Question

If I started self-employment business this year 2020, do I have to wait a year to start filing taxes? Or do I wait for tac season? I’ve never done taxes before.

Forum|Forum|6 years ago
April 22, 2020
1 reply
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I’ve filed the W9 form and I know I should file a 1099 form for miscellaneous income.

TurboTax Self Employed Online

If you started your self-employed business in 2020, then you will report your income and expenses on Schedule C for your 2020 tax return.

You may need to consider making estimated payments to cover your income tax and self-employment tax if you do not also have a W-2 job that is withholding taxes.

Take a look at the following TurboTax articles for more information about starting a business, expenses to keep track of, and other important information to be aware of at tax time. The more you learn ahead of time, the easier things will be at tax time.

What self-employed expenses can I deduct?

Starting a Business

A Guide to Paying Quarterly Taxes

@lady-slipknot

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