IRS Tax Tools You'll Definitely Want to Know About
We've picked out a few of our favorite IRS tax resources for filing prep, tax breaks, trouble paying taxes, and refund status.
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Start filingIn very simple terms, being self-employed means having a stream of income that comes from customers and clients instead of an employer.
Self-employment covers a range of income types, from making money on the side through selling items, driving for a rideshare app, freelancing, or even operating a full-fledged small business.
You don't have to be a freelancer or small business owner full-time to have self-employment income, and only that income will be subject to self-employemnt taxes. The IRS takes several factors into consideration to determine whether your activity is a business or hobby, including your intentions to earn a profit from the activity.
If you earn more than $400 of profit via your particular activity in one year, you will owe self-employment taxes on that amount.
Want more info? Check out our Tax Guide section on self-employment.
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If you have self-employment income, you must use a special tax form (Schedule C) to report your income and expenses. Many tax-filing platforms charge more than $80 (some even as high as $140) just to add a Schedule C.
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