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FAQ

How do you learn to do your taxes?
A2A - Personal or business?Personal - you can go to H&R Blocks 10 week */- tax school for free and learn how to do taxes their way which would qualify to work for them for $10/hour +/-. You MIGHT be qualified to do a basic 1040 with no complications on it.Business - frankly you MUST understand accounting. That means a bachelors degree in Accounting plus another 30 hours of college beyond that JUST to be qualified to sit for the CPA exam. Then after spending 5–10 years working for a CPA you MIGHT be qualified to prepare business tax returns. It can and usually is that complicated.
How do I declare taxes on self-employment? I didn't get any form mailed out.
Hopefully you have kept detailed records of both your income AND your expenses or you will likely end up paying far more tax than you should. Hopefully you have also kept track of this and paid in estimated taxes quarterly or you may end up owing penalties on top of the taxes. There may also be other taxes owed throughout the year depending on your type of business.Self employment taxes can be a unpleasant surprise to someone who thinks they owe no taxes because they made less than the amount you would normally owe income tax on. Self employment taxes start at only $600 of self employment income and you really don’t get any deductions or credits to lower it.But given you are just now asking (after the end of the year) how to file your self-employment taxes, I would guess your records and quarterly tax filings are lacking.The short version is you file Schedule C and SE. But given the apparent lack of knowledge and preparation, it may be wise to consult with a tax professional and/or accountant and make sure you have everything covered and that you get set up to keep track of income and expenses as you go next year. It will make things so much easier.
How do I write off something to lower my taxes?
Personal Deductions are reported on Schedule A of your tax return. The Schedule A instructions list the items that may be deducted.The Qualified Business Income deduction is reported directly on Form 1040 (Line 9 in 2018)Business expenses are reported on Schedule C. There are many complex rules about what may and may not be deducted. You can find a fairly complete list in IRS Publication 535.Depreciation of Business Assets (including rental real estate) are reported on Form 4562. As other answers point out, this deduction affects the cost basis, and is recovered when you sell the asset. The formulas for calculating this are rather byzantine; consult a qualified tax professional.
What tax forms should freelancers fill out?
In the United States:Along with their Form 1040, a contractor worker should file:Schedule C or C-EZ: to report contract income and to claim mileage and expenses.Schedule SE: to pay “self-employment tax” (which is the equivalent of payroll tax for an employee) Don’t forget to follow the final instruction on Schedule SE, which tells you how to deduct half of your self-employment tax from your income.Form 4562: if you have a vehicle, truck, equipment, etc, that is exclusively used for your work, and you want to depreciate its cost.If you are under an S-Corporation, then consult a qualified tax professional for more detailed information.;"";""