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SelfemployedMany taxpayers are self-employed and are required to report their income and expenses on Schedule C Profit or Loss From Business. Many will attach a Schedule C to their Form 1040 if they conducted business as a sole proprietor. This includes small "mom-and-pop" shops with the typical expenses such as inventory, advertising, and rent.

However, many are unaware that you may be required to file a Schedule C if you received a 1099-MISC. As a contractor, you will receive a 1099-MISC after providing services to another. Even if you have not established a business, as long as you provided services and received payment in excess of $600, you must report the amount earned to the IRS and state. The good news is that you may be able to deduct business expenses such as vehicle mileage and supplies. The Taxperts can prepare and file the appropriate forms necessary for you as a sole proprietor or contractor.