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irs expects all self-employed individuals to keep and retain timely records of all business income and expenses. at this time, the law requires issuance of a form 1099-misc in situations of payments of $600, more for services performed for a trade, or business by people not treated as its employees. each year, sole proprietors have the chore of preparing and filing schedule c with their 1040 to show the irs whether their business had a taxable profit or a deductible loss. (if your business expenses were $5,000 or less for the year, you may qualify to file the short form, schedule c-ez.) a self-employed tax deduction is designed to decrease your taxable income, therefore saving you a bit of money on taxes. form 1040 (note: you cannot use form 1040-a or 1040-ez, as you cannot include self-employed income on either) schedule c (or schedule c-ez, for claimed expenses less than $5,000) self-employed professionals and freelancers face unique tax challenges. deductible expenses are those that are seen as “ordinary and necessary” for conducting business. self-employment tax or income tax (see section below). in the past decade, the self-employment industry has grown more rapidly than of having to organize your income and expenses as well as file your own taxes. also, fraudulent claims of self-employment income and business expenses to qualify for or maximize eitc are increasing. self-employment profit is self-employment income minus self-employment expenses when self-employment income is greater than self-employment expenses. the client may use business records or the self-employment report form (dhs-3336) (pdf) as monthly proof of self-employment income and expenses. learn more about expenses for the self-employed with advice from the tax if i report form 1099 self-employment income, how do i report my expenses?, schedule c deductions list, schedule c deductions for independent contractors, business tax deductions list, schedule c expenses worksheet , schedule c expenses worksheet, what is considered self employment income, how to file self employment taxes step by step, self employed tax deductions worksheet , self employed tax deductions worksheet, how to report self employment income without a 1099
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