The 1040 Form, also known as the U.S. Individual Income Tax Return, is the main tax form that individuals use to file their annual income tax return with the Internal Revenue Service (IRS). Freelancers, like all taxpayers, are required to file a 1040 Form if they meet certain income and filing status thresholds.
Freelancers should pay close attention to the 1040 Form as it is the primary document used to report their income and tax liability to the IRS. The form requires taxpayers to report all sources of income, including income earned from freelance work, and to calculate their tax liability based on that income.
In addition to reporting income, the 1040 Form also allows taxpayers to claim various deductions, credits, and other tax benefits that can help reduce their tax liability. For freelancers, this can include deductions for business expenses, such as office supplies, travel expenses, and professional development courses, among others.
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