This article is reproduced with the permission of our partner, Trupo.
If you missed it, don’t worry! Here are the four main takeaways (and remember: the deadline to file is April 15!)
1. Report ALL revenue on Schedule C of your return—even if you didn’t receive a 1099 from your clients for what they paid you.
When you file your freelance tax return, you’ll need to complete an additional form to your 1040, called Schedule C. Schedule C is titled “Profit or Loss From Business (Sole Proprietorship)” and used to report how much money you made or lost in your business.
Here, you should put down all your past year’s income (even if it wasn’t reported in a 1099) as well as expenses. And speaking of expenses…
2. Claim all allowable business expense deductions.
If you work at home, you have the potential to save a good chunk of money by writing off expenses, like:
-calculating the size of the space you use exclusively for business (as in, a designated office and not your couch) and claiming $5 for each