Your taxes can be a bit more complicated when you’re self-employed, a freelancer or a small business owner. We’ve put together a list of important IRS forms for self-employed workers in order to make your life a little bit easier at tax time.
IRS forms for self-employed, small business owners
The IRS has put together a nice hub for the self-employed. You can find that here. We’ll list out a few of the major ones, as well as provide a few tips you might find useful.
Filing and paying business taxes
This page offers all the forms you’ll need for filing, reporting and paying business taxes. Remember, if you’re self-employed or a small business owner, your chances of getting an audit are higher than W2 employees. Maximize your deductions of course, but pay the taxes you owe.
IRS Form 1040 Schedule C
The IRS Form 1040 Schedule C is the form you’ll use to report your profit or loss from your self-employed business if you’re a sole proprietor. This is also the form where you’re going to log your deductible business expenses.
Some of the major deductible business expenses include:
- Mileage Deduction: Writing Off Business Miles
- Home Office Deduction 101
- What Business Expenses Are Tax Deductible
- Don’t Even Think of Writing Off These Business Expenses
Employment tax forms
The Employment Tax Forms is where you’ll go if your business employs people. You’ll be able to find the proper forms to request an Employer Identification Number, determine worker status, fill out 1040 forms for employees and more.
Here are some articles that will help you determine which forms you and your freelancing operation or small business will need:
- What is an EIN and How to Get One
- Hiring Employees and Independent Contractors
- Important Tax Due Dates to Know
This post is meant for general information and does not constitute tax advice. Please consult your tax professional before making any decisions.
MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.