You would keep track of your income and report the full amount on Schedule C of your 1040. If you have any expenses involved in earning the income, you could deduct them here also. You would also need to complete Schedule SE to report the self-employment tax on the profit as shown on Schedule C. The bottom line on both of these schedules flow through and are shown on your 1040 on lines 12 and 56 respectively. You can also take a deduction for half the self-employment tax on line 27 of the 1040.

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