Contents
1. Being Self-Employed and On Your Own
What Does Self-Employment Mean?
Legal Consequences of Self-Employment
Practical Issues in Self-Employment
2. Getting Set Up for Tax Reporting and Business Operations
Keeping Books and Records for Tax Reporting
Business Reasons for Recordkeeping
Obtain Licenses, Permits, and Permission
Part 2 Reporting Income and Expenses
What to Do When You Don't Get Paid
Business Meals and Entertainment
Strategies for Saving on T&E Costs
6. Deducting Office-Related Costs
Miscellaneous Office-Related Costs
Payments for Outsourced Workers
Checklist of Nondeductible Expenses
8. Protecting Yourself with Medical Coverage and Retirement Savings
Tax Deduction for Health Coverage
Strategies for Retirement Savings
Personal Credits Arising from Business
Part 3 Strategies for Your Business
Additional Medicare Tax on Earned Income
Additional Medicare Tax on Net Investment Income
11. Strategizing Year-Round for Tax Savings