Federal, State, Local and International Taxes - To file your annual tax return Self-Employed Individual, you will need to use Schedule C or Schedule C - EZ to report your income or loss from a business you operated or a profession you practiced as a sole proprietor.
Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C.
In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax. Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year. Considering a Tax Professional? For no obligation free consultation contact us today!
Amare Berhie, Senior Tax Accountant
612-282-3200
866-936-0430 Toll Free
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