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.

How helpful was this answer?