Business Taxes

A person with income from Self-Employment files Form 1040, Schedule C (PDF), Profit or Loss from Business, or in some cases, files Form 1040, Schedule C-EZ (PDF), Net Profit from Business, to report the profit or loss from the business, and files Form 1040, Schedule SE (PDF), Self-Employment Tax, to figure Social Security and Medicare Tax. Refer to Tax Topic 407, Business Income, and Publication 334, Tax Guide for Small Business, for additional information. When there is no federal withholding taken out of your self-employment income, you may need to make quarterly estimated tax payments. This is done using a Form 1040-ES (PDF), Estimated Tax for Individuals.