It’s February. By now you should have all your 1099s from your clients. If not, contact them immediately so you can get your taxes done.
First, look at how much you made. Review the amounts on your 1099s. Then look at how you can deduct expenses to reduce your taxable income.
Freelance Switch has a good list of tax deductions. Don’t forget that you can deduct income taxes paid in 2007.
Also, there’s more taxes tips for freelancers on Mint.com’s blog.
Lastly, check out the IRS’ 1040 Central for news on Earned Income Tax Credit and eFiling.