IRS Schedule C with Form 1040 - Self Employment Taxes
If a U.S. taxpayer is self-employed, they must report their income and expenses on Schedule C of Form 1040. The earnings are subject to self-employment taxes, as well as federal income taxes.
So what are the particular rules and what's required?
In this video, we will cover the following:
1. Sole proprietorships and single-member LLCs.
2. Home office expenses
3. Auto expenses and mileage reimbursements
4. Schedule SE tax worksheets
5. Limitations on deductions
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