👋 Start Here – Read First Welcome to the US Self-Employed Tax Community This group helps U.S. self-employed people, freelancers, and gig workers understand IRS tax documents in clear, plain English. This is an educational community only. ✅ What This Community Is 📄 Explaining what IRS documents say 📊 Breaking down forms like 1099-K, 1099-NEC, Schedule C 🧾 Understanding deductions, income reporting, and records 🔗 Sharing official IRS resources 🚫 What This Community Is NOT ❌ No tax advice ❌ No “what should I do?” answers ❌ No personal filing decisions ❌ No CPA replacement If you need personal advice, contact the IRS or a qualified tax professional. ❓ How to Ask Questions Here Good questions look like this 👉 “How do IRS documents describe Form 1099-K?” 👉 “Where does the IRS explain quarterly estimated taxes?” 👉 “What does Publication 334 say about deductions?” Questions we can’t answer 🚫 “Do I owe taxes?” 🚫 “How much should I pay?” 🚫 “What should I file?” 🌐 Free IRS-Based Resource We also run a free educational site based only on IRS documents... https://taxguidehq.com Use it to read guides, understand forms, and explore IRS-sourced explanations. ⚠️ Disclaimer (Required) This community provides general educational information based on official IRS publications only.It is not tax or legal advice. Tax situations vary, and individuals should consult the IRS or a qualified tax professional for guidance specific to their circumstances. 👉 Next Step Introduce yourselfBrowse the pinned contentAsk document-based questions You’re in the right place.

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The IRS describes Form 1099-K as an information return used to report certain payment transactions processed through payment cards and third-party payment networks. How the IRS Describes Form 1099-KIRS publications and instructions explain that Form 1099-K is issued by payment settlement entities, such as payment card companies and third-party network organizations, to report the gross amount of reportable payment transactions for a calendar year. These documents describe Form 1099-K in the context of: - Credit and debit card transactions - Payments processed through third-party networks (such as online platforms and payment apps) - Amounts received for goods or services through these systems IRS guidance explains that Form 1099-K is used to report payment activity and to assist in determining taxable income, depending on the nature of the transactions involved. IRS documents also distinguish Form 1099-K from other information returns, such as Forms 1099-NEC and 1099-MISC, based on how the payments are processed. Where the IRS Provides Details - Instructions for Form 1099-K - IRS Publication 525, Taxable and Nontaxable Income - IRS General Instructions for Certain Information Returns - IRS.gov/1099K resources and FAQs Disclaimer: This information is based on official IRS publications and is provided for educational purposes only. It is not tax or legal advice. Tax situations vary, and individuals should consult the IRS or a qualified tax professional for guidance specific to their circumstances. - 1099-K vs 1099-NEC – what IRS documents say - Why did I receive a 1099-K this year? - Where the IRS explains 1099-K reporting changes - Further reading (official IRS-based guide): - - 👉 Full 1099-K explanation for self-employed workers (taxguidehq.com)

IRS documents describe business deductions as ordinary and necessary expenses paid or incurred while carrying on a trade or business. “Ordinary” is described as common and accepted in the relevant industry, and “necessary” is described as helpful and appropriate for the business activity. What IRS Documents Describe IRS publications and form instructions explain that deductible business expenses must meet both the ordinary and necessary standard. These rules are discussed primarily in the Instructions for Schedule C (Form 1040) and in IRS Publication 334, Tax Guide for Small Business. IRS documents also explain that personal, living, and family expenses are not deductible as business expenses. Capital expenses, such as many equipment purchases, are generally not deducted all at once; instead, IRS guidance describes recovering these costs over time through depreciation or amortization, depending on the type of property and circumstances. The Schedule C Instructions list categories of expenses that may be deductible when they meet IRS requirements. These categories include, among others, advertising, car and truck expenses, commissions and fees, contract labor, depreciation, employee benefit programs, insurance, interest, legal and professional services, office expenses, rent, repairs and maintenance, supplies, taxes and licenses, travel, utilities, wages, and certain business meals. IRS guidance also describes special rules for specific expense types. These include home office expenses, cost of goods sold, health insurance for self-employed individuals, and expensing or depreciating qualifying property. IRS documents direct readers to additional publications and forms for these topics, depending on the nature of the expense. IRS materials emphasize that proper classification, recordkeeping, and documentation are important considerations when determining whether an expense meets the requirements described in IRS guidance. Where to Find Details IRS documents that explain business deductions include:

IRS documents describe quarterly estimated taxes as periodic payments made during the year toward income tax and, where applicable, self-employment tax. These payments are intended to cover tax on income that is not subject to regular withholding. What IRS Documents Describe: IRS publications and instructions explain that estimated tax applies to income such as self-employment income, interest, dividends, capital gains, rental income, and other income not fully covered by withholding. IRS guidance frames estimated tax as part of the “pay-as-you-go” tax system, where tax is paid throughout the year rather than only when a return is filed. IRS materials explain that individuals use Form 1040-ES, Estimated Tax for Individuals, to calculate and submit estimated tax payments. The form and its instructions describe an Estimated Tax Worksheet used to project expected income, adjustments, credits, and total tax for the year. IRS documents explain that the calculated annual amount is typically divided into multiple payments during the year. IRS guidance also discusses that estimated tax payments are generally made in four installments across the tax year. The due dates and methods of payment are described in Form 1040-ES instructions and related IRS publications. IRS documents further explain that making sufficient estimated payments, combined with any withholding, is relevant to determining whether an underpayment applies. IRS materials emphasize that estimated tax rules and thresholds may vary by year and circumstance, and direct readers to review the instructions applicable to the specific tax year involved. Where to Find Details: IRS publications and resources that explain quarterly estimated taxes include: - Form 1040-ES, Estimated Tax for Individuals - Instructions for Form 1040-ES - IRS Publication 505, Tax Withholding and Estimated Tax - IRS Publication 334, Tax Guide for Small Business - IRS Estimated Tax FAQs (IRS.gov) Related IRS Explanations