Self-Employment Income

Self-employment income refers to the money earned by individuals who work for themselves rather than being employed by a company. This includes profits from a business, fees for services provided, or income from freelance work. Unlike employees, self-employed individuals are responsible for tracking their earnings and paying their own taxes. This income can vary greatly, depending on the nature of the work and market demand. It's essential for self-employed individuals to keep accurate records of their income and expenses to help determine their taxable income and comply with tax regulations.