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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."/><meta property="og:type" content="article"/><meta property="og:title" content="Income and Self-Employment Tax Form 1099"/><meta property="og:description" content="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 rel="canonical" href="https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax"/><meta name="next-head-count" content="14"/><link rel="preconnect" href="https://dem95u0op6keg.cloudfront.net"/><link rel="preconnect" href="https://dev.visualwebsiteoptimizer.com"/><link rel="dns-prefetch" href="https://dem95u0op6keg.cloudfront.net"/><meta name="theme-color" content="black"/><script id="vwoCode" type="text/javascript" data-nscript="beforeInteractive"> window._vwo_code || (function() { var account_id=768850, version=2.1, settings_tolerance=2000, hide_element='body', hide_element_style = 'opacity:0 !important;filter:alpha(opacity=0) !important;background:none !important', /* DO NOT EDIT BELOW THIS LINE */ f=false,w=window,d=document,v=d.querySelector('#vwoCode'),cK='_vwo_'+account_id+'_settings',cc={};try{var 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00-.4.4v.97a.4.4 0 01-.633.326l-4.403-3.152a.4.4 0 00-.467.001L1.167 11.076zm10.708 2.157s0 0 0 0h6.613s0 0 0 0h3.621c.22 0 .4.179.4.4v2.147c0 .647-.445 1.205-1.078 1.355l-.054.013c-1.491.356-3.02.58-4.542.669l-.061.003a.4.4 0 00-.377.4v.823a.4.4 0 01-.4.4h-1.63a.4.4 0 01-.4-.4v-.824a.4.4 0 00-.378-.399l-.06-.003a26.1 26.1 0 01-4.546-.67l-.049-.011a1.393 1.393 0 01-1.08-1.356v-2.147c0-.221.18-.4.4-.4h3.62s.001 0 0 0zm6.614-1.832s0 0 0 0v.562c0 .193.156.35.349.35h4.2c.221 0 .4.178.4.4v3.067c0 1.074-.736 2-1.791 2.25l-.054.013c-1.28.305-2.587.518-3.896.633a.405.405 0 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">1099 and Taxes: <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;">A Guide for Self-Employed Individuals with 1099 Income</span></h1> <div class="py-2 flex flex-col gap-4"></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 Tax on Self-Employment?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-the-tax-on-self-employment">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">Distinctions Between Self-Employment Tax and Regular Income Tax...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#distinctions-between-self-employment-tax-and-regular-income-tax">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">Techniques to Reduce the Self-Employment Tax...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#techniques-to-reduce-the-self-employment-tax">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">Self-Employment Tax's Effect on Overall Tax Liability...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#self-employment-taxs-effect-on-overall-tax-liability">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">IRS Methods for Calculating Self-Employment Tax...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#irs-methods-for-calculating-self-employment-tax">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">Business Tax Deductibles to Reduce Self-Employment Tax...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#business-tax-deductibles-to-reduce-self-employment-tax">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">The Effect of Self-Employment Tax on Benefits from Social Security...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#the-effect-of-self-employment-tax-on-benefits-from-social-security">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">Final Thoughts...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#final-thoughts">Read more</a></span></p></div></div></div><div class="flex flex-col gap-10"><div id="what-is-the-tax-on-self-employment" 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;">Tax on Self-Employment?</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 ">One unique kind of tax that self-employed people pay to fund the Medicare and Social Security systems is the <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-resources/self-employment-tax">self-employment tax</a>. Self-employment tax includes a 2.9% Medicare tax and is paid directly by the self-employed person as opposed to being withheld by employers like conventional income tax is. Your tax return includes a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/schedule-se">Schedule SE</a> that is used to calculate this tax.</div></div></div><div id="distinctions-between-self-employment-tax-and-regular-income-tax" 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 ">Distinctions Between Self-Employment Tax <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 Regular Income Tax</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 ">Your entire income, which includes your pay, salaries, and other employment-related revenue, is what determines your regular income tax rate. The tax you pay for self-employment, however, is determined by your net self-employment income. This implies that if you work for yourself, you will have to pay income tax as well as self-employment tax on your profits.</div></div></div><div id="techniques-to-reduce-the-self-employment-tax" 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 ">Techniques to Reduce <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-Employment Tax</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 ">There are various actions you can take as an independent contractor to reduce your self-employment tax obligation. Making the most of your <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-resources/deductions-for-self-employed">deductible business expenses</a> is one of the best strategies. These costs may consist of phone calls, office supplies and equipment, office rent, and the price of purchasing and operating a company car. You can reduce your self-employment tax bill by lowering your net profits from self-employment by deducting these costs. Making an IRS S Corp election and incorporating as a corporation or limited liability business (LLC) is an additional tactic to think about. By paying yourself a fair compensation out of your revenues and splitting any remaining profits with other shareholders or partners, you can lower your self-employment tax liability. Overspending on your wage may occasionally be liable to income taxes but not employment taxes.</div></div></div><div id="self-employment-taxs-effect-on-overall-tax-liability" 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 ">Self-Employment Tax's Effect <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;">on Overall Tax Liability</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 ">Self-employed persons must pay self-employment tax in addition to income tax(LINK 1) on their earnings. Your entire tax obligation may be greatly impacted by self-employment tax. As a result, your overall tax obligation may be more than that of an employee whose income has taxes deducted.</div></div></div><div id="irs-methods-for-calculating-self-employment-tax" 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 ">IRS Methods 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;">Calculating Self-Employment Tax</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 IRS computes self-employment tax in a number of ways. The Internal Revenue Service (IRS) provides guidelines for calculating self-employment tax. The main technique is to deduct regular and essential trade or business expenses from your gross income in order to determine your net earnings from self-employment. Your self-employment tax is subsequently computed on <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/schedule-se">Schedule SE</a> using this net earnings amount.</div></div></div><div id="business-tax-deductibles-to-reduce-self-employment-tax" 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 ">Business Tax Deductibles to <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;">Reduce Self-Employment Tax</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 ">Many company expenses are deductible for those who operate their own business, which reduces their self-employment tax bill. These costs have to be typical and essential for your line of work or enterprise. Typical deductible company costs consist of the following: <ul class="list-disc lg:pl-8 pl-4"><li class="text-base md:text-xl">Rent for an office</li> <li class="text-base md:text-xl">The price of buying and keeping a company car</li> <li class="text-base md:text-xl">Phone conversations</li> <li class="text-base md:text-xl">Office supplies</li> <li class="text-base md:text-xl">Devices</li></ul> </div></div></div><div id="the-effect-of-self-employment-tax-on-benefits-from-social-security" 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 ">The Effect of Self-Employment Tax <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;">on Benefits from Social Security</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 self employed individual must pay self-employment tax, which consists of Social Security and Medicare taxes. Your Social Security benefits may potentially be impacted by self-employment taxes. The Social Security benefits are paid for by this tax. But, if you work for yourself, your Social Security benefits could not be as high as those of an employee whose income has had taxes deducted.</div></div></div><div id="final-thoughts" 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 ">Final <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;">Thoughts</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 ">Although doing your taxes as a self-employed person might be challenging, knowing the fundamentals of self-employment tax and how to reduce your responsibility can have a big impact on your financial security. You may minimize your self-employment tax burden and make sure you are paying the right amount of taxes by making the most of your deductible company expenses and taking into account various business structures. Self-employed individuals should also consider paying estimated taxes quarterly to avoid penalties. For more details on the differences between <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc">1099-NEC and 1099-MISC</a>, visit our comprehensive guide.</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: 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 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 C</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.</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-c">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 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="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 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="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">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="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">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="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-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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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">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="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 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="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">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="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 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="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 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="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 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="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 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="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: 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="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: 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="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: 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="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">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="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">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="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">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="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">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="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: 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="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 C</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.</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-c">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. to find every possible tax deduction. Then, the 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 Paypal taxes. Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.</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" 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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" 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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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3.385.164.07.353.133.53.165-.322.07-.65.12-1.566.05-.114-.019-.158.038-.114.146.688 1.882 2.18 2.438 3.297 2.76.152.025.297.025.449.063-.007.012-.02.012-.026.025-.372.562-1.654.985-2.248 1.194-1.087.379-2.268.55-3.417.436-.184-.026-.221-.026-.272 0-.05.031-.006.075.05.12.234.151.468.29.714.423.727.385 1.491.695 2.287.916 4.105 1.13 8.729.303 11.811-2.76 2.42-2.407 3.266-5.723 3.266-9.039 0-.133.151-.202.246-.272.632-.473 1.13-1.042 1.598-1.673.107-.14.101-.266.101-.323v-.018c-.013-.045-.006-.032-.088.006z" fill="#fff"></path><path fill-rule="evenodd" clip-rule="evenodd" d="M19.414 31.83c0-.038.352 0 0 0 0-.02.044 0 0 0zM26.516 15.36c-.019.018-.05.018-.081 0h.08z" fill="#373737"></path></svg></div><div class="cursor-pointer"><svg width="46" height="46" fill="none" xmlns="http://www.w3.org/2000/svg" rel="nofollow"><rect x="3.832" y="3.834" width="38.333" height="38.333" rx="19.167" fill="#3C5A99"></rect><path d="M31.762 24.449v6.267a.283.283 0 01-.284.284h-3.236a.283.283 0 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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":"1099-form","subTaxForm":"1099-income-and-self-employment-tax","dropDownHead":"1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income","currentTaxFormData":{"topSectionTitle":{"head":"","boldHead":"1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income"},"headerText":"1099 and Taxes: \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;\"\u003eA Guide for Self-Employed Individuals with 1099 Income\u003c/span\u003e","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;\"\u003eTax on Self-Employment?\u003c/span\u003e","contentText":"One unique kind of tax that self-employed people pay to fund the Medicare and Social Security systems is the \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-resources/self-employment-tax\"\u003eself-employment tax\u003c/a\u003e. Self-employment tax includes a 2.9% Medicare tax and is paid directly by the self-employed person as opposed to being withheld by employers like conventional income tax is. Your tax return includes a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/schedule-se\"\u003eSchedule SE\u003c/a\u003e that is used to calculate this tax."},{"headText":"Distinctions Between Self-Employment Tax \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 Regular Income Tax\u003c/span\u003e","contentText":"Your entire income, which includes your pay, salaries, and other employment-related revenue, is what determines your regular income tax rate. The tax you pay for self-employment, however, is determined by your net self-employment income. This implies that if you work for yourself, you will have to pay income tax as well as self-employment tax on your profits."},{"headText":"Techniques to Reduce \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-Employment Tax\u003c/span\u003e","contentText":"There are various actions you can take as an independent contractor to reduce your self-employment tax obligation. Making the most of your \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-resources/deductions-for-self-employed\"\u003edeductible business expenses\u003c/a\u003e is one of the best strategies. These costs may consist of phone calls, office supplies and equipment, office rent, and the price of purchasing and operating a company car. You can reduce your self-employment tax bill by lowering your net profits from self-employment by deducting these costs.\n\n Making an IRS S Corp election and incorporating as a corporation or limited liability business (LLC) is an additional tactic to think about. By paying yourself a fair compensation out of your revenues and splitting any remaining profits with other shareholders or partners, you can lower your self-employment tax liability. Overspending on your wage may occasionally be liable to income taxes but not employment taxes."},{"headText":"Self-Employment Tax's Effect \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;\"\u003eon Overall Tax Liability\u003c/span\u003e","contentText":"Self-employed persons must pay self-employment tax in addition to income tax(LINK 1) on their earnings. Your entire tax obligation may be greatly impacted by self-employment tax. As a result, your overall tax obligation may be more than that of an employee whose income has taxes deducted."},{"headText":"IRS Methods 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;\"\u003eCalculating Self-Employment Tax\u003c/span\u003e","contentText":"The IRS computes self-employment tax in a number of ways. The Internal Revenue Service (IRS) provides guidelines for calculating self-employment tax. The main technique is to deduct regular and essential trade or business expenses from your gross income in order to determine your net earnings from self-employment. Your self-employment tax is subsequently computed on \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/schedule-se\"\u003eSchedule SE\u003c/a\u003e using this net earnings amount."},{"headText":"Business Tax Deductibles to \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;\"\u003eReduce Self-Employment Tax\u003c/span\u003e","contentText":"Many company expenses are deductible for those who operate their own business, which reduces their self-employment tax bill. These costs have to be typical and essential for your line of work or enterprise. Typical deductible company costs consist of the following:\n\n \u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"text-base md:text-xl\"\u003eRent for an office\u003c/li\u003e\n \u003cli class=\"text-base md:text-xl\"\u003eThe price of buying and keeping a company car\u003c/li\u003e\n \u003cli class=\"text-base md:text-xl\"\u003ePhone conversations\u003c/li\u003e\n \u003cli class=\"text-base md:text-xl\"\u003eOffice supplies\u003c/li\u003e\n \u003cli class=\"text-base md:text-xl\"\u003eDevices\u003c/li\u003e\u003c/ul\u003e "},{"headText":"The Effect of Self-Employment Tax \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;\"\u003eon Benefits from Social Security\u003c/span\u003e","contentText":"A self employed individual must pay self-employment tax, which consists of Social Security and Medicare taxes. Your Social Security benefits may potentially be impacted by self-employment taxes. The Social Security benefits are paid for by this tax. But, if you work for yourself, your Social Security benefits could not be as high as those of an employee whose income has had taxes deducted."},{"headText":"Final \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;\"\u003eThoughts\u003c/span\u003e","contentText":"Although doing your taxes as a self-employed person might be challenging, knowing the fundamentals of self-employment tax and how to reduce your responsibility can have a big impact on your financial security. You may minimize your self-employment tax burden and make sure you are paying the right amount of taxes by making the most of your deductible company expenses and taking into account various business structures. Self-employed individuals should also consider paying estimated taxes quarterly to avoid penalties. For more details on the differences between \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc\"\u003e1099-NEC and 1099-MISC\u003c/a\u003e, visit our comprehensive guide."}],"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. to find every possible tax deduction. \n\nThen, the 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 Paypal taxes.\n\nDownload the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.","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},"metas":{"title":"Income and Self-Employment Tax Form 1099","desc":"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."}},"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-c","head":"Form 1040 Schedule C","supportedText":"Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.","link":"https://flyfin.tax/tax-forms/schedule-c"},{"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. 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