Be your own boss -- easily, efficiently and successfully -- with this bestseller! Whether you're an independent contractor, freelancer, or consultant, it all adds up to the same thing: You need to be more aware of laws and taxes than the average person. Fortunately, Working for Yourself provides all the information you need to stay on top of it all. An independent contractor himself, Stephen Fishman shows you everything you need to know to: meet business start-up requirements pick a business structure set up home or outside offices obtain permits and licenses price your services or products comply with strict IRS rules establish sound business relationships avoid unfair contracts draft good agreements keep good records get paid in full and on time and much, much more The 6th edition is completely revised to provide the up-to-date information you need, including the most current tax rates and changes in the law. Whether you already work for yourself or are thinking about making the move, Working for Yourself will help make sure you do it right. List of Forms Asset Log Expense Journal Income Journal Invoice General Independent Contractor Agreement Contract Amendment Nondisclosure Agreement

Choosing the Legal Form for Your Business Working for yourself can be both financially and spiritually satisfying. Be warned, however, that the lot of the self-employed is not always an easy one. To strike out on your own, you will have to make the often difficult transition from having an employer take care of you to handling everything on your own. For example, you won't have a company payroll department to withhold and pay your taxes for you. Many self-employed people (including those with plenty of clients) get into trouble because they don't run their operations in a businesslike manner. You don't have to start wearing a green visor and bow tie, but you do need to learn a few rudiments of business and tax law. That's where this book can help. Spending a few hours now to learn the nuts and bolts of self-employment law and taxes can save you countless headaches -- not to mention substantial time and money -- later on. Before you delve into the details of the following chapters, read this chapter for an overview of the pros and cons of being self-employed as compared to being an employee. It may help you make an informed decision if you're thinking about striking out on your own -- or help confirm that you made the right decision if you're already working for yourself. A. Working for Yourself: The Good Being self-employed can give you more freedom and privacy than working for an employer. It can also result in substantial tax benefits. 1. Independence When you're self-employed, you are your own boss -- with all the risks and rewards that entails. Most self-employed people bask in the freedom that comes from being in business for themselves. They would doubtless agree with the following sentiment expressed by one self-employed person: "I can choose how, when, and where to work, for as much or as little time as I want. In short, I enjoy working for myself." The self-employed are masters of their own economic fates. The amount of money they make is directly related to the quantity and quality of their work, which is not necessarily the case for employees. The self-employed don't have to ask their bosses for a raise; they go out and find more work. Likewise, if you're self-employed, you're normally not dependent upon a single company for your livelihood, so the hiring or firing decisions of any one company won't have the same impact on you as on that company's employees. One self-employed person explains: "I was laid off six years ago and chose to start my own company rather than sign on for another ride on someone else's roller coaster. It's scary at first, but I'm now no longer at someone else's mercy." 2. Higher Earnings You can often earn more when you're self-employed than as an employee for someone else's business. For example, an employee in a public relations firm decided to go out on her own when she learned that the firm billed her time out to clients at $125 per hour while paying her only $17 per hour. She now charges $75 per hour and makes a far better living than she ever did as an employee.

 

Be your own boss -- easily, efficiently and successfully -- with this bestseller!

1. Working for Yourself: The Good, the Bad, and the Ugly A. Working for Yourself: The Good B. Working for Yourself: The Bad C. Working for Yourself: The Ugly D. How to Use This Book 2. Choosing the Legal Form for Your Business A. Sole Proprietorships B. Corporations C. Partnerships D. Limited Liability Companies (LLCs) 3. Choosing and Protecting Your Business Name A. Choosing a Legal Name B. Choosing a Trade Name C. Choosing a Trademark D. Choosing an Internet Domain Name E. Conducting a Name Search 4. Home Alone or Outside Office? A. Pros and Cons of Working at Home B. Pros and Cons of an Outside Office C. Leasing a Workplace D. Restrictions on Home-Based Businesses E. Deducting Your Home Office Expenses F. Deducting Your Outside Office Expenses 5. Obtaining Licenses, Permits, and Identification Numbers A. Business Licenses B. Employer Identification Numbers (EINs) C. Sales Tax Permits 6. Insuring Your Business and Yourself A. Health Insurance B. Disability Insurance C. Business Property Insurance D. Liability Insurance E. Car Insurance F. Workers' Compensation Insurance G. Other Types of Insurance H. Ways to Find and Save on Insurance 7. Pricing Your Services and Getting Paid A. Pricing Your Services B. Getting Paid 8. Taxes and the Self-Employed A. Tax Basics for the Self-Employed B. Handling Your Taxes C. IRS Audits D. Ten Tips to Avoid an Audit 9. Reducing Your Income Taxes A. Reporting Your Income B. Income Tax Deduction Basics C. Business Use of Your Home D. Cost of Business Assets E. Car Expenses F. Travel Expenses G. Entertainment and Meal Expenses H. Health Insurance I. Start-Up Costs 10. The Bane of Self-Employment Taxes A. Who Must Pay B. Self-Employment (SE) Tax Rates C. Earnings Subject to SE Taxes D. Computing SE Taxes E. Paying and Reporting SE Taxes F. Outside Employment 11. Paying Estimated Taxes A. Who Must Pay Estimated Taxes B. How Much You Must Pay C. When to Pay D. How to Pay E. Paying the Wrong Amount 12. Rules for Salespeople, Drivers, and Clothing Producers A. Statutory Employees B. Statutory Independent Contractors 13. Taxes for Workers You Hire A. Hiring People to Help You B. Tax Concerns When Hiring Employees C. Tax Concerns When Hiring Independent Contractors 14. Record Keeping and Accounting Made Easy A. Simple Bookkeeping B. How Long to Keep Records C. If You Don't Have Proper Tax Records D. Accounting Methods E. Tax Year 15. Safeguarding Your Self-Employed Status A. Who Decides Your Work Status? B. What Happens If the Government Reclassifies You? C. Determining Worker Status D. The IRS Approach to Worker Status E. Tips for Preserving Your IC Status 16. Retirement Options for the Self-Employed A. Reasons to Have a Retirement Plan (or Plans) B. Individual Retirement Accounts (IRAs) C. Employer IRAs D. Keogh Plans E. Solo 401(k) Plans F. Roth 401(k) Plans G. Retirement Plans If You Have Employees 17. Copyrights, Patents, and Trade Secrets A. Intellectual Property B. Copyright Ownership C. Patent Ownership D. Trade Secret Ownership E. Using Nondisclosure Agreements 18. Using Written Client Agreements A. Reasons to Use Written Agreements B. Reviewing a Client's Agreement C. Creating Your Own Client Agreement D. Putting Your Agreement Together E. Changing the Agreement After It's Signed 19. Drafting Your Own Client Agreement 20. Reviewing a Client's Agreement 21. Help Beyond This Book Appendix 1: Forms and Documents Appendix 2: Sample Agreements Appendix 3: Agencies

Whether you already work for yourself or are thinking about making the move, Working for Yourself will help make sure it's done right."

 

"As an independent contractor, you are your boss. This is why Fishman’s book is so important."

 

"Could well have been called The Independent Contractor Bible... Don't contract independently without it." Leonard Charla,

 

Stephen Fishman, Attorney Stephen Fishman is the author of many Nolo books, most recently Tax Deductions for Professionals. Other titles include Deduct It! Lower Your Small Business Taxes, Every Landlord's Guide to Tax Deductions and Home Business Tax Deductions: Keep What You Earn—plus many other legal and business books. All are published by Nolo. He received his law degree from the University of Southern California in 1979. After stints in government and private practice, he became a full-time legal writer in 1983. Products by Stephen Fishman, Attorney: Choose the Best Legal Entity for Your One-Person Business Consultant & Independent Contractor Agreements The Copyright Handbook: How to Protect & Use Written Works Deduct It! Lower Your Small Business Taxes Every Landlord's Tax Deduction Guide Home Business Tax Deductions: Keep What You Earn How to Safely & Legally Hire Independent Contractors Nondisclosure Agreements: Protect Your Trade Secrets & More The Public Domain: How to Find Copyright-Free Writings, Music, Art & More Tax Deductions For Professionals Web & Software Development: A Legal Guide What Every Inventor Needs to Know About Business & Taxes Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants Working With Independent Contractors

 

Working for Yourself by Fishman Stephen
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