You will report your income and may deduct qualified expenses.
- you may report all business income and expenses -
on the schedule C -
The net income (after deductions) will be reported on the form 1040 line 12 -
If the business has net income over $400, it may be required to file Schedule SE, Self-Employment Tax
and net self-employment income is subject to 15.3% self-employment tax.
Self-employment taxes from schedule SE will go to the form 1040 line 57 -
Also - you will deduct half of self-employment taxes on the line 27.
Generally - that all you needs tax purposes.
Let me know if you need any help with reporting.