Anyone who is self-employed has likely received a Form 1099-NEC at some point in their career. Even if you are self-employed for a part of the year, you will receive a 1099-NEC from each client who paid you in excess of $600 during the year. Basically, this form is similar to a W-2, except it applies to those who work for themselves.
Income for self-employed individuals is classified by the IRS as any money received from a company with whom you are not an official employee.
When filing a return, you are required to include amounts from 1099-NEC onto Box 1 of Schedule C, Profit or Loss from Business, with your Form 1040.
Running your own business can get expensive, but luckily there are some costs that can be deducted. Any deductions must be deemed necessary, and can't be uncommon. The expense must be typical to your industry, and required to help your business run smoothly and efficiently.
If you have profited from your business, you may be subject to a self-employment tax, which includes Medicare and Social Security taxes. To determine the amount of the tax you have to pay, file Schedule SE, Self-Employment Tax, with your Form 1040.