When you work in the professional media circuit, such as a news reporter, you likely don’t mind being in the spotlight. However, you never want to attract the attention of the IRS for failure to file a correct tax return. Media professionals who work for a company ona regular basis and are considered an employee of the entity will receive a Form W-2, Wage and Tax Statement, which documents the income you earned through the tax year. If you are a freelancer, you may be considered self-employed.
Self employed media professionals won’t receive a W-2, but can instead expect a Form 1099-MISC, Misccellaneous Income. This form will document your self-employment income, and any net earnings over $400 are subject to self-employment tax. You may have to make estimated tax payments on a quarterly basis to cover the amount of self-employment income you report on Schedule C.