Self employment comes with the filing of many forms – so many tax forms and so little time!

In many states, like Michigan, there are forms to be filed for taxes on the business itself. What a pain this is! Fortunately, very few states have such a requirement. Actually, even worse, it means that you may have to consolidate all of the business activities in which you are involved and pay sales taxes, income taxes and payroll taxes all at the same time.

Every self employed person doing business in the United States or who is a United States citizen must pay taxes on the business income he or she earns. This is calculated on Schedule C of your Form 1040 tax return.

Self employed persons also must pay a self employment tax to the IRS. This is calculated and paid by using Schedule SE to Form 1040 of your tax return. The calculation is determined from your income on Schedule C. Online services and software like TurboTax make this calculation and generates this form you when you prepare the rest of your return.

The forms you need are typically available from the following sources: the IRS, the state government site for which you owe the tax, or TurboTax Online. Usually, the best way to obtain the forms is to use the internet. It is an easy, quick and reliable resource. You may also print forms as you complete them, or even blank forms to review before you file.

For the self employed, TurboTax Online offers valuable tips, forms and information for claiming business expenses and valuable deductions.