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What are the reporting requirements for self-employed people?
If you are self-employed and have net earnings of $400 or more in any taxable year, you must:
Complete Form 1040 (U.S. Individual Income Tax Return) including Schedule C (Farmers use Schedule F instead of Schedule C);
Complete Schedule SE (Computation of Social Security Self-Employment Tax); and
Send the return and schedules to IRS with the balance of any self-employment tax that is due.
Last Revised: March, 2001
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