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Tax Trails - May I Use Short Schedule SE or Must I Use Long Schedule SE?

Are you using one of the optional methods* to figure your net earnings?

Yes       No

*There are two optional methods for figuring net earnings from self-employment: the nonfarm optional method and the farm optional method.  For more information on these methods, see Publication 334, Tax Guide for Small Business.

Using an optional method could increase your self-employment tax. Paying more self-employment tax could result in you receiving higher benefits when you retire or increase the amount of certain tax credits such as the earned income credit.

 

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Page Last Reviewed or Updated: 01-Jan-2014