Tax Knowledge Built for the Self-Employed

Most freelancers leave money on the table every year by not knowing every deduction available to them. From home office and mileage to health insurance, retirement contributions, and the half-SE-tax deduction, this guide covers every write-off — how to claim it, what records you need, and why it’s worth far more to a self-employed worker than to a salaried employee.

The 1099-NEC comes from your clients. The 1099-K comes from payment platforms like PayPal, Upwork, and DoorDash. Getting them confused — or adding them together — can mean reporting the same income twice and overpaying your taxes. This guide explains both forms, the threshold changes that have caught millions of gig workers off guard, and exactly how to report each one on Schedule C.

Schedule C is the form that every freelancer, contractor, and gig worker must file to report business income and claim deductions. Your net profit on Line 31 determines your self-employment tax, your income tax bracket, and how much you owe. This guide walks through every section — Part I through Part V — in plain English, line by line, so you know exactly what goes where.

A self-employed worker can legally shelter far more money from taxes each year than a salaried employee — yet most freelancers save nothing for retirement. A SEP-IRA lets you contribute up to 25% of net income. A Solo 401(k) can let you shelter even more at lower income levels. This guide compares both options head-to-head, shows you which one wins at your income level, and explains how to open an account today.