Self employment income is income earned from a trade or business that you run, typically reported on Schedule C. It includes income from freelancing.

1099-MISC is a variant of Form 1099 used to report miscellaneous income. This could be for services rendered by someone who is not an employee, rent payments, prizes, medical payments, and more. It's used for amounts less than $600.

A tax write-off refers to a legitimate expense that can be deducted from taxable income. Freelancers can write off a variety of business expenses, such as home office expenses, supplies, and travel.

This is an IRS form that sole proprietors (and some LLCs) use to report income or loss from a business. Freelancers usually file a Schedule C.

The Qualified Business Income (QBI) deduction is a tax deduction for eligible small businesses and self-employed individuals (including freelancers). It allows you to deduct up to 20% of your qualified business income from your taxable income.

These are costs incurred in the ordinary course of business. Freelancers can deduct business expenses that are necessary and ordinary, such as office supplies, software subscriptions, or professional development costs.

For freelancers, bookkeeping involves keeping track of income and expenses to accurately report them to the IRS. Good bookkeeping can help with tax deductions, avoid audits, and provide an accurate view of the financial health of the freelance business.

A tax audit is a review of an individual's or organization's tax return by the IRS to verify that income and deductions are accurate. It's relatively rare for freelancers but can be triggered by various factors like high income or large deductions.

This is the tax paid by individuals who work for themselves, such as freelancers. It's similar to the combined employee and employer portion of the Social Security and Medicare tax that employees pay.

The 1099-NEC form is an IRS tax form used by businesses to report payments of $600 or more made to independent contractors or freelancers. It replaced box 7 on the 1099-MISC form for reporting nonemployee compensation starting from the tax year 2020.

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