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I have a question about self employment income -- If I was self-employed, do I have to report self employment income?

Regarding your question: do I have to report self employment income, the answer is yes. Report the income and expenses using Schedule C and Schedule SE:

  • Report the income as self employment income on Schedule C. You must include all of your self employment income -- Even if you didn't receive a form reporting your income, like a 1099-MISC.
  • Deduct business expenses that no one reimbursed you for. Report expenses on Schedule C, too.
  • If your net self employment income is $400 or more, file Schedule SE to pay your self employment tax.

 

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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