How do I report my income if I’m self-employed?
You are required to file taxes if you make more than $400 in self-employment income. You will report self-employment income when filing your tax return. Self-employment income is reported on Schedule C. This type of income may be recorded in a number of ways:
- Form 1099-NEC (Nonemployee Compensation)
- Form 1099-K (Payment Card and Third-Party Network Transaction)
- App dashboards and personal records (you are required to report all income that you earned, even if some of it is not listed on a tax form)
It is important to closely track all of your income and expenses if you are self-employed because they may not be tracked by companies or individuals you work with but you are still required to report income and expenses on your tax return.