Virtual assistants run a home-based service business, so software, your home office, and equipment offset income.
Virtual assistants report on Schedule C and pay self-employment tax on net profit.
Payments may arrive directly from clients or through platforms, and all of it is reportable regardless of which forms show up.
Income you’ll report on: 1099-NEC, 1099-K.
Most people in this line of work leave money on the table. Here's what we make sure to capture:
If you earn as an independent contractor, yes — self-employment tax is 15.3% (Social Security and Medicare) on your net profit, on top of regular income tax. You deduct half of it, and every business deduction lowers what you owe. We handle the calculation on Schedule SE.
Common write-offs include a qualifying home office, project management, scheduling, and productivity software, computer, webcam, headset, and peripherals, business-use portion of internet and phone, plus a share of your phone and any home-office use. We go through your year line by line so nothing legitimate gets missed.
If you expect to owe $1,000 or more for the year, the IRS generally wants quarterly estimated payments to avoid an underpayment penalty. We calculate them so next April isn't a surprise.
Yes. Your income is taxable whether or not a client or platform sent a 1099. We report it correctly and offset it with every deduction you qualify for.
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