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J.K. Lasser's Guide to Self-Employment

J.K. Lasser's Guide to Self-Employment Taxes, Tips, and Money-Saving Strategies for Schedule C Filers

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118811436
  • Published In: October 2013
  • Format: Paperback , 192 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    Tax facts and strategies every self-employed person needs to know

    If you're thinking about starting a business, or have already begun one, you are not alone. There are more than 23 million workers who are already self-employed and file Schedule C to report their income and expenses.

    As a self-employed person you have to handle many, if not all, of the aspects of running your business. J.K. Lasser's Guide to Self-Employment is intended to help you with some business aspects with which you may not be familiar—but which have a great impact on your bottom line. It skillfully focuses on taxes as well as many legal and financial matters that may pertain to your business.

    Informative and accessible, J.K. Lasser's Guide to Self-Employment is designed for you, the self-employed person working alone as a service provider, to help pin down all of the tax breaks to which you may be entitled. Divided into three comprehensive parts, this reliable resource will help you:

    • Learn the basics of tax reporting: from what it means to be self-employed and an overview of what you have to report—as well as where and when—to becoming familiar with Schedule C
    • Discover the various types of deductions and credits you can claim to reduce revenue that's taxed
    • Become familiar with an array of planning strategies that you can use to make better business decisions throughout the year as well as other strategies you can employ as your business grows
    • And much more

    Don't be intimidated by taxes and other responsibilities of being self-employed. Instead, embrace the opportunities that a better understanding of tax, legal, and financial responsibilities can produce. Let J.K. Lasser's Guide to Self-Employmentshow you how.

    Don't forget to view the free online supplement to this book at JKLasser.com for late tax changes made by Congress and other up-to-the-minute developments.

  • Acknowledgments ix

    Introduction xi

    Part 1 Self-Employment Basics 1

    1. Being Self-Employed and On Your Own 3

    What Does Self-Employment Mean? 4

    Legal Consequences of Self-Employment 6

    Practical Issues in Self-Employment 7

    Tax Terminology 8

    Being 1099ed 8

    What's Ahead 9

    2. Getting Set Up for Tax Reporting and Business Operations 11

    Preliminaries 12

    Keeping Books and Records for Tax Reporting 12

    Business Reasons for Recordkeeping 15

    Tax ID Number 15

    Tax Year 16

    Accounting Method 17

    Decide Your Business Name 19

    What's Your IP? 21

    Obtain Licenses, Permits, and Permission 22

    What's Ahead 23

    3. Using Schedule C 25

    Tax Filing on Schedule C 25

    When, Where, and How to File 31

    What's Ahead 32

    Part 2 Reporting Income and Expenses 33

    4. Reporting Your Income 35

    Payment Types Don't Matter 36

    Alternative Payments 37

    Where to Report Payments 39

    What to Do about 1099s 40

    What to Do When You Don't Get Paid 42

    Losses 42

    What's Ahead 46

    5. Writing Off T&E Expenses 47

    Vehicle Expenses 48

    Local Transportation 54

    Business Meals and Entertainment 54

    Business Travel 57

    Business Gifts 59

    Strategies for Saving on T&E Costs 60

    What's Ahead 60

    6. Deducting Office-Related Costs 63

    Rental Expenses 63

    Home Office Use 66

    Materials and Supplies 75

    Furniture and Fixtures 76

    Computer-Related Costs 80

    Insurance 82

    Utilities 82

    Miscellaneous Office-Related Costs 83

    What's Ahead 84

    7. Claiming Deductions A to Z 85

    Advertising Costs 86

    Bad Debts 88

    Banking Fees 88

    Casualty and Theft Losses 88

    Charitable Contributions 89

    Dues 91

    Education Expenses 92

    Impairment-Related Expenses 92

    Interest 93

    Legal and Professional Fees 94

    Licenses and Regulatory Fees 95

    Materials and Supplies 95

    Moving Expenses 95

    Payments for Outsourced Workers 97

    Penalties, Fines, and Damages 98

    Repayment of Income 99

    Startup Costs 99

    Subscriptions 100

    Supplies 100

    Taxes 101

    Utilities 101

    Checklist of Nondeductible Expenses 102

    What's Ahead 102

    8. Protecting Yourself with Medical Coverage and Retirement Savings 103

    Medical Insurance 104

    Health Savings Accounts 109

    Tax Deduction for Health Coverage 111

    Retirement Savings 112

    SEPs 113

    Solo 401(k)s 115

    Pension Plans 117

    IRAs 118

    Roth IRAs 119

    Strategies for Retirement Savings 120

    What's Ahead 121

    9. Taking Tax Credits 123

    Business-Related Tax Credit 123

    Personal Credits Arising from Business 126

    What's Ahead 130

    Part 3 Strategies for Your Business 131

    10. Paying Your Taxes 133

    Self-Employment Tax 133

    Additional Medicare Tax on Earned Income 136

    Additional Medicare Tax on Net Investment Income 137

    Estimated Taxes 138

    When You Pay Estimated Taxes 138

    Sales Taxes 141

    What's Ahead 142

    11. Strategizing Year-Round for Tax Savings 143

    Tax-Savvy Business Decisions 144

    Year-End Planning 146

    Post-Year Tax Elections 148

    Lease Instead of Buy? 150

    Don’t Overlook Carryovers 150

    Audit-Proof Your Return 151

    What's Ahead 153

    12. Strategies as Your Business Grows 155

    Moving to Larger Quarters 155

    Hiring Employees 157

    Changing Legal Status 160

    Selling the Business 161

    Final Thoughts 162

    Index 165

  • Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's Small Business Taxes and J.K. Lasser's 1001 Deductions and Tax Breaks. She is also the publisher of Idea of the Day®, a guest columnist for WSJ.com and contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Moneymagazine), and hosts Build Your Business radio. 

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