving strategies.</p><p><span class="font-semibold xl:font-bold">Federal & state taxes covered - No hidden costs: </span>Our tax team members are experts in all aspects of US & international taxes. We file federal and state tax returns for all types of <a class="border-b" href="https://flyfin.tax/business/organization">entities</a> - Sole proprietors, LLCs, S-Corps, K-1s, W-2s, etc.</p><p><span class="font-semibold xl:font-bold">Tax preparer near me: </span>Discover the convenience of virtual assistance with FlyFin, eliminating the need to search for a tax preparer. Our A.I. and <a class="border-b" href="https://flyfin.tax/ask-flyfin">expert CPAs</a> are just a click away, ready to guide you through your IRS income tax return.</p><p><span class="font-semibold xl:font-bold">Full audit insurance at no cost: </span>In case of an audit, your CPA handles the IRS. They evaluate your tax situation, prepare responses and communicate with the IRS on your behalf.</p><p><span class="font-semibold xl:font-bold">100% Money back guarantee: </span>We offer a 100% refund if you are dissatisfied with the service & don't want our CPAs to prepare your federal tax returns.</p><p>FlyFin is a more affordable alternative than traditional tax services like TurboTax and H&R Block. FlyFin powers its bank-level security using Mastercard and Plaid, making FlyFin trusted by over 25,000 financial institutions. We protect your name, email address, phone number and more through compliance with the California Consumer Privacy Act, the highest data privacy standard in the US.</p></div></div></div></div></div></div><div class="row-start-3 col-span-full border-grey-footer-bar bg-grey border-t my-8"></div><div class="row-start-4 col-span-full">Copyright © 2024 FlyFin Inc. All Rights Reserved. </div></div></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"taxForm":"schedule-c","dropDownHead":"Form 1040 Schedule C","currentTaxFormData":{"topSectionTitle":{"head":"SCHEDULE C:","boldHead":"What Freelancers Need to Know"},"headerText":"What Is the Schedule C, \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eand Why Is It Important for You?\u003c/span\u003e","headerImage":"/image/schedule-c-hero.webp","taxFormBriefText":"Trying to get a grip on all the tax forms you need as a freelancer? The all-important Schedule C tax form is a good place to start. \n\nIf you're a freelancer, you have a side gig or you are self-employed, you may need to file a Schedule C with your \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://www.irs.gov/pub/irs-pdf/f1040.pdf\" \u003e1040 tax form\u003c/a\u003e form when the tax year ends. The Schedule C tax form is used to report your self-employment income and your business expenses.\n\n \u003cspan class=\"text-2xl font-semibold\"\u003eKey Highlights:\u003c/span\u003e\n \u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"text-base md:text-xl\"\u003eSchedule C is filed as part of your personal income tax return.\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eYou will have to file a Schedule C if you earned any self-employed income.\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eSchedule C helps you find your taxable self-employed income after you’ve entered your profit and loss.\u003c/li\u003e\u003c/ul\u003e","taxFormImageIntroText":"Here's what the Schedule C looks like:","taxFormImage":{"mobile":{"url":"/image/1040-schedule-c-form.png","width":315,"height":402},"desktop":{"url":"/image/1040-schedule-c-form.png","width":1210,"height":1000},"altText":"Image of Schedule C form for self-employed individuals to report profit or loss from business, including expenses such as taxes, 1099 payments, and depreciation.","title":"IRS Schedule C for Sole Proprietorship - Taxes \u0026 Expenses"},"tableOfContents":[{"headText":"What is the \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1040 Schedule C?\u003c/span\u003e","contentText":"The Schedule C is a tax form issued by the IRS to report the income and expenses related solely to self-employment activities. Everyone who runs a business as a sole proprietor must also fill out the Form 1040 Schedule C. Even if you also work as a full-time employee, any income outside of your W-2 earnings, from side gigs to freelance income should be reported on Schedule C.\n\nBusiness expenses like advertising expenses, rent, supplies, insurance and vehicle-related expenses are all reported on the Schedule C IRS form. This helps you find the net profit you made on your business income, so you know how much tax you owe.","contentImage1":{"mobile":{"url":"/image/1040-schedule-c-for.png","width":327,"height":233},"desktop":{"url":"/image/1040-schedule-c-for_Desktop.png","width":1210,"height":309},"altText":"Image of Tax Form Schedule C for reporting business profit or loss to IRS along with annual tax 1040 Form. Relevant for self-employed, freelancers, and those receiving 1099. #taxes","title":"Schedule C for Business Taxes"},"postImage1Text":"Let’s look at a Schedule C example:","contentImage2":{"mobile":{"url":"/image/1040-schedule-c-4-options.png","width":313,"height":115},"desktop":{"url":"/image/1040-schedule-c-4-options.png","width":982,"height":404},"altText":"Image displaying a list of expenses for business use of home, including advertising, car expenses, legal services, rent, travel, and taxes. Useful for self-employed, 1099, and freelance workers filing taxes.","title":"Business Expenses for Taxes: Part II - Self Employed \u0026 Freelancers"},"postImage2Text":"If you're wondering whether the Schedule C 1040 is the same as the 1099 form, the answer is no, but you may need Form 1099 to help you fill out your Schedule C. A 1099 form is an information sharing form that a company or individual uses to report to the IRS any payments it made to a non-employee for a product or service. So, if you are a freelancer who works for another company on a contract basis, then the company is responsible for reporting the payments to the IRS using a 1099 form.","quickTipText":"If you're expecting to receive a 1099 form for self-employment work you did, and it isn't sent to you at the end of the year, you can reach out to your client to send you a copy."},{"contentText":"1099 forms report payments to self-employed people to the IRS, but a copy should also be sent to the self-employed person. If the self-employed person was paid less than $400 over the course of the year, a 1099 form is not required."},{"headText":"What’s \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eIRS Schedule SE?\u003c/span\u003e","contentText":"If you're self-employed, Schedule C isn't the only form you need to fill out that W-2 employees don't. \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/tax-forms/schedule-se\" \u003eSchedule SE\u003c/a\u003e helps you calculate your Social Security and Medicare taxes, also known as self-employment tax or SECA (Self-employed Contributions Act) tax. They are 15.3% of your taxable income, 50% of which you can deduct from your taxable income. \n\nBoth Schedule SE and the 1040 Schedule C get attached to Form 1040"},{"headText":"Who files \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eSchedule C?\u003c/span\u003e","contentText":"Form 1040 Schedule C is useful for both sole proprietors and single-member limited liability corporations (LLCs). When you are filing as a single-member LLC, Schedule C helps reduce the paperwork that is otherwise required when filing as a full-fledged company.\n\nA single-member LLC is a business entity that's owned by one person. That person will use Schedule C to calculate taxes if their business is not paying taxes as a corporation. The business can have employees or an office, but it doesn't need to have them in order to be classified as an LLC.\n\nAnyone who is self-employed can file a Schedule C. This means anyone who runs a business as a sole proprietor or earns income as an independent contractor, a freelancer, a gig worker or a business owner.\n\nAccording to the IRS, you qualify as a business if you pursue your gig work regularly, and you continuously earn an income. \n\nCertain side gigs require their own schedules. For example, if your freelance work involves farming, you should fill out \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://www.irs.gov/pub/irs-pdf/f1040sf.pdf\" \u003eSchedule F\u003c/a\u003e. If it involves rental income or royalties, fill out \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://www.irs.gov/pub/irs-pdf/f1040se.pdf\" \u003eSchedule E\u003c/a\u003e. \n\nIf you own an unincorporated business with your spouse, you can choose to report that income on Schedule C as a Qualified Joint Venture (QJV), instead of reporting your business income as a partnership subject to federal taxes."},{"headText":"What is a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003esole proprietor?\u003c/span\u003e","contentText":"A sole proprietor is someone who does not have a company like a \u003ca href=\"https://flyfin.tax/business/c-corp\" class=\"text-[#3563CD] font-medium underline\"\u003eC-Corp\u003c/a\u003e or \u003ca href=\"https://flyfin.tax/business/s-corp\" class=\"text-[#3563CD] font-medium underline\"\u003eS-Corp\u003c/a\u003e but is a single individual who owns the business. \nAs soon as you start working on freelance or side-gig projects, or you start your own business, the IRS automatically considers you a sole proprietor that needs to pay \u003ca href=\"https://flyfin.tax/quarterly-tax-calculator\" class=\"text-[#3563CD] font-medium underline\"\u003eestimated taxes\u003c/a\u003e.\nYour taxpayer status is by default a \u003ca href=\"https://flyfin.tax/business/sole-proprietorship\" class=\"text-[#3563CD] font-medium underline\"\u003esole proprietorship\u003c/a\u003e if you are working as a full-time self-employed individual. \n\nFor example, if you own a catering company, tutoring service, house cleaning service or landscaping company, you're a sole proprietor. If you start a business with other people, it's considered a general partnership."},{"headText":"Is Schedule C only for \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003ethe self-employed?\u003c/span\u003e","contentText":"If you're a W-2 employee, but you also work a side gig such as delivering for \u003ca href=\"https://flyfin.tax/delivery-driver/doordash-taxes-1099\" class=\"text-[#3563CD] font-medium underline\"\u003eDoorDash\u003c/a\u003e or \u003ca href=\"https://flyfin.tax/delivery-driver/lyft-and-uber-tax-1099\" class=\"text-[#3563CD] font-medium underline\"\u003eLyft\u003c/a\u003e, you'll need to fill out a Schedule C to report the income from your side gig separately from your W-2 income.\n\nOn the flipside, if you're making money on the side but have no intent to run your own business or earn business profits, what you're doing could be considered a hobby and wouldn’t be part of your Schedule C. \n\nHowever, you would still need to report the income from your \u003ca href=\"https://flyfin.tax/tax-tips/1099-business-vs-hobby-tax-rules\" class=\"text-[#3563CD] font-medium underline\"\u003ehobby\u003c/a\u003e on Schedule 1, under Additional Income, and you cannot claim any \u003ca href=\"https://flyfin.tax/self-employment-tax-calculator\" class=\"text-[#3563CD] font-medium underline\"\u003eself employment tax deductions\u003c/a\u003e on this income."},{"headText":"When to file \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eSchedule C\u003c/span\u003e","contentText":"Every taxpayer must file a Schedule C once a year in April or October (if you filed for an extension), when you submit the 1040 Form.","contentImage1":{"mobile":{"url":"/image/1040-schedule-c-deadline.png","width":327,"height":228},"desktop":{"url":"/image/1040-schedule-c-deadline_Desktop.png","width":1210,"height":321},"altText":"Alt text: Schedule C due dates for taxes. 2021 tax year due on April 18, 2023 and 2022 tax year due on April 17, 2023. Relevant for self-employed, 1099, and freelancers.","title":"Schedule C Due Dates for 2021 and 2022 Taxes"}},{"headText":"How to fill \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eout Schedule C\u003c/span\u003e","contentText":"You can easily download a copy of the Schedule C form on the \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://www.irs.gov/pub/irs-pdf/f1040sc.pdf\" \u003eIRS website\u003c/a\u003e and follow the IRS Schedule C instructions to fill out the form. . \n\nRead over the IRS Schedule C instructions before filling out the Schedule C tax form. Be sure to gather the following information so that you can have it readily available:","contentImage1":{"mobile":{"url":"/image/1040-schedule-c-info-needed.png","width":327,"height":422},"desktop":{"url":"/image/1040-schedule-c-info-needed_Desktop.png","width":1206,"height":341},"altText":"Image listing information required for Schedule C including business income, expense receipts, inventory details, and mileage records for tax purposes. Relevant for self-employed, 1099, and freelance workers.","title":"Schedule C Information for Business Taxes"},"postImage1Text":"You should prepare a detailed profit and loss statement to help with preparing your schedule C. You can use \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/\" \u003eFlyFin\u003c/a\u003e to automatically create one. \n\nYou can calculate your taxable income based on the information you enter on the Schedule C tax form.. Enter the taxable income from the Schedule C Form 1040 on your 1040 tax form to calculate your overall tax liability. \n\nLet’s look at the steps for calculating your Schedule C income. \n\nFirst, add together your receipts from any sale of goods or services. You should receive a 1099-NEC from any clients who paid you $600 or more for your services. Even if you didn't, you are still responsible for reporting this income to the IRS. \n\nIf you gave any refunds for damaged or returned goods, you would need to report this on line 2 and subtract this amount from your gross receipt from sales. \n\nIn section III, subtract the cost of any goods you sold. Be sure to account for any purchases you made for inventory or raw materials during the year. This will give you the gross profit amount. \n \nLast, add the gross profit to any income from other sources or tax credits. This will give you your gross income amount. Check your calculations with a \u003ca href=\"https://flyfin.tax/1099-tax-calculator\" class=\"text-[#3563CD] font-medium underline\"\u003e1099 tax calculator\u003c/a\u003e. ","contentImage2":{"mobile":{"url":"/image/calculate-gross-profit-income.png","width":327,"height":394},"desktop":{"url":"/image/calculate-gross-profit-income_Desktop.png","width":1206,"height":310},"altText":"Alt text: Image explaining how to calculate gross profit and income from sales, returns, and other sources including tax credits. Useful for self-employed, 1099, and freelance workers for tax purposes.","title":"Calculating Gross Profit \u0026 Income for Business"},"postImage2Text":"If a CPA or other \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax\"\u003etax service\u003c/a\u003e files your taxes, including Schedule C taxes, they can calculate your gross profit and income for you.","subContent":{"subContentType":1,"subContentData":[{"subHeadText":"The Schedule C form","subContentText":"Depending on your type of business, you might not need to fill out every section of the IRS 1040 Schedule C: reporting income, reporting expenses, cost of goods sold, information on your \u003ca href=\"https://flyfin.tax/blog/does-my-vehicle-qualify-for-section-179-deduction\" class=\"text-[#3563CD] font-medium underline\"\u003evehicle\u003c/a\u003e (used for your business) and any other expenses.","subContentImage1":{"mobile":{"url":"/image/1040-schedule-c-5-parts.png","width":327,"height":574},"desktop":{"url":"/image/1040-schedule-c-5-parts_Desktop.png","width":1210,"height":633},"altText":"Image showing 5 parts of Schedule C for self-employed individuals, including income reporting, expenses, vehicle info, cost of goods sold, and gross income calculation for taxes.","title":"Schedule C: 5 Parts for Income \u0026 Expenses"}},{"subHeadText":"Important Schedule C Form 1040 considerations for freelancers","subContentText":"There are no set criteria for how much income you need to earn to file Schedule C, and you should report your income and all other expenses regardless of your income amount. Failing to include Schedule C on your tax return could trigger a \u003ca href=\"https://flyfin.tax/tax-tips/irs-audit-notice\" class=\"text-[#3563CD] font-medium underline\"\u003etax audit\u003c/a\u003e, and no one wants that. \n\nAccording to the IRS, the average freelancer will spend at least ten hours working on Schedule C, including the time to learn how to fill out the form. But FlyFin's A.I. can find every possible tax deduction automatically, and expert CPAs prepare and file freelancer tax returns in a fraction of the time it takes to fill out the Schedule C form."}]}}],"whatsFlyFinText":"FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors.\n\nBut anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. \n\nThen, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.\n\nIn addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.","whatsFlyFinBadgeData":[{"imageUrl":"/image/PriceCalculator.webp","label":"Expert tax CPAs ensure\n 100%-accurate tax filing"},{"imageUrl":"/image/AiBrain.webp","label":"A.I. finds every tax deduction,\n eliminating 95% of your work"},{"imageUrl":"/image/MoneySack.webp","label":"On average users\n save $3,700"}],"whatsFlyFinRightImage":{"url":"/image/whatsFlyfinRight.png","width":305,"height":615},"quickTipText":"Some of your business expenses might not be easy to categorize in Part II of Schedule C, but you can itemize these expenses in Part V under \"other expenses.\"","metas":{"title":"Form Schedule C | Report 1099 Income And Expenses | FlyFin","desc":"Report all self-employed income and expenses on Schedule C. This form is used by all 1099 workers like small business owners, sole proprietors and gig workers."}},"carouselData":[{"endPoint":"1040-form","head":"Form 1040","supportedText":"This is the most common document in the US tax system. It's the master tax return that every American fills out.","link":"https://flyfin.tax/tax-forms/1040-form"},{"endPoint":"schedule-se","head":"Form 1040 Schedule SE","supportedText":"SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.","link":"https://flyfin.tax/tax-forms/schedule-se"},{"endPoint":"form-8829","head":"Form 8829","supportedText":"If you use your home for work, you can deduct things like utilities and supplies used for your home office or storage space used for inventory from your taxes. Use this form to figure out how much you can deduct.","link":"https://flyfin.tax/tax-forms/form-8829"},{"endPoint":"1099-form","head":"Form 1099","supportedText":"If you're self-employed, this is the form that the people who pay you use to report those payments to the IRS. Here's what you need to know about it.","link":"https://flyfin.tax/tax-forms/1099-form"},{"endPoint":"losing-a-1099-form","head":"Losing a 1099 form","supportedText":"If you've lost a 1099 that was sent to you, fear not. Here's what you can do if it happens.","link":"https://flyfin.tax/tax-forms/1099-form/losing-a-1099-form"},{"endPoint":"1099-nec","head":"Form 1099-NEC","supportedText":"Entities that pay you for services as a freelancer or independent contractor report those payments to the IRS using this 1099 form.","link":"https://flyfin.tax/tax-forms/1099-nec"},{"endPoint":"1099-misc","head":"Form 1099-MISC","supportedText":"Entities that give you other forms of income as a freelancer or independent contractor, such as prize money or money for healthcare, report those payments to the IRS using this 1099 form.","link":"https://flyfin.tax/tax-forms/1099-misc"},{"endPoint":"how-to-avoid-paying-taxes-on-1099-misc","head":"Avoid 1099-Misc","supportedText":"There are ways to lower the amount of tax you pay as a 1099 self-employed individual. Here are five proven strategies.","link":"https://flyfin.tax/tax-forms/1099-misc/how-to-avoid-paying-taxes-on-1099-misc"},{"endPoint":"1099-k","head":"Form 1099-K","supportedText":"If you receive payments of $600 or more as a self-employed individual through credit card companies and payment services like PayPal, they report those payments to the IRS using this 1099 form.","link":"https://flyfin.tax/tax-forms/1099-k"},{"endPoint":"paypal-1099","head":"Paypal","supportedText":"Here's how to receive a 1099-K from PayPal and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/paypal-1099"},{"endPoint":"shopify-1099","head":"Shopify","supportedText":"Here's how to receive a 1099-K from Shopify and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/shopify-1099"},{"endPoint":"venmo-1099","head":"Venmo","supportedText":"Here's how to receive a 1099-K from Venmo and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/venmo-1099"},{"endPoint":"who-receives-a-1099-k","head":"Who Receives a 1099-K","supportedText":"Find out who gets a 1099-K form and how your taxes are affected by it. Learn about the requirements, cutoff points, and typical receivers of this crucial IRS document.","link":"https://flyfin.tax/tax-forms/1099-k/who-receives-a-1099-k"},{"endPoint":"information-reported-on-a-1099-k","head":"Information Reported on a 1099-K","supportedText":"Accurate tax reporting can be ensured by learning how to use the 1099-K form and comprehending the information given. Learn about monthly transactions, payer information, and gross payments.","link":"https://flyfin.tax/tax-forms/1099-k/information-reported-on-a-1099-k"},{"endPoint":"how-to-use-a-1099-k-for-tax-filing","head":"How to Use a 1099-K for Tax Filing","supportedText":"Discover how to properly report 1099-K revenue on your tax return, check amounts against your records, and claim expenses as a deduction. Avert typical errors and make sure your taxes are filed correctly.","link":"https://flyfin.tax/tax-forms/1099-k/how-to-use-a-1099-k-for-tax-filing"},{"endPoint":"differences-between-1099-k-and-1099-misc","head":"Differences Between 1099-K and 1099-MISC","supportedText":"To accurately report income and prevent tax-related complications, self-employed individuals must understand the fundamental differences between 1099-K and 1099-MISC forms. Learn how to deal with income that is reported on both forms and the IRS standards for figuring out which one to use.","link":"https://flyfin.tax/tax-forms/1099-k/differences-between-1099-k-and-1099-misc"},{"endPoint":"common-issues-with-form-1099-k","head":"Common Issues with Form 1099-K","supportedText":"Acquire knowledge on managing differences between income that is reported and what is really received, fixing inaccurate 1099-K forms, and settling conflicts with payment processors. For self-employed people to guarantee appropriate tax reporting, this information is crucial.","link":"https://flyfin.tax/tax-forms/1099-k/common-issues-with-form-1099-k"},{"endPoint":"preparing-for-tax-season-with-a-1099-k","head":"Preparing for Tax Season with a 1099-K","supportedText":"Get tips for handling tax season by using a 1099-K. Learn how to properly arrange your documents, seek advice from a tax expert, and use tax software to ensure accurate reporting.","link":"https://flyfin.tax/tax-forms/1099-k/preparing-for-tax-season-with-a-1099-k"},{"endPoint":"filing-requirements-for-ebay-sellers","head":"Filing Requirements for eBay Sellers","supportedText":"Learn about the necessary tax filing requirements for eBay sellers, such as IRS compliance, estimated tax payments, and deadlines. Use our professional guide to stay compliant and stay out of trouble.","link":"https://flyfin.tax/tax-forms/1099-k/filing-requirements-for-ebay-sellers"},{"endPoint":"tax-implications-of-selling-on-ebay","head":"Tax Implications of Selling on eBay","supportedText":"Recognize the state-specific tax ramifications, self-employment tax, and sales tax duties while selling on eBay. The purpose of this article is to assist independent contractors in understanding the intricacies of eBay sales tax.","link":"https://flyfin.tax/tax-forms/1099-k/tax-implications-of-selling-on-ebay"},{"endPoint":"ebay-1099-and-tax-planning-strategies","head":"eBay 1099 and Tax Planning Strategies","supportedText":"As an eBay seller, learn crucial tactics to reduce tax obligations, optimize tax write-offs, and handle predicted quarterly tax payments. Find out how much money to set away for taxes, and get tailored guidance from a tax expert.","link":"https://flyfin.tax/tax-forms/1099-k/ebay-1099-and-tax-planning-strategies"},{"endPoint":"1099-nec-vs-1099-misc","head":"Form 1099-MISC VS Form 1099-NEC","supportedText":"Understand what makes these 1099 forms different from each other and what they mean for you as a 1099 freelancer, independent contractor or self-employed individual.","link":"https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc"},{"endPoint":"1040-es-form","head":"Form 1040-ES","supportedText":"This vital tax form for self-employed individuals and freelancers is how they pay quarterly taxes, which they need to estimate (ES means estimated taxes).","link":"https://flyfin.tax/tax-forms/1040-es-form"},{"endPoint":"1099-A","head":"1099 A form","supportedText":"The 1099-A form is received when an owned property has been foreclosed. This form is reported on Schedule D after calculating capital gain or loss.","link":"https://flyfin.tax/tax-forms/1099-form/1099-A"},{"endPoint":"1099-B","head":"1099 B form","supportedText":"A 1099-B form is an informational return form for recording the sale of investments by brokerages. This is reported on Form 8949 and Schedule D.","link":"https://flyfin.tax/tax-forms/1099-form/1099-B"},{"endPoint":"1099-G","head":"1099 G form","supportedText":"The 1099-G form is used to report payments made by governments to individuals. Unemployment compensation should be reported on Schedule 1 (Form 1040).","link":"https://flyfin.tax/tax-forms/1099-form/1099-G"},{"endPoint":"1099-SA","head":"1099 SA form","supportedText":"The 1099-SA form is an informational form that reports distributions from your health plan. This is filed on Form 8889 or Form 8853 and attached to Form 1040.","link":"https://flyfin.tax/tax-forms/1099-form/1099-SA"},{"endPoint":"understanding-different-types-of-1099-forms","head":"1099 and Taxes: Knowing the Various Form Types","supportedText":"To guarantee correct tax reporting and compliance, familiarize yourself with the several kinds of 1099 forms, their functions, and the filing requirements. Find out which form you require for interest income, dividend income, miscellaneous income, non-employee remuneration, and more.","link":"https://flyfin.tax/tax-forms/1099-form/understanding-different-types-of-1099-forms"},{"endPoint":"how-to-report-1099-income-on-your-tax-return","head":"1099 and Taxes: How to Include Income from 1099s on Your Tax Return","supportedText":"Discover the correct way to include 1099 revenue on your tax return. Comply with a methodical procedure, recognize the need of keeping precise documentation, and learn how to reconcile 1099 revenue with personal data.","link":"https://flyfin.tax/tax-forms/1099-form/how-to-report-1099-income-on-your-tax-return"},{"endPoint":"common-mistakes-to-avoid-with-1099-forms","head":"1099 and Taxes: Typical Errors with 1099 Forms to Avoid","supportedText":"Discover key mistakes to avoid with 1099 tax forms. Learn about accurate income reporting, correct form usage, meeting deadlines, and best record-keeping practices to ensure tax compliance and avoid penalties.","link":"https://flyfin.tax/tax-forms/1099-form/common-mistakes-to-avoid-with-1099-forms"},{"endPoint":"tax-deductions-for-1099-independent-contractors","head":"1099 and Taxes: Independent Contractor Tax Deductions","supportedText":"Navigate the complex tax landscape as a 1099 independent contractor with our comprehensive guide on tax deductions. Learn about QBI, meal and travel costs, home office deductions, and more to optimize your savings and reduce your tax liability.","link":"https://flyfin.tax/tax-forms/1099-form/tax-deductions-for-1099-independent-contractors"},{"endPoint":"filing-taxes-as-a-freelancer-or-gig-worker","head":"Filing 1099 and Taxes for Gig Workers or Freelancers","supportedText":" Discover how to file taxes if you work as a gig worker or freelancer. Recognize self-employment taxes, submit estimated taxes on a quarterly basis, and use tax software to streamline the procedure. Learn how to keep track of and classify business spending while adhering to state tax regulations.","link":"https://flyfin.tax/tax-forms/1099-form/filing-taxes-as-a-freelancer-or-gig-worker"},{"endPoint":"tax-planning-strategies-for-1099-contractors","head":"1099 and Taxes: Strategies for Contractor Tax Planning","supportedText":"Discover crucial tax planning strategies for 1099 contractors. Learn how to save for taxes, make quarterly payments, use tax-advantaged accounts, manage variable income, and more to ensure financial stability and compliance.","link":"https://flyfin.tax/tax-forms/1099-form/tax-planning-strategies-for-1099-contractors"},{"endPoint":"how-to-handle-a-missing-or-incorrect-1099-form","head":"Managing 1099 and Taxes: What to Do with a Missing or Inaccurate Form","supportedText":"Become knowledgeable about managing incomplete or inaccurate 1099 paperwork as a self-employed person. Learn the ins and outs of accurately reporting income, obtaining revised forms, and preventing problems with tax returns.","link":"https://flyfin.tax/tax-forms/1099-form/how-to-handle-a-missing-or-incorrect-1099-form"},{"endPoint":"estimated-tax-payments-for-1099-income","head":"1099 and Taxes: Predicted Repayments on Income from 1099s","supportedText":"In order to stay in compliance with IRS requirements and prevent fines, learn how to calculate and submit anticipated tax payments for 1099 revenue. Learn the value of quarterly installments and how to file your estimated taxes using Form 1040-ES.","link":"https://flyfin.tax/tax-forms/1099-form/estimated-tax-payments-for-1099-income"},{"endPoint":"1099-income-and-self-employment-tax","head":"1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income","supportedText":"Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.","link":"https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax"},{"endPoint":"irs-penalties-for-failing-to-report-1099-income","head":"IRS Penalties for Not Reporting 1099 and Taxes Income","supportedText":"Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. 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