Your adjusted gross income (AGI) is an important number come tax time, especially if you're planning to e-file. Not only does it impact the tax breaks you’re eligible for—your AGI is now also a kind of identification.
The Schedule C is like a profit-and-loss statement. Total revenue from all of the 1099-NEC forms is reported, along with expenses, to calculate the actual net income for the year. The self-employed person has the tax benefit of being able to subtract any and all business-related expenses...