Self-Employed
If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return.
Generally, you are self-employed if you:
- Operate as an independent contractor
- Are the sole proprietor of a business or you practice a trade
- In some way or another are in business for yourself
- Receive a 1099-MISC from employer
Below are some resources to help with your business.
Business Forms and Publications
- Small Business forms and Publications
- Schedule C, Profit or Loss from Business
- Schedule C-EZ, Net Profit from Business
- Schedule SE, Self-Employment Tax
- Form 1040-ES, Estimated Tax for Individuals
- Publication 505, Tax Withholding and Estimated Tax
- Publication 334, Tax Guide for Small Business
- Publication 535, Business Expenses
Resources
- Starting a Business
- Small Business and Self-Employed Tax Center
- Home Based Business
- Small Business Administration-SBA
Business Finance
- QuickBooks Online for Self-Employed (Discount)
Business Guides
- Business vs. Hobby (pdf)
- Business Entity Comparison Chart (pdf)
- Business Entity Pros and Cons (pdf)
For information regarding state-level requirements for starting and operating a business, please refer to your state’s website.
