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If you are self-employed, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS:
► Self-employment can include income you received for part-time work. This is in addition to income from your regular job.
► You must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with your Form 1040. You may use Schedule C-EZ if you had expenses less than $5,000 and meet certain other conditions. See the form instructions to find out if you can use the form.