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

Intro -- GUIDE TO SELF-EMPLOYMENT: Taxes, Strategies, and Money-Saving Tips for Schedule C Filers -- Contents -- Preface -- Introduction -- Part 1 Self-Employment Basics -- 1. Being Self-Employed and On Your Own -- What Does Self-Employment Mean? -- Legal Consequences of Self-Employment -- Practical Issues in Self-Employment -- Tax Terminology -- Being 1099ed -- What's Ahead -- 2. Getting Set Up for Tax Reporting and Business Operations -- Preliminaries -- Keeping Books and Records for Tax Reporting -- Business Reasons for Recordkeeping -- Tax ID Number -- Tax Year -- Accounting Method -- Decide Your Business Name -- What's Your IP? -- Obtain Licenses, Permits, and Permission -- What's Ahead -- 3. Using Schedule C -- Tax Filing on Schedule C -- When, Where, and How to File -- What's Ahead -- Part 2 Reporting Income and Expenses -- 4. Reporting Your Income -- Payment Types Don't Matter -- Alternative Payments -- Where to Report Payments -- What to Do about 1099s -- What to Do When You Don't Get Paid -- Losses -- What's Ahead -- 5. Writing Off Vehicle, Travel, Meals, and Gifts Expenses -- Vehicle Expenses -- Local Transportation -- Business Meals -- Business Travel -- Business Gifts -- Strategies for Saving on Travel Costs -- What's Ahead -- 6. Deducting Office-Related Costs -- Rental Expenses -- Home Office Use -- Materials and Supplies -- Furniture and Fixtures -- Computer-Related Costs -- Insurance -- Utilities -- Miscellaneous Office-Related Costs -- What's Ahead -- 7. Claiming Deductions A to Z -- Advertising Costs -- Bad Debts -- Banking Fees -- Casualty and Theft Losses -- Charitable Contributions -- Dues -- Education Expenses -- Impairment-Related Expenses -- Interest -- Legal and Professional Fees -- Licenses and Regulatory Fees -- Materials and Supplies -- Moving Expenses -- Payments for Outsourced Workers -- Penalties, Fines, and Damages.

Repayment of Income -- Startup Costs -- Subscriptions -- Supplies -- Taxes -- Utilities -- Checklist of Nondeductible Expenses -- What's Ahead -- 8. Protecting Yourself with Medical Coverage and Retirement Savings -- Medical Insurance -- Health Savings Accounts -- Tax Deduction for Health Coverage -- Retirement Savings -- SEPs -- Solo 401(k)s -- Pension Plans -- IRAs -- Roth IRAs -- Strategies for Retirement Savings -- What's Ahead -- 9. Taking Tax Credits -- Business-Related Tax Credit -- Personal Credits Arising from Business -- What's Ahead -- 10. Claiming Your Tax Bonus -- General Rules -- Limitations -- Specified Service Trades or Businesses -- What's Ahead -- Part 3 Strategies for Your Business -- 11. Paying Your Taxes -- Self-Employment Tax -- Additional Medicare Tax on Earned Income -- Additional Medicare Tax on Net Investment Income -- Estimated Taxes -- Sales Taxes -- What's Ahead -- 12. Strategizing Year-Round for Tax Savings -- Tax-Savvy Business Decisions -- Year-End Planning -- Post-Year Tax Elections -- Lease Instead of Buy? -- Don't Overlook Carryovers -- Audit-Proof Your Return -- What's Ahead -- 13. Strategies for How to Grow -- Getting Certified -- Getting a Mentor -- Outsourcing -- Using Technology -- Continuing to Learn -- What's Ahead -- 14. Strategies as Your Business Grows -- Moving to Larger Quarters -- Hiring Employees -- Changing Legal Status -- Selling the Business -- Final Thoughts -- Index -- EULA.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.