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

Book Description

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-Employment show 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.

    Table of Contents

    1. Cover Page
    2. Title Page
    3. Copyright
    4. Dedication
    5. Contents
    6. Acknowledgments
    7. Introduction
      1. About This Guide
    8. PART 1: Self-Employment Basics
      1. CHAPTER 1: Being Self-Employed and On Your Own
        1. What Does Self-Employment Mean?
        2. Legal Consequences of Self-Employment
        3. Practical Issues in Self-Employment
        4. Tax Terminology
        5. Being 1099ed
        6. What's Ahead
      2. CHAPTER 2: Getting Set Up for Tax Reporting and Business Operations
        1. Preliminaries
        2. Keeping Books and Records for Tax Reporting
        3. Business Reasons for Recordkeeping
        4. Tax ID Number
        5. Tax Year
        6. Accounting Method
        7. Decide Your Business Name
        8. What's Your IP?
        9. Obtain Licenses, Permits, and Permission
        10. What's Ahead
      3. CHAPTER 3: Using Schedule C
        1. Tax Filing on Schedule C
        2. When, Where, and How to File
        3. What's Ahead
    9. PART 2: Reporting Income and Expenses
      1. CHAPTER 4: Reporting Your Income
        1. Payment Types Don't Matter
        2. Alternative Payments
        3. Where to Report Payments
        4. What to Do about 1099s
        5. What to Do When You Don't Get Paid
        6. Losses
        7. What's Ahead
      2. CHAPTER 5: Writing Off T&E Expenses
        1. Vehicle Expenses
        2. Local Transportation
        3. Business Meals and Entertainment
        4. Business Travel
        5. Business Gifts
        6. Strategies for Saving on T&E Costs
        7. What's Ahead
      3. CHAPTER 6: Deducting Office-Related Costs
        1. Rental Expenses
        2. Home Office Use
        3. Materials and Supplies
        4. Furniture and Fixtures
        5. Computer-Related Costs
        6. Insurance
        7. Utilities
        8. Miscellaneous Office-Related Costs
        9. What's Ahead
      4. CHAPTER 7: Claiming Deductions A to Z
        1. Advertising Costs
        2. Bad Debts
        3. Banking Fees
        4. Casualty and Theft Losses
        5. Charitable Contributions
        6. Dues
        7. Education Expenses
        8. Impairment-Related Expenses
        9. Interest
        10. Legal and Professional Fees
        11. Licenses and Regulatory Fees
        12. Materials and Supplies
        13. Moving Expenses
        14. Payments for Outsourced Workers
        15. Penalties, Fines, and Damages
        16. Repayment of Income
        17. Startup Costs
        18. Subscriptions
        19. Supplies
        20. Taxes
        21. Utilities
        22. Checklist of Nondeductible Expenses
        23. What's Ahead
      5. CHAPTER 8: Protecting Yourself with Medical Coverage and Retirement Savings
        1. Medical Insurance
        2. Health Savings Accounts
        3. Tax Deduction for Health Coverage
        4. Retirement Savings
        5. SEPs
        6. Solo 401(k)s
        7. Pension Plans
        8. IRAs
        9. Roth IRAs
        10. Strategies for Retirement Savings
        11. What's Ahead
      6. CHAPTER 9: Taking Tax Credits
        1. Business-Related Tax Credit
        2. Personal Credits Arising from Business
        3. What's Ahead
    10. PART 3: Strategies for Your Business
      1. CHAPTER 10: Paying Your Taxes
        1. Self-Employment Tax
        2. Additional Medicare Tax on Earned Income
        3. Additional Medicare Tax on Net Investment Income
        4. Estimated Taxes
        5. When You Pay Estimated Taxes
        6. Sales Taxes
        7. What's Ahead
      2. CHAPTER 11: Strategizing Year-Round for Tax Savings
        1. Tax-Savvy Business Decisions
        2. Year-End Planning
        3. Post-Year Tax Elections
        4. Lease Instead of Buy?
        5. Don't Overlook Carryovers
        6. Audit-Proof Your Return
        7. What's Ahead
      3. CHAPTER 12: Strategies as Your Business Grows
        1. Moving to Larger Quarters
        2. Hiring Employees
        3. Changing Legal Status
        4. Selling the Business
        5. Final Thoughts
    11. Index