J.K. Lasser's Guide to Self-Employment, 2nd Edition

J.K. Lasser's Guide to Self-Employment, 2nd Edition

by Barbara Weltman
Released December 2019
Publisher(s): Wiley
ISBN: 9781119658733

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Book description

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:

  • Offers effective strategies for reducing your tax bill and increasing your cash flow
  • Presents a detailed overview of the Schedule C that explains when, where, and what to file
  • Explains how to protect yourself on a tax-advantaged basis with insurance, health coverage, and retirement plans
  • Features advice on growing your business through technology and education programs
  • Provides new and updated information on the qualified business income deduction, getting certified for government contracts, recent legislation that protects freelancers, and more 

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.

Table of contents

  1. Cover
  2. Preface
  3. Introduction
    1. About This Guide
  4. 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
  5. 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 Vehicle, Travel, Meals, and Gifts Expenses
      1. Vehicle Expenses
      2. Local Transportation
      3. Business Meals
      4. Business Travel
      5. Business Gifts
      6. Strategies for Saving on Travel 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
    7. Chapter 10 Claiming Your Tax Bonus
      1. General Rules
      2. Limitations
      3. Specified Service Trades or Businesses
      4. What's Ahead
  6. Part 3 Strategies for Your Business
    1. Chapter 11 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. Sales Taxes
      6. What's Ahead
    2. Chapter 12 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 13 Strategies for How to Grow
      1. Getting Certified
      2. Getting a Mentor
      3. Outsourcing
      4. Using Technology
      5. Continuing to Learn
      6. What's Ahead
    4. Chapter 14 Strategies as Your Business Grows
      1. Moving to Larger Quarters
      2. Hiring Employees
      3. Changing Legal Status
      4. Selling the Business
      5. Final Thoughts
    5. Index
    6. End User License Agreement

Product information

  • Title: J.K. Lasser's Guide to Self-Employment, 2nd Edition
  • Author(s): Barbara Weltman
  • Release date: December 2019
  • Publisher(s): Wiley
  • ISBN: 9781119658733