<prompt> Human: I am currently a CRNA working full time under W2. I am seeking a PRN job which is currently a 1099 contract. I am not sure about how to go about doing my taxes, 1099, incorporating myself. Is there someone I need to speak with or can I figure this all out on my own?  <response>: You dont have to incorporate in order to pay taxes on receiving 1099-MISC income. You can simply be a sole proprietor. Incorporating as an LLC is not so much a tax thing as a legal liability protection.IRS has PDFs of forms and instructions related to self-employment income, so you might be able to figure this out yourself.---Schedule C -- This is where you put your revenue the amount on the 1099-MISC you receive and you subtract deductible business expenses. Result is your profit. It goes onto 1040 line 12. When you have a W-2 job, your income goes as wages on 1040 line 7.Schedule SE -- This calculates your Social Security tax and Medicare tax. It applies to 92.35 of your Schedule C profit only. The total tax is 15.3, at least until you reach an income above 127.2K when Social Security stops getting taken. Results go onto 1040 line 57. You also get to put half this result onto 1040 line 27 as a deduction before computing income tax.Form 1040 -- When you are self-employed, you are not allowed to use Form 1040EZ or 1040A. Youd put your profit on line 12, your 12 SE tax deduction on line 27. If you make contributions to retirement plan such as Solo 401k they can be deducted on line 28. If your health insurance is set up in your name as a self-employed person you can deduct premiums on line 29. Income tax is determined on line 44. SE taxes are on line 57.---IRS wants you to be paying in your tax liability during the year. The amount they ask you to pay is related to what you anticipate your tax will be for the entire year. Paying in 90 of that is enough, or 100 of previous years total tax, whichever is smaller. Then you pay the rest in April. Instead of having withholding from paychecks, you pay in via 4 estimated tax payments with deadlines in mid-April, mid-June, mid-September, and mid-January. Theres a worksheet in a booklet called 1040-ES that helps you figure the amount out.Estimated tax payments dont have to be perfect; at tax time when you know your real values for profit, you figure out your actual tax, subtract any payments youve made, and determine what remains to be paid, or you get a refund if you overpaid.---Go to to find the documents described above. Each form has its own instructions. Details about business expenses are in Publication 535 Details about estimated taxes are in Publication 505 