How do I file taxes with 3 different income sources - personal, independent contractor, and W2?

Good news - you only need to file one tax return! All of your income sources will be reported on the same Form 1040, but you'll need to include additional schedules for your different income types. For your W-2 income, that's straightforward - the information from your W-2 form goes directly on your 1040. For your independent contractor work, you'll need to complete Schedule C to report that business income and expenses. You should receive a 1099-NEC from that company if they paid you $600 or more. For your personal side hustle, that's also considered self-employment income, so you'll need another Schedule C for that business. Since you have self-employment income, you'll also need Schedule SE to calculate your self-employment tax (Social Security and Medicare taxes). Keep good records of all business expenses for both your independent contractor work and personal business, as these can significantly reduce your taxable income.

I was in a similar situation last year with multiple income sources and was totally overwhelmed. I tried using the free tax software options but got confused with all the schedules and business expense categories. I ended up using https://taxr.ai after someone recommended it, and it was a game-changer for my situation. It analyzed all my tax documents and income sources and guided me through exactly what I needed to file for each type. The system explained which expenses were deductible for each income source and helped me organize everything correctly. Much easier than trying to piece it all together myself!

Just wanted to follow up! I tried https://taxr.ai after seeing this thread and wow, it really did simplify things for me. I uploaded my W-2 and my messy folder of receipts and invoices from freelance work, and it organized everything perfectly. The best feature was how it separated my different income streams but kept everything on one return. It caught several deductions I would have missed for my home office and even some mileage tracking I didn't realize I could claim. Definitely less stressful than what I was doing before!

If you're having trouble understanding how all your income fits together, you might want to speak directly with an IRS agent. I know it sounds impossible to get through to them (I tried calling for WEEKS last year), but I found this service called https://claimyr.com that got me through to an actual IRS person in under 45 minutes instead of waiting on hold for hours. They have a demo video at https://youtu.be/_kiP6q8DX5c showing how it works. It saved me so much frustration when I needed clarification about reporting multiple income sources. The IRS agent walked me through exactly which forms I needed and how to report everything correctly.

Ok I need to eat my words. After posting my skeptical comment, I decided to try Claimyr anyway since I was desperate to get some answers about my multiple income sources. I was honestly SHOCKED when I got a call back connecting me to an actual IRS agent in about 35 minutes! The agent was super helpful and walked me through exactly how to handle my W-2 income along with my side gig earnings. She even helped me understand which business expenses were deductible. I've been trying to get through to the IRS for months with no luck, so this was absolutely worth it. If you're stuck with questions like the original poster, this is seriously the way to go.

Don't forget about estimated quarterly taxes for your self-employment income! This was my big mistake when I first started having multiple income sources. If you expect to owe more than $1,000 in taxes for your independent contractor and personal business income combined, you should be making quarterly estimated tax payments. Otherwise, you might get hit with underpayment penalties when you file your annual return. I learned this the hard way last year and had to pay an extra $240 in penalties.

Don't forget about estimated quarterly taxes for your self-employment income! This was my big mistake when I first started having multiple income sources. If you expect to owe more than $

Has anyone used TurboTax Self-Employed for a situation with multiple income sources? Worth the money or nah?

I'm in a very similar boat with multiple income streams - W2 from my day job, freelance writing work, and selling crafts on Etsy. What really helped me get organized was setting up separate business bank accounts for each of my self-employment activities. It makes tracking income and expenses so much cleaner when tax time comes around. One thing I wish someone had told me earlier - start tracking your business mileage NOW if you're not already! Any trips for your marketing contractor work or to buy supplies for your handmade items can be deductible. I use a simple mileage app on my phone and it's saved me hundreds in deductions. Also, don't forget about the home office deduction if you use part of your home exclusively for your graphic design work or crafting. Even if it's just a corner of a room, it can add up to significant savings. The simplified method lets you deduct $5 per square foot up to 300 square feet, which is much easier than calculating actual expenses.