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How to File Your Taxes With IRS Form 1099MISC

Tax form 1099-MISC is commonly used to report the taxable nonemployee compensation payments made to self-employed individuals. When any one of your clients who you provide services to pays you $600 or more during the year, you’ll need to prepare your taxes differently than taxpayers who only receive a W-2 for employment income.

Schedule C

For purposes of filing your taxes and calculating the amount you owe on all amounts reported in box 7 of your 1099-MISC form, you’ll need to prepare a Schedule C to calculate your net profit from self-employment. However, you can file the shorter Schedule C-EZ instead if your deductible business expenses are $5,000 or less. Net profit equals your total self-employment income, including those earnings not reported on a 1099-MISC, less the deductible business expenses you incur. Once you finish calculating your net profit, you will transfer the amount to your 1040 form and combine it with your other earnings to calculate your taxable income.

Deductions to Reduce 1099-MISC Income

One nice thing about receiving a 1099-MISC instead of a W-2 is that you can deduct all ordinary and necessary business expenses that relate to your self-employment on the Schedule C. Expenses are ordinary if they’re of the type incurred by similar self-employed individuals. However, necessary doesn’t mean that the expense must be essential; it only requires that it be helpful to completing your work. For example, the cost of high-end computer software may be ordinary and necessary to a graphic designer, but not to a freelance artist.

Self-Employment Taxes

As a self-employed individual, you are responsible for paying Social Security and Medicare taxes. However, since 1099-MISC income isn’t subject to self-employment tax withholding, you have to calculate and pay these taxes on your own. To do this, you’ll need to file a Schedule SE attachment to your tax return. When calculating self-employment taxes on Schedule SE, however, only the net profit reported on Schedule C is subject to self-employment tax – not always the amount reported on your 1099-MISC form. This is because other types of earnings, such as investment income, aren’t subject to Social Security and Medicare taxes.

Estimated Tax Payments

One thing you’ll notice on all 1099-MISC forms is that income taxes aren’t withheld by your clients either. However, this doesn’t mean you can wait until April to make a lump-sum income tax payment. Instead, self-employed taxpayers usually have an obligation to make four or less estimated tax payment to the IRS throughout the year. The amount of each tax payment and the frequency of the payments will depend on your overall income, the tax withheld (if any) from any employers you might have and the method you choose to compute your estimated taxes. You can figure out your estimated tax obligations by preparing Form 1040-ES.

Form 1099-MISC Instructions