I work from home as a freelancer and recieve 1099's under my name. I do not have a business name. I also recieved payments for freelance writing services for which I did not recieve a 1099. How do I file all my earnings?
2007-03-14 12:53:07 · 6 answers · asked by operaphantom2003 4 in Business & Finance ➔ Taxes ➔ United States
Your earnings, and related expenses, will go on a schedule C or C-EZ. This is for income for which you get a 1099, and income where you don't if it's from self-employment like freelance work.
2007-03-14 13:36:11 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You will file a regular tax return (1040), plus you will include a Schedule C for your 1099 income. It doesn't matter that you don't have a business name. The Schedule C will take into account any deductions you may have for your writing business (things like office supplies, mileage and equipment, amongst many other things) and the total deductions will be subtracted from your total 1099 income before your tax is figured. You will also have to complete a Schedule SE to figure self-employment taxes and you will be credited for one half-of your self-employment taxes on page 1 of the 1040. If this seems confusing, it may be best to seek out the services of a competent tax preparer who can get you the best tax break possible.
2007-03-14 20:13:48 · answer #2 · answered by Paulie 1 · 0⤊ 0⤋
you are considered self-employed. you report all your income and all your direct expenses that support your earnings on Schedule C. you don't have to have a business name, just use your name. you also have to report the net earnings of your self employment on Schedule SE which results in you paying about 15% for Social security and medicare IN ADDITION to your taxes on income. yes you should include the income that was not reported on 1099. it sounds like your first year as self-employed. i suggest you go get professional help. also, ask your pro to set you up for making estimated tax payments 4 times per year, starting in April 07.
2007-03-14 20:27:02 · answer #3 · answered by Ovrtaxed 4 · 0⤊ 0⤋
You will report is on Schedule C, with that net income/loss flowing right onto your 1040. Your business name is simply the same as your name. Report all income, whether you got a 1099 or not.
2007-03-14 20:13:06 · answer #4 · answered by LC 2 · 1⤊ 0⤋
Go to www.irs.gov and look under self-employment. You will find SE forms, Schedule C, business use of home, etc.
2007-03-14 19:58:24 · answer #5 · answered by Irish 7 · 0⤊ 0⤋
You have to file a schedule C and schedule SE.
http://www.irs.gov
http://www.1040.com
You will pay self employment tax.
2007-03-14 20:00:43 · answer #6 · answered by pepper 7 · 0⤊ 0⤋