Freelancer tax guide 2002

Freelancer tax guide 2002

Quick summary:

1. Form 1099-MISCAlso referred to as the Miscellaneous Income tax form, this is the tax form used to calculate tax liability as a freelancer.

2. The two tax forms you may already be aware of are the W-2 tax form, which is received through traditional employment, and the 1040 form, which is the standard U.S. Individual Income Tax Return.

3. If you make a substantial amount of income as a contractor or freelancer, or if you freelance full time, you are required to declare that income on your 2021 tax return and make quarterly tax payments to the IRS.

4. Form 1040-ESThis is the form you use to pay quarterly estimated taxes, which is an option some freelancers take to split up their taxes over four separate payments throughout the year

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