How To File Self-Employed Income Tax Return

Learning how to file your self-employed income tax return can be overwhelming at first. Knowing where to turn for accurate information in regards to your self-employment tax obligations helps to reduce the stress of filing. The IRS website features a section titled the Self-Employed Individuals Tax Center which highlights what is expected of you throughout the year, and is the source of information for how to file your self-employed income tax return.

The Self-Employed Individuals Tax Center link above will guide you through the following:

  • The definition of self-employed.
  • Your self-employed tax obligations.
  • Quarterly estimated payment forms and instructions.
  • Annual self-employed income tax forms and instructions.
  • Information return 1099 filing requirements.
  • Tax implications of various business structures.
  • Home office deduction rules.
  • And much more.

Any book you buy about how to file your self-employed income tax return will fall short when compared to the wealth of information provided for free by the IRS. And don't overlook that free Online Learning Tools section which features virtual workshop videos for small businesses and self-employed individuals. Those videos were designed to teach you how to organize your receipts and financial records throughout the year and how to file at tax time. Your income tax payments are used to create and maintain this information, so don't waste the opportunity to read and watch!

Filed Under: income tax