I made some money repairing radios and television sets last year. How do I report this income?
This is self-employment income. A person with income from Self-Employment files Form 1040, Schedule C (PDF), Profit or Loss from Business, or in some cases, files Form 1040, Schedule C-EZ (PDF), Net Profit from Business, to report the profit or loss from the business, and files Form 1040, Schedule SE (PDF), Self-Employment Tax, to figure Social Security and Medicare Tax. Refer to Tax Topic 407, Business Income, and Publication 334, Tax Guide for Small Business, for additional information. When there is no federal withholding taken out of your self-employment income, you may need to make quarterly estimated tax payments. This is done using a Form 1040-ES (PDF), Estimated Tax for Individuals.
This is self-employment income. A person with income from Self-Employment files Form 1040, Schedule C (PDF), Profit or Loss from Business, or in some cases, files Form 1040, Schedule C-EZ (PDF), Net Profit from Business, to report the profit or loss from the business, and files Form 1040, Schedule SE (PDF), Self-Employment Tax, to figure Social Security and Medicare Tax. Refer to Tax Topic 407, Business Income, and Publication 334, Tax Guide for Small Business, for additional information. When there is no federal withholdings taken out of your self-employment income, you may need to make quarterly estimated tax payments. This is done using a Form 1040-ES (PDF), Estimated Tax for Individuals.
A. A sole proprietor files Schedule C, or in some cases, Schedule C-EZ, Form 1040, to figure the profit or loss from the business, and Schedule SE, Form 1040, to figure self- employment tax. Refer to Tax Topic 407, Business Income, Publication 533, Self-Employment Tax, and Publication 334, Tax Guide for Small Business, for additional information.
This is self employment income. A person with income from Self-Employment files Form 1040, Schedule C (PDF), Profit or Loss from Business, or in some cases, files Form 1040, Schedule C-EZ (PDF), Net Profit from Business to report the profit or loss from the business, and files Form 1040, Schedule SE (PDF), Self-Employment Tax to figure Social Security and Medicare Tax. Refer to Tax Topic 407, Business Income, Publication 533, Self-Employment Tax, and Publication 334, Tax Guide for Small Business, for additional information. Since there is no withholding on your self-employment income, you may need to make quarterly estimated tax payments. This is done using a Form 1040-ES (PDF), Estimated Tax for Individuals. References: • Publication 334, Tax Guide for Small Business • Publication 533, Self-Employment Tax • Form 1040, Schedule C (PDF), Profit or Loss from Business (Sole Proprietorship) • Form 1040, Schedule C-EZ (PDF), Net Profit from Business (Sole Proprietorship) • Form 1040, Schedu
