What income do I report for tax purposes?
I file schedule C for self employed. I pay full social security. I also contribute to Traditional IRA for retirement savings, since I don't have a pension plan. How do I figure out what income to report on my taxes?
Montgomery County Maryland
It is somewhat difficult to respond to your question. Is self-employment income your only source of income? To what entity are you paying social security? Nornally you report income from ALL sources on your tax return, then determine expenses and credits that might apply.
Being self-employed, you might want to consider a SIMPLE Plan as a potential retirement plan.