Details

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

Taxes, Strategies, and Money-Saving Tips for Schedule C Filers
J.K. Lasser 2. Aufl.

von: Barbara Weltman
14,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	04.12.2019
ISBN/EAN:	9781119669586
Sprache:	englisch
Anzahl Seiten:	208

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Beschreibungen

Titelbeschreibung

What every self-employed person needs to know about their taxes! If you’re self-employed, chances are the majority of your time is spent finding new customers or clients, servicing existing ones, and handling each and every aspect of your business. Freelancers, independent contractors, gig economy participants, and other individuals working for themselves need to be aware of their responsibilities when it comes to paying their taxes. Even if you have an accountant or use tax preparation software, you may not be aware of all the deductions and credits you are entitled to. That’s where the experts at J.K. Lasser come in. The second edition of J.K. Lasser's Guide to Self-Employment helps you file your taxes correctly, accurately, and on time. Using clear, jargon-free language, this bestselling guide explains the legal and financial implications of self-employment and shows you how to keep as much of your hard-earned money as legally possible. You will learn the essentials of tax reporting and see what types of valuable tax-saving deductions and credits you can claim. Fully updated to reflect changes in the tax code, this new edition features practical examples, easy-to-use worksheets, real-world tips, expert advice, and much more. A must-have resource for anyone who fills out a Schedule C at tax time, this book: <ul> <li>Offers effective strategies for reducing your tax bill and increasing your cash flow</li> <li>Presents a detailed overview of the Schedule C that explains when, where, and what to file</li> <li>Explains how to protect yourself on a tax-advantaged basis with insurance, health coverage, and retirement plans</li> <li>Features advice on growing your business through technology and education programs</li> <li>Provides new and updated information on the qualified business income deduction, getting certified for government contracts, recent legislation that protects freelancers, and more </li> </ul> Don’t let being a solopreneur and filing your taxes be a source of stress and anxiety for you and your business. J.K. Lasser's Guide to Self-Employment: Taxes, Strategies, and Money-Saving Tips for Schedule C Filersis here to help.

Inhaltsverzeichnis

Preface 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 9 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 14 Tax ID Number 14 Tax Year 17 Accounting Method 17 Decide Your Business Name 20 What’s Your IP? 21 Obtain Licenses, Permits, and Permission 23 What’s Ahead 24 3. Using Schedule C 25 Tax Filing on Schedule C 25 When, Where, and How to File 30 What’s Ahead 31 Part 2 Reporting Income and Expenses 33 4. Reporting Your Income 35 Payment Types Don’t Matter 36 Alternative Payments 38 Where to Report Payments 39 What to Do about 1099s 40 What to Do When You Don’t Get Paid 42 Losses 43 What’s Ahead 46 5. Writing Off Vehicle, Travel, Meals, and Gifts Expenses 49 Vehicle Expenses 50 Local Transportation 56 Business Meals 56 Business Travel 59 Business Gifts 61 Strategies for Saving on Travel Costs 61 What’s Ahead 62 6. Deducting Office-Related Costs 65 Rental Expenses 65 Home Office Use 68 Materials and Supplies 79 Furniture and Fixtures 80 Computer-Related Costs 84 Insurance 86 Utilities 86 Miscellaneous Office-Related Costs 87 What’s Ahead 88 7. Claiming Deductions A to Z 89 Advertising Costs 90 Bad Debts 91 Banking Fees 92 Casualty and Theft Losses 92 Charitable Contributions 93 Dues 95 Education Expenses 96 Impairment-Related Expenses 96 Interest 97 Legal and Professional Fees 98 Licenses and Regulatory Fees 99 Materials and Supplies 99 Moving Expenses 99 Payments for Outsourced Workers 100 Penalties, Fines, and Damages 101 Repayment of Income 102 Startup Costs 102 Subscriptions 103 Supplies 103 Taxes 103 Utilities 104 Checklist of Nondeductible Expenses 104 What’s Ahead 105 8. Protecting Yourself with Medical Coverage and Retirement Savings 107 Medical Insurance 108 Health Savings Accounts 111 Tax Deduction for Health Coverage 113 Retirement Savings 114 SEPs 116 Solo 401(k)s 118 Pension Plans 121 IRAs 121 Roth IRAs 122 Strategies for Retirement Savings 123 What’s Ahead 124 9. Taking Tax Credits 127 Business-Related Tax Credit 127 Personal Credits Arising from Business 130 What’s Ahead 134 10. Claiming Your Tax Bonus 137 General Rules 137 Limitations 138 Specified Service Trades or Businesses 139 What’s Ahead 140 Part 3 Strategies for Your Business 141 11. Paying Your Taxes 143 Self-Employment Tax 143 Additional Medicare Tax on Earned Income 146 Additional Medicare Tax on Net Investment Income 147 Estimated Taxes 148 Sales Taxes 152 What’s Ahead 153 12. Strategizing Year-Round for Tax Savings 155 Tax-Savvy Business Decisions 156 Year-End Planning 158 Post-Year Tax Elections 160 Lease Instead of Buy? 161 Don’t Overlook Carryovers 162 Audit-Proof Your Return 163 What’s Ahead 165 13. Strategies for How to Grow 167 Getting Certified 167 Getting a Mentor 168 Outsourcing 169 Using Technology 170 Continuing to Learn 170 What’s Ahead 171 14. Strategies as Your Business Grows 173 Moving to Larger Quarters 173 Hiring Employees 175 Changing Legal Status 178 Selling the Business 180 Final Thoughts 181 Index 182

Autorenportrait

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, and is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and USA News). Visit her at www.BigIdeasforSmallBusiness.com.

Back cover copy

What every self-employed person needs to know about taxes—the new edition of J.K. Lasser's best-selling guide Working for yourself, as a freelancer, ride-share driver, or other service provider, can have many advantages, and just as many responsibilities. Keeping accurate records, collecting the right fees, making smart financial decisions—it's all up to you. With J.K. Lasser's Guide to Self-Employment, you will learn the basics of tax reporting, see what types of deductions and credits you can claim, and understand how being self-employed affects your taxes. This clear, reader-friendly guide shows you how to legally keep as much of your hard-earned money as possible, offering valuable tax-saving opportunities to reduce your tax bill and increase your cash flow. Thoroughly updated to reflect changes in the tax code, this Second Edition features new coverage of the qualified business income deduction, getting certified for government contracts, using technology to grow your business, recent legislation that protect freelancers, and much more. Packed with real-life examples, easy-to-follow worksheets, expert tips, and effective planning strategies, J.K. Lasser's Guide to Self-Employment is the must-have book for any self-employed earner who fills out a Schedule C at tax time.