Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants, 8th ed.

Table of Contents......Page 9
Your Legal Companion for Working For Yourself
......Page 15
1. Working for Yourself: The Good, the Bad, and the Ugly......Page 17
Working for Yourself: The Good......Page 18
Working for Yourself: The Bad......Page 20
Working for Yourself: The Ugly......Page 21
How to Use This Book......Page 22
2. Choosing the Legal Form for Your Business......Page 23
Sole Proprietorships......Page 24
Corporations......Page 30
Partnerships......Page 45
Limited Liability Companies (LLCs)......Page 46
3. Choosing and Protecting Your Business Name......Page 51
Choosing a Trade Name......Page 52
Choosing a Trademark......Page 56
Conducting a Name Search......Page 59
4. Home Alone or Outside Office?......Page 61
Pros and Cons of Working at Home......Page 62
Restrictions on Home-Based Businesses......Page 65
Deducting Your Home Office Expenses......Page 69
Leasing a Workplace......Page 77
Deducting Your Outside Office Expenses......Page 79
5. Obtaining Licenses, Permits, and Identification Numbers......Page 83
Business Licenses......Page 84
Employer Identification Numbers (EINs)......Page 85
Sales Tax Permits......Page 88
6. Insuring Your Business and Yourself......Page 89
Health Insurance......Page 91
Disability Insurance......Page 99
Business Property Insurance......Page 101
Liability Insurance......Page 103
Workers’ Compensation Insurance......Page 105
Ways to Save on Insurance......Page 108
7. Pricing Your Services and Getting Paid......Page 111
Pricing Your Services......Page 112
Getting Paid......Page 118
8. Taxes and the Self-Employed......Page 135
Tax Basics for the Self-Employed......Page 136
IRS Audits......Page 143
Ten Tips to Avoid an Audit......Page 146
9. Reducing Your Income Taxes......Page 149
Reporting Your Income......Page 151
Income Tax Deduction Basics......Page 153
Cost of Business Assets......Page 163
Car Expenses......Page 168
Travel Expenses......Page 173
Entertainment and Meal Expenses......Page 176
Health Insurance......Page 177
Start-Up Costs......Page 180
10. The Bane of Self-Employment Taxes......Page 183
Self-Employment Tax Rates......Page 184
Earnings Subject to SE Taxes......Page 185
Paying and Reporting SE Taxes......Page 186
Outside Employment......Page 187
11. Paying Estimated Taxes......Page 189
Who Must Pay Estimated Taxes......Page 190
How Much You Must Pay......Page 192
When to Pay......Page 194
How to Pay......Page 196
Paying the Wrong Amount......Page 197
12. Rules for Salespeople, Drivers, and Clothing Producers......Page 199
Statutory Employees......Page 200
Statutory Independent Contractors......Page 203
13. Taxes for Workers You Hire......Page 205
Hiring People to Help You......Page 206
Tax Concerns When Hiring Employees......Page 207
Tax Concerns When Hiring Independent Contractors......Page 214
14. Record Keeping and Accounting Made Easy......Page 221
Simple Bookkeeping......Page 222
If You Don’t Have Proper Tax Records......Page 233
Accounting Methods......Page 234
Tax Year......Page 237
15. Safeguarding Your Self-Employed Status......Page 239
What Happens If the Government Reclassifies You?......Page 240
Determining Worker Status......Page 242
The IRS Approach to Worker Status......Page 243
Tips for Preserving Your IC Status......Page 248
16. Retirement Options for the Self-Employed......Page 253
Reasons to Have a Retirement Plan (or Plans)......Page 254
Individual Retirement Accounts (IRAs)......Page 255
Employer IRAs......Page 258
Keogh Plans......Page 259
Solo 401(k) Plans......Page 260
Roth 401(k) Plans......Page 261
Retirement Plans If You Have Employees......Page 262
17. Copyrights, Patents, and Trade Secrets......Page 263
Intellectual Property......Page 264
Copyright Ownership......Page 265
Trade Secret Ownership......Page 272
Using Nondisclosure Agreements......Page 273
18. Using Written Client Agreements......Page 281
Reasons to Use Written Agreements......Page 282
Reviewing a Client’s Agreement......Page 284
Creating Your Own Client Agreement......Page 285
Putting Your Agreement Together......Page 286
Changing the Agreement After It’s Signed......Page 289
19. Drafting Your Own Client Agreement......Page 291
Essential Provisions......Page 292
Optional Provisions......Page 302
Using Letter Agreements......Page 310
20. Reviewing a Client’s Agreement......Page 319
Provisions to Avoid......Page 321
Client Purchase Orders......Page 327
21. Help Beyond This Book......Page 329
Help Resolving Disputes......Page 330
Finding and Using a Lawyer......Page 333
Help From Other Experts......Page 334
Doing Your Own Legal Research......Page 335
Appendix A. Forms and Documents......Page 341
Asset Log......Page 343
Expense Journal......Page 345
Income Journal......Page 347
Invoice......Page 349
Appendix B. Sample Agreements......Page 351
General Independent Contractor Agreement......Page 353
Contract Amendment......Page 359
Nondisclosure Agreement......Page 361
Index......Page 365
Related Products......Page 377
Web Resources......Page 0