Question

Reginald is a carpenter who provided services to many different contractors. Ideally, he will provide his Tax Professional with __________.

His records as documentation of his income received.

The information to verify his income received from the different contractors.

Forms 1099-MISC received from the contractors for whom he provided services.

Copies of all of his paid invoices from customers and receipts for his expenses.

Answer 1

The definition of self employed as per IRS includes independent contractors and in this case Reginald is independent contractor providing his services different contractors

The self employed has to pay self employment tax for which the net profit or net loss from his business has to determined

So the Reginald has to provide his tax professional with copies of all of his paid invoices from customers and receipts for his expenses to determine net profit or loss and his liability of self employment tax