Self-employed Tax Solutions: Quick, Simple, Money-Saving, Audit-Proof Tax and Recordkeeping Basics for the Independent Professional - Softcover

Walker, June

Softcover

ISBN 10: 0762730714 ISBN 13: 9780762730711

Publisher: Globe Pequot Pr, 2005

Synopsis

A veteran financial/tax consultant advises fellow self-employed professionals, from artists to Web site designers, on the basics and nuances of meeting tax obligations. After defining who the IRS counts as an "independent contractor," Walker offers business expense and recordkeeping rules, examples, tips, alerts, worksheets, and a glossary. She recommends hiring a tax advisor experienced with "indie" clients and the relevant tax codes. Annotation ©2004 Book News, Inc., Portland, OR (booknews.com)

About this title

About the Author

June Walker has been a financial and tax consultant specializing in the self-employed for more than two decades. Her clientele includes people in the arts, psychologists, computer techies, carpenters, coaches, and a broad range of entrepreneurs throughout the United States and Europe. A sought-after speaker, June conducts popular seminars focusing on educating the independent professional in financial basics, tax choices, and quick and easy recordkeeping.

From the Back Cover

Save Time, Anxiety, Stress-and Money!

Whether you call yourself a sole proprietor, freelancer, subcontractor, or free agent, if you're self-employed or planning to start your own business, you need this book. With straightforward language, concrete examples, and easy-to-use worksheets, author and accountant June Walker tackles the most vexing problems facing the self-employed: inadequate recordkeeping and tax ignorance. Her Most Simple System has been designed for you, the indie. It is simple, quick, and audit proof-a recordkeeping method that works, and a guide through the tax maze that ends with more money in your pocket, and less money going to the government.
Armed with the author's unique copyrighted worksheets, you'll capture every single business deduction, keep concise records so that accounting and tax preparer fees are reduced, and-best of all-do it quickly and easily.
Self-employed Tax Solutions is written for bright, intelligent people who don't understand the tax implications of their solo ventures. This indispensable book will help you survive and succeed in a business environment where the tax laws and regulations are structured not for indies but for corporations and employees.

You'll learn . . .
how to prove to the IRS that your endeavor is a business, not a hobby
how start-up costs differ from other deductions
how to deduct travel expenses
when a gift to Mom can be a legitimate business deduction

how to make estimated tax payments
the advantages of sole proprietorship
why you should not incorporate
hundreds of vital details about taxes, finances, and recordkeeping

Excerpt. © Reprinted by permission. All rights reserved.

The self-employed are regarded as exotic in their needs. They are neglected. To begin with, the tax laws are written without them in mind, as if they make up a minor factor in American society -- even though they number more than 25 million! Much of the advice given to the self-employed is either wrong or inappropriate for their level of business sophistication. For example, the IRS defines a legitimate business expense as one that is "orginary and necessary" to your profession. But what is ordinary and necessary to a sculptor?

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Over the river and through the woods to Grandmother's house goes Pat Personal Trainer. Gram just bought a color laser and it's the cheapest way for Pat to print his new brochures. He leaves Friday afternoon. The bus gets him there in time for dinner. He works at the computer all the next day until the wee hours. (He's sure these new brochures will get him lots of customers.) Very early the next morning he kisses Grandma good-bye and heads back on the bus. Pat was away from his home, for business, overnight. It was BUSINESS TRAVEL. Therefore he may deduct travel expenses.

If graphic designer Victor Visual called his business, the "Double V Studio," most people would pay him with checks made out to his business name. If his bank does not allow both names--Victor Visual and Double V--on his account, he'll have to have an account in the name of his business in order to deposit his checks. The simple (and money-saving) alternative is for Victor to open a savings account in his business name, deposit checks into it, and then have the bank do an automatic sweep of the funds from his savings to his checking account whenever the funds reach a certain amount specified by Victor.

Edition details

• Publisher: Globe Pequot Pr
• Publication date: 2005
• Language: English
• ISBN 10: 0762730714
• ISBN 13: 9780762730711
• Binding: Paperback
• Edition number: 1
• Number of pages: 240