If you earned income from a side hustle, you will need to claim it on a Schedule C. If you need them, Turbo. Tax will help you create W-2s for your employees and 1099s for any contractors you paid throughout the year. It will also help you with self-employment tax as well as any business-specific deductions.
Which turbotax do I need for self employed?
If you have business expenses to report, you’ll need Turbo. Tax Self-Employed or Turbo. Tax Live Self-Employed to file a Schedule C. If you don’t have business expenses to write off and need to file a Schedule C, you can use Turbo. Tax Deluxe, Turbo. Tax Live Deluxe, Turbo. Tax Premier, or Turbo. Tax Live Premier. Was this helpful?
Another thing we asked ourselves was what is TurboTax self-employed?
The most usefull answer is:, turbo Tax Self-Employed will ask you simple questions about your life and help you fill out all the right forms. Perfect for independent contractors and small businesses. We’ll search over 500 tax deductions to get you every dollar you deserve and help you uncover industry-specific deductions.
, turbo Tax Premier or Self Employed will support Schedule D transactions. Please see the comparison of tax products at this page., and scroll down. See the heading in the left column titled Commonly Filed Tax Forms and Schedules.
If you run a business, you need to declare your income on a Schedule C and so you must use Turbo. Tax Self-Employed (also called Home & Business). No other version offers this.
“It is easy, reliable, quick and better than paying hundreds of dollars at a tax office. Even if you are an independent contractor or have a small business, it works!
What tax deductions can you claim if you are self-employed?
One of the most common tax deductions self-employed taxpayers can claim is automobile expenses. So don’t fret over the steadily depreciating value of that new van you purchased to make deliveries for your catering business.