Record Keeping for PSI: What Records Should You Keep?

Income is considered PSI when over 50% of the received income from a contract is a reward for your personal skills or efforts, rather than being produced by the sale of goods, the use of assets, or from a business structure. When checking out whether your income is PSI, you must pay attention to the income received from each contract separately. The terms and conditions of the contract, invoices and written agreements that have details about the work arrangement, are essential to check out if the income is PSI.

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Record Keeping for PSI: What Records Should You Keep

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