All the right support for your unique self-employed tax situation
The IRS outlines several employment scenarios that are considered self-employed. We’ve explained different work situations that apply here.
If your income is not reported on a 1099, you are still required to file it using Schedule C on your tax return (Form 1040). You will provide additional information like your Social Security number – or other taxpayer identification number – along with your employer identification number (EIN) if you have one.
Failing to file self-employment taxes is treated the same as failing to file other forms of income. The IRS penalizes for failure to file along with failure to pay depending on the circumstance. Even if you file an extension, that strictly provides more time to file, not more time to pay. So, if you owe taxes, remember to pay or schedule a payment before the deadline, or set up a payment plan with the IRS if needed.
Yes, as working a full-time, more traditional job along with a side-gig continues to become more common, filing both W-2s and 1099s also becomes more common. Filing both forms is as simple as that – once the information is entered from both forms, TaxSlayer handles all of the calculations with 100% accuracy guaranteed. Learn more: How to File Taxes With a W2 and a 1099.