Tax report forms for self-employed taxpayers

In addition to W-9 Form, well known by independent workers, you also have to fill out three more documents annually.

W-9 Form and Form 1040

Form 1040 is the document used by self-employed US residents who earn $400 per year or more, to report to the IRS about their gross income (all earnings before taxes and other deductions, including income from all sources, such as dividends, interests, etc.).

1040 is known as a “long form”, because this blank consists of 2 pages and several attachments. Always check if you’ve downloaded full document. The taxpayers have to complete 1040 once a year, before the Tax day (April 15). It’s one of the most complex tax documents, so you may need to hire a tax professional to fill this form out.

Schedule C form

If you are self employed (i.e. work as a freelancer or independent contractor) or registered as a sole proprietor, you will also have to fill out Schedule C form. This document is used to report to the IRS about total amount of the profit and loss you gained during the fiscal year.

Schedule SE form

This blank is used to calculate the amount of Medicare and Social Security taxes the self-employed worker has to pay. It is completed once per year by taxpayers, who earn $400 or more during the year.

Where to get these forms and where to send it

You can download any form you need from the IRS website. You’ll have to print the blanks, fill it out by hand and then send to the IRS Department of the Treasury. The list of addresses is also available through the IRS website.