2010_CCH_Essentials_Chapter_07

2010_CCH_Essentials_Chapter_07 - CCH Essentials of Federal...

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Chapter 7 Self-Employment ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. Chicago, IL 60646-6085 www.CCHGroup.com CCH Essentials of Federal Income Taxation
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CCH Essentials of Federal Income Taxation 2 of 16 Accounting Methods Cash method Taxpayers report income when they actually or constructively receive it. Accrual method Income includes amounts earned or accrued but not received; expenses include liabilities incurred but not paid. Chapter 7
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CCH Essentials of Federal Income Taxation 3 of 16 Examples of Self-Employment Income Consulting fees Director’s fees Earnings of a registered nurse or licensed practical nurse employed directly by the patient Fees charged by a child- care provider, unless services are provided in the parent’s home Earnings of a newspaper vendor over age 17 Fees earned by a clergy member or a Christian Science practitioner General partner’s distributive share of partnership income and loss Guaranteed payments to a partner Fees earned by a professional executor Commissions earned by a real estate agent Royalties received by an author Chapter 7
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CCH Essentials of Federal Income Taxation 4 of 16 Examples of Income Other Than Self-Employment Dividends, unless a dealer in securities Earnings of a corporate employee, even if a 100% shareholder of the corporation Fees earned from an occasional lecture Gains and losses on the sale of property Interest Real estate rentals, unless a real estate dealer Payment to a registered nurse or licensed nurse by an agency, doctor, or hospital Wages and tips received for services performed as an employee Wages of a newspaper carrier or vendors under age 18 Chapter 7
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2010_CCH_Essentials_Chapter_07 - CCH Essentials of Federal...

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