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Question
If I received a travel reimbursement as a contractor do I need to report that as self employment income?
AI accountant’s answer:
If your travel reimbursement is a non-accountable plan (meaning it isn't tied to specific, documented business expenses), then it is typically considered taxable income and should be reported on your Schedule C along with your other self-employment income. However, if the reimbursement is provided under an accountable plan (where reimbursements are based on substantiated business expenses), then it is generally not considered taxable income, and you wouldn't need to report it on your Schedule C. To qualify as an accountable plan, the reimbursement must meet these three criteria: 1. The expenses have a business connection (they're incurred while performing your services as a contractor). 2. You must adequately account for these expenses within a reasonable period of time (usually within 60 days). 3. You must return any excess reimbursement or allowance within a reasonable period of time (usually within 120 days). If you're unsure whether your reimbursement is part of an accountable or non-accountable plan, check with the party who provided the reimbursement for clarification.
Comment from reviewer
Michael Eaton, CPA
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started