Self-Employment Ledger

Self-Employment Ledger

Wed, 02/12/2020 - 16:52

Any accurate, detailed record of your self-employment income and expenses.

♦ It can be a spreadsheet, a document from an accounting software program, a handwritten "ledger" book, or anything that records all self-employment income and expenses.

You may be required to show the ledger when applying for coverage through the Marketplace.

• Most people are not asked to show this ledger unless self-employed income is a large portion of their income or their estimate is much higher than reported on the previous year's income taxes.

♦ CMS rule changes, pushed through by the Trump administration, in the first part of 2018 may require people to verify their income.

This would be especially true for people whose previous year's income was below the poverty level.

This rule change is seen as yet another obstacle the Trump administration is putting in place to discourage enrollment in Obamacare.

• Self-employed people could be affect the most. Keeping a ledger becomes even more important.