How can I report income from self -employment?

workers can report their self -employed gainful employment according to different instructions depending on their country of stay. In the US, taxes must be paid for a profit of more than $ 400 in the US (USD) by filing the form with form with form 1040 and income are often reported using schedule C. Employees and independent suppliers often receive 1099 forms from their employers. These forms can be used to report their income by Internal Revenue Service (IRS) in fulfilling tax requirements before 15 April. Plan for C Plan should also be submitted and should contain a comprehensive report on earnings and other cost of self -employment. Independent suppliers and exclusive companies should complete C. Farmers and fishermen who are self -employed, but should fill in the Form Form Frecor instead of Plan C. self -employed should also connect the formThe plan of the plan to its form 1040 to determine the amount of tax on self -employment, which is due. The staff are responsible for 13.3% of the 2011 tax rate, which includes both employees and parts of social security employer and Medicare tax.

Some employees may also be subject to estimated taxes, where they will have to pay quarterly or monthly employment and possible income tax throughout the year. They can report income from self-employment and find out their estimated taxes using the 1040-ES form. Self-employed workers who will pay at least $ 1,000 settled in taxes and whose income tax and loans will not account for 90% of their total tax, they will generally have to submit from 1040-ES to pay estimated taxes. The schedule will provide them with predetermined maturity data distributed throughout the year.

when reporting income from self -employmentAlso activities can also start requesting various tax deductions or credits. In many cases, it is possible to deduct expenditure related to businesses such as expenditure on home office, public services or office supplies, and half of the tax on self -employment can be deducted from income tax when reporting income. In addition, the total amount of income from self -employment can be reduced by 7.65% before calculating taxes from self -employment.