6 Things You Need to Know About Taxes if You’re Self-Employed

You have to report income you receive even if you don’t get a 1099 for it.
You have to report all payments you receive in cash.
Any prizes, awards, or merchandise you receive are considered to be income.
If your net earnings from self-employment are over $400 you have to pay self-employment tax.
IRS Pub 334 “Tax Guide for Small Business” is loaded with helpful information and examples.
You’re allowed to deduct the expenses you have in running your business, but not every dollar you spend is considered an expense. IRS Pub 535 “Business Expense” has the details.