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TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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I do contract work for an employer who pays monthly and gives

Resolved Question:

I do contract work for an employer who pays monthly and gives the money owed one month later. Till December 31 he hasn't paid the money for Nov and Dec 09 as of yet. Is this income if received, considered taxable for year 2009 ?
Submitted: 4 years ago.
Category: Tax
Expert:  TaxMomNJ replied 4 years ago.

Customer,

 

Whether or not this is taxable income for your 2009 tax return depends. Independent contractors can opt to pay taxes on a calendar year or a fiscal year. If you have already opted calendar year, you will pay taxes on this income when you file your 2010 taxes. If you are running on a fiscal year, you will pay taxes for whichever year it is to be included (depending on when your fiscal year ends).

 

You can find more information about this in Pub 334, on page 12, located here: http://www.irs.gov/app/vita/globalmedia/p334.pdf.

 

Please let me know if I can assist you further.

TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
TaxMomNJ and other Tax Specialists are ready to help you

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