Freelance Income: IRS Tax Requirements and Deductions
By IRS Small Business Office | 8 min read
Navigate freelance taxes with IRS guidance. Income reporting requirements, deductions, and quarterly payment rules.
Freelancers must report all income over $400 according to the IRS. Here's what you need to know: Use Schedule C to report business income and expenses, Pay quarterly estimated taxes if you owe $1,000 or more, Deduct legitimate business expenses like home office, equipment, supplies, and professional development. Keep detailed records of all income and expenses. Consider forming an LLC for liability protection and potential tax benefits.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)