The good news is that you can deduct half of the self-employment tax as an adjustment to income on Schedule 1 of Form 1040. This ultimately lowers your income tax, which is a different calculation.

Schedule C is a treasure trove of tax deductions for self-employed people ... If the deductions, losses, or credits on your Form 1040 are disproportionately large compared with your income ...

Form 1040 is a federal tax form that U.S. taxpayers ... The estimated tax applies to any income not subject to withholding, including self-employment income, rents, interest, and dividends.

How do I account for self employment income? Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) reports income from the self-employed, including direct sales. If your ...

16 Tax Deductions and Benefits for the Self ... employment tax, obtain a certificate of coverage from the U.S. Social Security Administration or a foreign agency and attach it to your Form 1040 ...

What Is Form 1040-X, Amended U.S. Individual Income Tax Return? The 1040-X, Amended U.S. Individual U.S. Income Tax Return is a form used by taxpayers who need to ...