More than 20 million people are self-employed and 70 percent of home businesses overpay on their taxes. This concise, step-by-step guide shows self-employed people in all professions exactly how to take advantage of every tax deduction allowable by law, while steering clear of the IRS.
More than 20 million people are self-employed and 70 percent of home businesses overpay on their taxes. This concise, step-by-step guide shows self-employed people in all professions exactly how to take advantage of every tax deduction allowable by law, while steering clear of the IRS.
Henry Aiy'm Fellman is a lawyer, accountant, and small-business tax expert with more than twenty years of experience helping people lower their taxes. He is a well-known consultant, author, and speaker. His workshop series, Keep What You Earn!™, is available through continuing education facilities throughout the western United States, and via organizations whose members are self-employed.
Inhaltsangabe
CONTENTS PREFACE I KEEPING MORE OF YOUR HARD-EARNED MONEY The #1 Tax Shelter Calculating Your Tax Bracket Converting Everyday Living Expenses into Business Deductions Income-Shifting Techniques Other Tax-Saving Techniques Reduce Income Taxes with a Sideline Business II MAKING SURE YOUR BUSINESS IS A BUSINESS Convert Your Hobby Expenses into a Business Deduction Making Sure You're a Business Owner and Not an Employee III TAKE EVERY DEDUCTION YOU'RE ENTITLED TO Audit Myths and Other Tales of Horror Choosing the Right Tax Professional to Get the Most Out of This Book Guilty Until Proven Innocent Audit-Proofing Your Tax Return Record Retention IV CONVERTING EVERYDAY LIVING EXPENSES INTO BUSINESS DEDUCTIONS Tax Savings from Deductions Section A: If You're Entitled to the Home-Office Deduction, Take It! Section B: Deduct ALL Equipment Used in Your Business Section C: Getting the Most "TSPM" Out of Your Car Section D: Meals, Entertainment, and Gifts Section E: Deducting Business Trips and Vacations Section F: Converting Medical and Dental Expenses into Business Deductions Section G: Clothing, Interest, Credit Cards, Raising Children, and Everything Else V INCOME-SHIFTING TECHNIQUES Income-Shifting Technique #1: Hiring Income-Shifting Technique #2: Gift Ownership Income-Shifting Technique #3: Lease Property from Family or Friends Income-Shifting Technique #4: Gift Property Instead of Selling VI RETIREMENT PLANS FOR THE SELF-EMPLOYED Individual Retirement Accounts (IRAs) Simplified Employee Pension (SEP) Plans The SIMPLE Plan Medical Savings Account (MSA) Keogh and Company Qualified Plans 401(k) Plans -- Deferred Compensation Plans VII CHOOSING THE FORM OF ENTITY THAT'S BEST FOR YOU The Different Entities Choose Your Goal, Choose Your Form The Choosing Process Tax-Planning Strategies APPENDICES A. Tax Rate Schedule for 1997 B. Sample Independent Contractor Agreement C. 1997 Per Diem Rates (by State) D. Sample Employment Contract E. Resource Guide INDEX ABOUT THE AUTHOR
CONTENTS PREFACE I KEEPING MORE OF YOUR HARD-EARNED MONEY The #1 Tax Shelter Calculating Your Tax Bracket Converting Everyday Living Expenses into Business Deductions Income-Shifting Techniques Other Tax-Saving Techniques Reduce Income Taxes with a Sideline Business II MAKING SURE YOUR BUSINESS IS A BUSINESS Convert Your Hobby Expenses into a Business Deduction Making Sure You're a Business Owner and Not an Employee III TAKE EVERY DEDUCTION YOU'RE ENTITLED TO Audit Myths and Other Tales of Horror Choosing the Right Tax Professional to Get the Most Out of This Book Guilty Until Proven Innocent Audit-Proofing Your Tax Return Record Retention IV CONVERTING EVERYDAY LIVING EXPENSES INTO BUSINESS DEDUCTIONS Tax Savings from Deductions Section A: If You're Entitled to the Home-Office Deduction, Take It! Section B: Deduct ALL Equipment Used in Your Business Section C: Getting the Most "TSPM" Out of Your Car Section D: Meals, Entertainment, and Gifts Section E: Deducting Business Trips and Vacations Section F: Converting Medical and Dental Expenses into Business Deductions Section G: Clothing, Interest, Credit Cards, Raising Children, and Everything Else V INCOME-SHIFTING TECHNIQUES Income-Shifting Technique #1: Hiring Income-Shifting Technique #2: Gift Ownership Income-Shifting Technique #3: Lease Property from Family or Friends Income-Shifting Technique #4: Gift Property Instead of Selling VI RETIREMENT PLANS FOR THE SELF-EMPLOYED Individual Retirement Accounts (IRAs) Simplified Employee Pension (SEP) Plans The SIMPLE Plan Medical Savings Account (MSA) Keogh and Company Qualified Plans 401(k) Plans -- Deferred Compensation Plans VII CHOOSING THE FORM OF ENTITY THAT'S BEST FOR YOU The Different Entities Choose Your Goal, Choose Your Form The Choosing Process Tax-Planning Strategies APPENDICES A. Tax Rate Schedule for 1997 B. Sample Independent Contractor Agreement C. 1997 Per Diem Rates (by State) D. Sample Employment Contract E. Resource Guide INDEX ABOUT THE AUTHOR
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