TAX RESOURCES
Standard deduction 2026 (Taxes due April 15)
Filing status 2025 standard deduction
Single $16,100.
Married, filing separately $16,100.
Married, filing jointly; qualified widow/er $32,200.
Head of household $24,150.
Self-Employment Tax
You generally must pay self-employment tax and file Schedule SE (Form 1040 or 1040-SR) if either of the following applies:
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Your net earnings from self-employment are $2,000 or more (excluding church employee income).
What Is Self-Employment Tax?
Self-employment tax consists primarily of Social Security and Medicare taxes for individuals who work for themselves. It is similar to the Social Security and Medicare taxes that are generally withheld from employees’ paychecks.
The self-employment tax rate is 15.3%, consisting of:
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12.4% Social Security tax — Old-Age, Survivors, and Disability Insurance (OASDI)
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2.9% Medicare tax — Hospital Insurance (HI)
For 2025, the first $160,200 of combined wages, tips, and net earnings from self-employment is subject to the Social Security portion of these taxes, including any combination of Social Security tax, self-employment tax, or railroad retirement tax.
Form 1099-K and Other Income Reporting Forms
Businesses and individuals may receive various information returns reporting payments they received during the year. These may include:
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Form 1099-K — Payment Card and Third-Party Network Transactions
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Form 1099-NEC — Nonemployee Compensation
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Form 1099-MISC — Miscellaneous Information
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Other applicable information returns
Form 1099-K
Before 2022, Form 1099-K was generally issued for third-party network transactions when both of the following requirements were met:
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More than 200 transactions occurred during the year, and
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The total amount of those transactions exceeded $20,000.
The American Rescue Plan Act of 2021 changed the reporting requirements for third-party settlement organizations and payment networks. Taxpayers should review the current IRS requirements for the applicable tax year.
Form 1099-MISC
Generally, file Form 1099-MISC, Miscellaneous Information, for each person to whom your business paid:
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At least $10 in royalties or broker payments made in lieu of dividends or tax-exempt interest.
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At least $2000 for certain types of payments, including:
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Rents
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Prizes and awards
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Other income payments
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Medical and health care payments
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Crop insurance proceeds
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Cash payments for fish or other aquatic life purchased from someone engaged in the trade or business of catching fish
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Certain payments made under notional principal contracts
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Payments to attorneys
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Fishing boat proceeds
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Form 1099-NEC — Nonemployee Compensation
Businesses generally use Form 1099-NEC, Nonemployee Compensation, to report payments made during the year to individuals or businesses for services performed in the course of a trade or business.
Generally, Form 1099-NEC is required when you pay a person or business $2000 or more for:
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Services performed by someone who is not your employee
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Services that may include related parts and materials
Businesses should review the current IRS instructions for Form 1099-NEC to determine whether a payment is reportable and whether any exceptions apply.
Specific Instructions for Form 1099-NEC
File Form 1099-NEC, Nonemployee Compensation, for each person in the course of your business to whom you have paid the following during the year.
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At least $2000 in services performed by someone who is not your employee (including parts and materials)