Calculate total taxes on 1099 freelance income. See self-employment tax, federal tax, effective rate, and quarterly estimates.
A 1099 is a tax form reporting income other than wages. 1099-NEC reports freelance/contractor payments of $600+. You're responsible for your own taxes, including self-employment tax.
Yes. Legitimate business expenses reduce your taxable income. Common deductions include home office, equipment, software, travel, professional development, and health insurance premiums.
If you expect to owe $1,000+ in taxes, you should make quarterly estimated payments to avoid underpayment penalties.