A freelancer generally files freelance income and expenses on a Schedule C. It’s the tax version of a profit and loss statement. There are specific tax rules about what may be deducted as with meals and entertainment, depreciation, home office, and the rest of what qualifies as business expenses. The net income then gets entered on the Form 1040 for purposes of calculating income and self-employment taxes.
Latest posts by FreelancingGig (see all)