How do you do your taxes if you're a self-employed contractor?

Answer by  Cecilia (2828)

You have two choices, hire someone or buy the tax software. They will both walk you through Schedule C which is where you record your business income and expenses.

Answer by  Att4372 (1704)

First, you have to maintain a set of books to record income and expenses. You need to document any expeditures to deduct them on your taxes. Each year, you fill out a Schedule C (business) and attach it to your 1040. Also complete a form SE for FICA taxes.