Everything independent professionals need to know about business deductions and record keeping.
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Editorial Reviews
Review
“For many self-employed people, the line between work and personal life isn’t always clear. Tax and financial consultant June Walker, author of Self-Employed Tax Solutions, argues that the confusion often causes people to cheat themselves out of legitimate deductions.”
—BusinessWeek
From the Back Cover
Whatever your classification—sole proprietor, freelancer, subcontractor, free agent, independent professional—the tax authorities require you to follow the same rules. And the rules often seem murky.
Through clear language and concrete examples, tax consultant June Walker sets forth her hallmark quick, audit-proof Most Simple System for keeping concise records and missing not a single deduction—so you end up paying the least tax legitimately possible.
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 business expenses
How to deduct travel expenses
How to mine the advantages of sole proprietorship
How to recognize when gift-giving can be a legitimate business deduction
How to make estimated tax payments
Why you should not incorporate
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Most Helpful Customer Reviews
14 of 15 people found the following review helpful
Format:Paperback
2008 was the first year I earned most of my income from freelance work. I started to freak out in February, worried that I'm going to be saddled with a crazy tax payment in April, so I started shopping around for books that will help me know how and what to deduct. Don't ask me why I didn't do this at the beginning of last year, when I started working contractually and invented a crazy expense journaling method and compulsive receipt-saving habit. (I think having an actuary for a father and a stableful of CPA relatives warped my brain advantageously in this case.)
Anyway, there are heaps of lengthy, boring, expensive tax prep books out there that are, above all else, irrelevant to freelancers' situations. At best, you ignore them. At worst, you follow advice that costs you at tax time.
June Walker, the author of this great book, makes it clear from the outset that she's looking out for the self-employed, home office-operating "indie." And it's true. Before I found her book, I caught myself muttering in bookstore aisles, in response to other authors' recommendations, "Jesus Christ! The whole federal tax code is written to perpetuate dishonest business practices and encourage capitalist greed" - among other ridiculous bitter statements.
But June's examples and advice clearly come from years of experience working with folks like me, plus her solutions are easy to implement. An unexpected perk was that I found the book empowering - it encourages boss-less workers to take themselves seriously and be proudly independent. Can't recommend it highly enough!
Anyway, there are heaps of lengthy, boring, expensive tax prep books out there that are, above all else, irrelevant to freelancers' situations. At best, you ignore them. At worst, you follow advice that costs you at tax time.
June Walker, the author of this great book, makes it clear from the outset that she's looking out for the self-employed, home office-operating "indie." And it's true. Before I found her book, I caught myself muttering in bookstore aisles, in response to other authors' recommendations, "Jesus Christ! The whole federal tax code is written to perpetuate dishonest business practices and encourage capitalist greed" - among other ridiculous bitter statements.
But June's examples and advice clearly come from years of experience working with folks like me, plus her solutions are easy to implement. An unexpected perk was that I found the book empowering - it encourages boss-less workers to take themselves seriously and be proudly independent. Can't recommend it highly enough!
15 of 17 people found the following review helpful
Format:Paperback
I found this book really disappointing. As another reviewer mentions, the title is very misleading. From reading the back, and the beginning, one might get the idea that this book will help with doing your own independent contractor taxes.
It isn't until you actually get into the book that the author begins to repeat, "make sure to ask your tax professional about this", and similar statements. She writes the book with the assumption that you have been an independent contractor for a while, already have a tax preparer, and are just trying to figure out better record/bookkeeping so the tax professional you already have can get you more deductions next year. (see the section on estimated payments for an example of this)
I am in a really basic independent contractor situation, and at least through the first year, I'd like to take care of my taxes for myself. I regret wasting my time reading this book, Tax Savvy for Small Business by Frederick Daily is turning out to be much more helpful.
It isn't until you actually get into the book that the author begins to repeat, "make sure to ask your tax professional about this", and similar statements. She writes the book with the assumption that you have been an independent contractor for a while, already have a tax preparer, and are just trying to figure out better record/bookkeeping so the tax professional you already have can get you more deductions next year. (see the section on estimated payments for an example of this)
I am in a really basic independent contractor situation, and at least through the first year, I'd like to take care of my taxes for myself. I regret wasting my time reading this book, Tax Savvy for Small Business by Frederick Daily is turning out to be much more helpful.
5 of 5 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
As a small business owner and a person who hates math, taxes, or anything resembling the two, this book is a godsend! I still can't believe I read the entire thing! I reference it often, and have changed my entire way of book keeping (or lack thereof). This is the best tax book ever! Simple to read and understand, full of easy to use and implement ideas. I can't say enough about how this book has changed my entire view of the dreaded book keeping end of my business!
Most Recent Customer Reviews
Perfecct
This book is just the thing I needed to start out right with my self employment. It has the answers in simple form.
Published 6 days ago by upartist
Wish I'd had this book when I started!
I first found this book in the library one year when I'd just finished my taxes. It definitely provided me with numerous light bulb moments. Read more
Published on April 21, 2010 by Jill
Stunned by how terrific this book is
Preamble: What this book is and isn't. This isn't really a book that you get because you are now doing your taxes. Read more
Published on March 4, 2010 by Will Kalif
simple and direct
This is a well-written and engaging book! My only complaint is the book's title, which IMO is misleading. Read more
Published on April 26, 2009 by Steve
Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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business telephone expense, inflow log, indie business, excess casualty losses, many indies, business miles, mileage reading, lobbying expenses, percent deductible, income log, auto expenses, tax pro, gross receipts tax, communication expenses, business mileage Key Phrases - Capitalized Phrases (CAPs): (learn more)
Social Security, Most Simple System, Self-employed Tax Solutions, Raina Realtor, Uncle Sam, United States, Sammy Segar, Rick Reporter, New York, Total Foods, New Year's Eve, Aunt Ada, Syd System, Billy Bridesnapper, Miles Mingus, Rob Rolf, Home Worksheet, Auto Worksheet, Nadine Novella, Clarissa Clothier, Lily Legal, Check Backup, Woody Awlwood, Lorenzo Landscaper, Callous Company Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
business telephone expense, inflow log, indie business, excess casualty losses, many indies, business miles, mileage reading, lobbying expenses, percent deductible, income log, auto expenses, tax pro, gross receipts tax, communication expenses, business mileage Key Phrases - Capitalized Phrases (CAPs): (learn more)
Social Security, Most Simple System, Self-employed Tax Solutions, Raina Realtor, Uncle Sam, United States, Sammy Segar, Rick Reporter, New York, Total Foods, New Year's Eve, Aunt Ada, Syd System, Billy Bridesnapper, Miles Mingus, Rob Rolf, Home Worksheet, Auto Worksheet, Nadine Novella, Clarissa Clothier, Lily Legal, Check Backup, Woody Awlwood, Lorenzo Landscaper, Callous Company Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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