E-file Self employed Tax Returns

[GermanB]

Hello,

This tax season will be first year preparing taxes on my own. I have prior experience but for the company I use to work I was not task to file self employed tax returns, I have minimal training on self employed tax returns. My questions is, where can I get some training on e-filing self employed taxes. I have had some potential clients who do not have either W2 or 1099 and would like to report earn income and file 2021 taxes. Any advice and suggestions are welcome. 

Happy New Year 

[abctax55]

SE taxes flow to the Form 1040 via a Sch C, Sch F or a partnership K-1 that has SE income reported.

There is no *separate* efiling of just SE taxes - it tags along with the Form 1040 when it is filed via Sch. SE.

TheTaxBook has some excellent basic tax prep courses.

[GermanB]

Thank you Abctax55.

[qbteachmt]

"who do not have either W2 or 1099"

A bit of precaution...

W2: watch out for those that bring you a W2 because they paid themselves through payroll, but are operating as a Sole Proprietor or Single Member LLC. You might want to read up on how to unwind that error.

1099: you don't need a 1099 (NEC or K). What they need to do is give you their total business financial activities, not just the 1099 data. If someone wants you to file for their business activities using only their 1099 reporting, you need to do some due diligence.

[TaxGuyBill]

It sounds like you are wanting to learn the general how to prepare a tax return for a self employed person, rather than how to use the software for it.  Is that correct?

If so, reading IRS Publication 334 is very important.  Don't hurry through it; take your time and understand what it is saying, even if you need to read it multiple times.  Also, read the Instructions for Schedule C and Schedule SE.

After reading those, if you have any specific questions about something, feel free to come back and ask.

And when you are preparing a self employed client's tax return, if you are unsure of something, don't just guess.  First, research it it (Publication 334 and Google are great), and if you still are unsure, you can come back to a forum and ask any specific questions.

https://www.irs.gov/pub/irs-pdf/p334.pdf

https://www.irs.gov/pub/irs-pdf/i1040sse.pdf

https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

[GermanB]

Thank you. I will do some reading and due diligence. I appreciate the advice and response. 

[GermanB]

Thank you Bill,

In the past 3years I have worked with software, my main clients were personal taxes with either a W2 or 1099 or sometimes both; since I decided to take the leap into working on my own this tax season I encounter a few potential clients who have work independently through the whole year who received cash payments or checks. 

I will definitely read up on the IRS links you provided. 

[janine]

In irs. Gov. There are a few videos about self employed individuals. It can give you a lot of information in the subject. 
you can get in there thru your tax pro portal and look for recorded videos. 
Make sure you do a thorough interview. Get to know your client and the kind of business he/she’s reporting.

[George4Tacks]

@GermanB  check out training at https://proconnect.intuit.com/training/software-webinars/  and https://www.cpaacademy.org/archived_show/a0D2S00000i1X5iUAE

along with many other Schedule C training courses out there. Get started now!!!  You will need PTIN hours, so do them in what you are weak on.  

When I started we used two Publications 17 and 334

I would even suggest you get actual paper copies to have by your side  https://www.irs.gov/forms-pubs/forms-and-publications-by-us-mail