Self-Employment Taxes
The most frequently asked tax questions related to Self-Employment Taxes
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Answer Tax QuestionsAre the royalties I received for writing a book subject to self-employment taxes ?
Asked Monday, November 27, 2000 by an anonymous user
The Royalty checks for writing a book is considered income subject to self-employment tax if the recipient can be considered to be regularly engaged in that business or profession and will report this activity on a Schedule C.
The Royalty checks for writing a book is not considered income subject to self-employment tax if the recipient writes only one book as a sideline and will report this activity on a Schedule E
The Royalty checks for writing a book is not considered income subject to self-employment tax if the recipient writes only one book as a sideline and will report this activity on a Schedule E
As a self-employed individual , how long should I keep my records ?
Asked Tuesday, October 24, 2000 by an anonymous user
As a self-employed individual, you should keep your payroll records for seven years, business income and deduction records for six years after the tax return is filed, and copies of your business tax returns should always be kept.
