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Self-Employed Tax Guide
Tax Responsibilities for Freelancers
Business Owners
Self-employment offers flexibility and independence, but it also comes with additional tax responsibilities.
Unlike employees, self-employed individuals must manage their own tax reporting and payments.
Reporting Self-Employment Income
Self-employed income is typically reported on Schedule C, which calculates business profit or loss.
Common income sources include:
freelance work
consulting services
online business income
gig economy earnings
Business Expense Deductions
Self-employed individuals may deduct certain expenses related to operating their business.
Examples include:
advertising
office supplies
software subscriptions
travel expenses
These deductions reduce taxable business income.