One of the most important 1040 forms is for self-employed individuals and freelancers to pay quarterly taxes, which they need to estimate (ES means estimated taxes). That's where this form comes in.
Running a business by yourself? This is the tax return 2022 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.
SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.
There are several 1099 forms for reporting various types of income. This form reports the payments made to you as a freelancer or independent contractor by someone who hired you for your services.
Payments you received as a freelancer or independent contractor that are outside of the payments you received for your work are reported here. This could be prize money you received or money for healthcare you were given by someone who hired you to do work for them.
This is one of the 1099 forms that has changed the most in the last few years. It used to be sent to you if you made more than $20,000 selling products or services through credit payments or money transfer services like PayPal. Now it gets sent to you if you received $600 or more.
If you use your home for work, you can deduct things like utilities and supplies used for your home office or storage space used for inventory from your taxes. Use this form to figure out how much you can deduct.