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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
    2. What Does Self-Employment Mean?
    3. Legal Consequences of Self-Employment
    4. Practical Issues in Self-Employment
    5. Tax Terminology
    6. Being 1099ed
    7. What's Ahead
    8. Chapter 2 Getting Set Up for Tax Reporting and Business Operations
    9. Preliminaries
    10. Keeping Books and Records for Tax Reporting
    11. Business Reasons for Recordkeeping
    12. Tax ID Number
    13. Tax Year
    14. Accounting Method
    15. Decide Your Business Name
    16. What's Your IP?
    17. Obtain Licenses, Permits, and Permission
    18. What's Ahead
    19. Chapter 3 Using Schedule C
    20. Tax Filing on Schedule C
    21. When, Where, and How to File
    22. What's Ahead
  5. Part 2 Reporting Income and Expenses
    1. Chapter 4 Reporting Your Income
    2. Payment Types Don't Matter
    3. Alternative Payments
    4. Where to Report Payments
    5. What to Do about 1099s
    6. What to Do When You Don't Get Paid
    7. Losses
    8. What's Ahead
    9. Chapter 5 Writing Off Vehicle, Travel, Meals, and Gifts Expenses
    10. Vehicle Expenses
    11. Local Transportation
    12. Business Meals
    13. Business Travel
    14. Business Gifts
    15. Strategies for Saving on Travel Costs
    16. What's Ahead
    17. Chapter 6 Deducting Office-Related Costs
    18. Rental Expenses
    19. Home Office Use
    20. Materials and Supplies
    21. Furniture and Fixtures
    22. Computer-Related Costs
    23. Insurance
    24. Utilities
    25. Miscellaneous Office-Related Costs
    26. What's Ahead
    27. Chapter 7 Claiming Deductions A to Z
    28. Advertising Costs
    29. Bad Debts
    30. Banking Fees
    31. Casualty and Theft Losses
    32. Charitable Contributions
    33. Dues
    34. Education Expenses
    35. Impairment-Related Expenses
    36. Interest
    37. Legal and Professional Fees
    38. Licenses and Regulatory Fees
    39. Materials and Supplies
    40. Moving Expenses
    41. Payments for Outsourced Workers
    42. Penalties, Fines, and Damages
    43. Repayment of Income
    44. Startup Costs
    45. Subscriptions
    46. Supplies
    47. Taxes
    48. Utilities
    49. Checklist of Nondeductible Expenses
    50. What's Ahead
    51. Chapter 8 Protecting Yourself with Medical Coverage and Retirement Savings
    52. Medical Insurance
    53. Health Savings Accounts
    54. Tax Deduction for Health Coverage
    55. Retirement Savings
    56. SEPs
    57. Solo 401(k)s
    58. Pension Plans
    59. IRAs
    60. Roth IRAs
    61. Strategies for Retirement Savings
    62. What's Ahead
    63. Chapter 9 Taking Tax Credits
    64. Business-Related Tax Credit
    65. Personal Credits Arising from Business
    66. What's Ahead
    67. Chapter 10 Claiming Your Tax Bonus
    68. General Rules
    69. Limitations
    70. Specified Service Trades or Businesses
    71. What's Ahead
  6. Part 3 Strategies for Your Business
    1. Chapter 11 Paying Your Taxes
    2. Self-Employment Tax
    3. Additional Medicare Tax on Earned Income
    4. Additional Medicare Tax on Net Investment Income
    5. Estimated Taxes
    6. Sales Taxes
    7. What's Ahead
    8. Chapter 12 Strategizing Year-Round for Tax Savings
    9. Tax-Savvy Business Decisions
    10. Year-End Planning
    11. Post-Year Tax Elections
    12. Lease Instead of Buy?
    13. Don't Overlook Carryovers
    14. Audit-Proof Your Return
    15. What's Ahead
    16. Chapter 13 Strategies for How to Grow
    17. Getting Certified
    18. Getting a Mentor
    19. Outsourcing
    20. Using Technology
    21. Continuing to Learn
    22. What's Ahead
    23. Chapter 14 Strategies as Your Business Grows
    24. Moving to Larger Quarters
    25. Hiring Employees
    26. Changing Legal Status
    27. Selling the Business
    28. Final Thoughts
    29. Index
    30. End User License Agreement