How to Pay Taxes When You Just Can't
Here's how to pay your tax bill, even if you can't afford the full amount right now.
ReadIn 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.
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.
Who wants to pay $80+ to file, just because you had a side job?
At 1040.com, everyone files for just $25. That goes for self-employment income, investments, rental properties, and beyond; no matter what forms you add, the price stays the same.
One flat rate for everyone to file - now that feels good.
You got it. We’re always here to help.
Here's what we found in our blog for file online with 1040.com:
How to Pay Taxes When You Just Can't
Here's how to pay your tax bill, even if you can't afford the full amount right now.
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