Tax Power for the Self-Employed: Straightforward Advice from an Expert - Softcover

Parker, James

9781572485761: Tax Power for the Self-Employed: Straightforward Advice from an Expert

Softcover

ISBN 10: 1572485760 ISBN 13: 9781572485761

Publisher: Sphinx Publishing, 2006

Tax Power for the Self-Employed addresses the specific and particular tax laws and regulations facing a self-employed individual. Unlike other small businesses, it focuses on the individual who either runs a single-person small business (or one with an otherwise limited number of employees) or the person who does something to make extra money that he or she may consider a hobby or side job, but from which the IRS expects tax to be paid.

Discussions of specific concern to the self-employed person include Schedule C deductions, with particular emphasis on changes in Sec. 179 deductions that target self-employed individuals for increased capital investments. Additional attention is placed on strategies for taking deductions to lower income subject to the self-employed tax, a totally separate tax from income tax. An entire chapter is devoted to the self-employment tax and Schedule SE.

With the latest IRS rules, regulations and decisions, as well as tax-planning strategies, any self-employed individual can feel confident that they are meeting all of their tax requirements while maximizing their tax savings.

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From the Back Cover:

Maximize Your Deductions&
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Tax Power for the Self-Employed gives you the indispensable tools to take the money you make from your business, side job or favorite hobby and meet the demands of the IRS. Learn exactly what you need to do to qualify for more deductions, to maximize more credits and to start saving money-today!&
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Checklists for All Your Questions:&
Everything you need is provided in useful checklists for immediate access.&
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Red Flag Alerts:&
Avoid audits, keep on top of current tax laws and stay out of trouble.&
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Professional Advice: &
Let a tax law expert with over twenty-five years of experience be your personal advisor.&
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Money Savers: &
Make smart decisions to maximize your deductions, credits and exemptions that will save you money.&
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Filing Tips:&
See exactly what you need to fulfill your duties to the IRS.&
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Covers In Detail:&
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--Activities considered hobbies, not self-employment&
--Home office expense deduction&
--Non-business deductions available to the self-employed&
--Business expenses such as depreciation, automobiles, meals and start-up expenditures&
--Income excluded from taxation&
--Differences between employees and self-employed independent contractors&
--Schedule C&
--Retirement planning for the self-employed&
--Duty to make estimated tax payments and file appropriate returns&
--Alternative minimum tax calculations&
--Tax law compliance by the self-employed&

About the Author:

James O. Parker received his law degree from Memphis State University Humphreys School of Law. He received his LLM in taxation from Emory University School of Law. Mr. Parker currently practices in the areas of taxation, business law, probate and real estate. His private practice is located in Memphis, Tennessee.

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