How to File Taxes If Your Status Is Self-Employed

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Filing taxes as a self-employed individual requires filing a 1040 form with a Schedule C, and keeping accurate records of transportation and equipment is important when filing taxes. Detail everything that was paid out for the business when filing as self-employed with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

On this segment we're going to talk about filing your taxes as a self-employed person. You're going to file a 1040 form, and it's going to have additional schedules. One of those schedules is a Schedule C for the self-employed. It's going to show your gross income. It's going to have itemized deductions on that gross income. That's basically everything you have paid out for your business. Along with that, you're going to have a self-employed schedule, because you're going to be paying self-employment tax on your net income on the Schedule C. Both of those items are going to go on the 1040. You also may have depreciation on certain items, and it's very important for you to put the, to know the date that you purchased, the amount you paid for it, and the category it falls into, as well as any mileage that you have for your self-employment. You must have a car log, a transportation log, and you must keep track of all the miles you drive, the date you drove it, and the place you went for your tax return on your self-employment, so keep accurate records. You can purchase one of those little books for your transportation, your auto mileage. Any good bookstore will have them. They're very inexpensive, but they can be a lifesaver for you. Thank you very much.

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