What form do I use as a self-employed person?
Most sole proprietors report business income and expenses on a Schedule C, which attaches to your Form 1040. We handle the setup and make sure it's accurate.
Tax help
First time filing self-employed? We'll guide you.
Your first self-employed tax return has a few new moving parts, but none of them are complicated once someone walks you through them.
Prepared by real tax specialists — with Enrolled Agent or CPA review when your return calls for it.
When you work for yourself, your business income and expenses are generally reported on a Schedule C that attaches to your Form 1040. Instead of an employer handling withholding for you, you're now responsible for reporting your own income and tracking your own deductible expenses.
The biggest change for most first-timers is self-employment tax. Because no employer is withholding Social Security and Medicare for you, you pay both halves yourself through self-employment tax, which is in addition to regular income tax. The good news is that legitimate business expenses reduce the income you're taxed on.
Self-employed people also often need to make estimated tax payments during the year rather than paying once at filing. As a general rule, if you expect to owe roughly a thousand dollars or more, quarterly estimated payments are usually expected — and paying as you go helps you avoid a large surprise bill.
What we do
How we help
- Set up and complete your Schedule C with your income and expenses
- Calculate your self-employment tax correctly the first time
- Identify the business deductions you're entitled to so you don't overpay
- Create an estimated quarterly payment schedule so you stay ahead
- Explain simple recordkeeping habits that make next year easier
- Answer your questions in plain language so the process isn't intimidating
FAQ
Frequently asked questions
What is self-employment tax?
It covers the Social Security and Medicare contributions that an employer would normally split with you. As your own boss, you pay both portions yourself, in addition to income tax.
Do I have to pay taxes during the year?
Often yes. If you expect to owe about a thousand dollars or more, the IRS generally expects quarterly estimated payments. Paying as you go avoids penalties and a big bill at filing.
What expenses can I deduct?
Ordinary and necessary costs of running your business can generally be deducted, which lowers your taxable income. We help you identify what qualifies and how to document it.
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