Claiming a deduction for business and other qualifying expensesĬlaiming deductions is one of the best parts of being self-employed, and you can use the different Form 1040 schedules to itemize your business and other qualifying deductible expenses. To fast-track this process, you can use FlyFin to automatically track your income and expenses using A.I. You can get this information from your bank accounts or keep their expense receipts from throughout the year for reference. Here are a few things to keep in mind before you start: Gather all the information about your income and expensesįor a self-employed person, freelancer, independent contractor or small business owner, having accurate information about all income sources and business expenses is a top priority.

If you're a self-employed taxpayer, you are required to file a Form 1040 and fill out certain sub-sections. You might have to file various 1040 forms depending on your taxpayer status, so that the IRS clearly understands your tax situation when you file your return. What are the different versions of Form 1040? It also includes documents for accurately calculating tax liabilities, like Schedule C and Schedule SE. It has several versions and sub-sections for different types of taxpayers and incomes. This official IRS tax document is the one that every US taxpayer uses to file their annual tax returns. Here, we will discuss key issues to watch out for when filling out your Form 1040 in 2023, and we'll look at different considerations for different taxpayers. Failing to fill out the form correctly can lead to missing out on tax refunds, receiving penalties or even getting into legal trouble. This is the holy grail of IRS forms.įorm 1040 is used to report your income and taxes owed to the IRS, and every US taxpayer must fill out and file this as part of their tax return. One of the most important forms to understand and accurately complete is Form 1040.

But every taxpayer has to file a Form 1040. W-2 employees have it easier with their employers withholding taxes directly from their paychecks.

That's because these professionals have to also deal with other aspects of running their business. Filling out tax forms can be daunting, especially for self-employed individuals, freelancers, independent contractors or small business owners.

Download 1040 form