NOLO. Working for yourself : law & taxes for independent contractors, freelancers & gig workers of all types

Ready to be your own boss? Tired of doing endless web searches for legal and tax information? Want one easy-to-use and authoritative resource for everything you need to set up and run your business? This book is for you. Whether you’re starting a full-scale consulting business or booking work on the side, Working for Yourself provides all the legal and tax information you need in one place. This excellent, well-organized reference will show you how to: decide the best form for your business (sole proprietor, LLC, or other) make sure you’re paid in full and on time pay estimated taxes (and avoid trouble with the IRS) take advantage of all available tax deductions available under the 2017 Tax Cuts and Jobs Act and the latest tax changes designed to help the self-employed during the COVID-19 pandemic choose health, property, and other kinds of insurance keep accurate records in case you get audited, and write legally binding contracts and letter agreements. Learn everything you need to know about successfully starting and running your operation—get paid what you’re worth and don’t spend it all on taxes.ISBN : 9781413329261 Cover Title Page Table of Contents Welcome to the World of Self-Employment: Introduction to Working for Yourself A Golden Age for the Self-Employed Six Things You May Not Know About the Self-Employed 1. Working for Yourself: Working for Yourself: The Good Working for Yourself: The Bad Working for Yourself: The Ugly How This Book Will Help You Succeed at Self-Employment 2. Choosing the Legal Form for Your Business Sole Proprietorships Corporations Partnerships Limited Liability Companies (LLCs) 3. Choosing and Protecting Your Business Name Choosing a Legal Name Choosing a Trade Name Choosing a Trademark Choosing an Internet Domain Name Conducting a Name Search 4. Home Alone or Outside Office Pros and Cons of Working at Home Restrictions on Home-Based Businesses Deducting Your Home Office Expenses Pros and Cons of an Outside Office Leasing a Workplace Deducting Your Outside Office Expenses 5. Obtaining Licenses, Permits, and Identification Numbers Business Licenses Employer Identification Numbers (EINs) Sales Tax Permits 6. Insuring Your Business and Yourself The Affordable Care Act (“Obamacare”) Disability Insurance Business Property Insurance Liability Insurance Car Insurance Workers’ Compensation Insurance Other Types of Insurance Ways to Save on Insurance 7. Pricing Your Services and Getting Paid Pricing Your Services Getting Paid 8. Taxes and the Self-Employed Tax Basics for the Self-Employed IRS Audits Eight Tips to Avoid an Audit 9. Reducing Your Income Taxes Reporting Your Income Income Tax Deduction Basics Business Use of Your Home Cost of Business Assets Car Expenses Travel Expenses Entertainment and Meals Health Insurance Sick and Family Leave Tax Credits for the Self-Employed Retirement Accounts Start-Up Costs 10. The Bane of Self-Employment Taxes Who Must Pay Self-Employment Taxes Earnings Subject to SE Taxes Paying and Reporting SE Taxes Outside Employment 11. Paying Estimated Taxes Who Must Pay Estimated Taxes How Much You Must Pay When to Pay How to Pay Paying the Wrong Amount 12. Rules for Salespeople, Drivers, and Clothing Producers Statutory Employees Statutory Independent Contractors 13. Taxes for Workers You Hire Hiring People to Help You Tax Concerns When Hiring Employees Tax Concerns When Hiring Independent Contractors 14. Record Keeping and Accounting Made Easy Simple Bookkeeping How Long to Keep Records If You Don’t Have Proper Tax Records Accounting Methods Tax Year 15. Safeguarding Your Self-Employed Status Who Decides Your Work Status? What Happens If the Government Reclassifies You? Determining Worker Status The IRS Approach to Worker Status Tips for Preserving Your IC Status 16. Special Concerns for Gig Workers Introduction to the Gig Economy Your Contract With the Hiring Platform Your Worker Status Your Taxes Your Insurance Other Legal Requirements for Gig Workers Where to Find Gigs 17. Copyrights, Patents, and Trade Secrets Intellectual Property Copyright Ownership Patent Ownership Trade Secret Ownership Using Nondisclosure Agreements 18. Using Written Client Agreements Reasons to Use Written Agreements Reviewing a Client’s Agreement Creating Your Own Client Agreement Putting Your Agreement Together Changing the Agreement After It’s Signed 19. Drafting Your Own Client Agreement Essential Provisions Optional Provisions Sample Client Agreement Using Letter Agreements 20. Reviewing a Client’s Agreement Make Sure the Agreement Is Consistent With the Client’s Promises Make Sure the Contract Covers at Least the Basics Provisions to Avoid Provisions to Consider Adding Client Purchase Orders Appendix A: Using the Downloadable Forms on the Nolo Website List of Forms Available on the Nolo Website Editing RTFs Index Book Registration and Updates The all-in-one legal and tax resource every independent contractor and gig worker needs Whether you’re starting a full-scale consulting business or booking gigs on the side, Working for Yourself provides all the legal and tax information you need in one place. This twelfth edition has been thoroughly updated to reflect changes and updates to relevant laws, including laws revised as a result of the coronavirus pandemic. This excellent, well-organized reference will show you how to: decide the best form for your business (sole proprietor, LLC, or other) make sure you’re paid in full and on time pay estimated taxes and avoid trouble with the IRS take advantage of all available tax deductions and credits, including the 20% pass-through tax deduction choose health, property, and other kinds of insurance keep accurate records in case you get audited, and write legally binding contracts and letter agreements. If you’re tired of doing endless web searches for the information you need to start and run your business, this easy-to-use and authoritative resource is for you. With Downloadable Forms You can download all the forms you need, including sample independent contractor agreements, details inside. "Be your own boss -- easily, efficiently and successfully -- with this bestseller! Whether you're an independent contractor, freelancer or consultant, or considering self-employment, 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 everything you need to stay on top of it all. An independent contractor himself, attorney 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 - qualify for independent contractor tax treatment from the IRS - make the most of tax deductions - establish sound business relationships - put important agreements in writing - keep good records in case of an audit - get paid in full and on time This edition is completely revised to provide the up-to-date information you need, including current tax rates and legal rules for contractors. Whether you already work for yourself or are thinking about making the move, Working for Yourself will help make sure you do it right"-- Provided by publisher The all-in-one legal and tax resource every IC (and gig worker) needs Ready to be your own boss? Whether you're starting a full-scale consulting business or booking gigs on the side, Working for Yourself provides all the legal and tax information you need in one place. This excellent, well-organized reference will show you how to: decide the best form for your business (sole proprietor, LLC, or other) make sure you're paid in full and on time pay estimated taxes (and avoid trouble with the IRS) take advantage of all available tax deductions (including home offices) choose health, property, and other kinds of insurance keep accurate records in case you get audited, and write legally binding contracts and letter agreements. Tired of doing endless web searches for legal and tax information? Want one easy-to-use and authoritative resource for everything you need to start and run your business? This book is for you. Whether you're starting a full-scale consulting business or booking gigs on the side, Fishman provides all the legal and tax information you need in one place. From forming your business (LLC or other?) to keeping accurate records and learning to write legally binding contracts and letter agreements, he provides the information you need to start and run your business. -- adapted from back cover. "Self-employed? Whether you're an independent contractor, freelancer, consultant, or considering self-employment, it all adds up to the same thing: you need to be more aware of laws and taxes than the average person. Get all the information you need to know to: obtain permits and licenses comply with strict IRS rules avoid unfair contracts "-- Provided by publisher Presents a guide to legal issues for independent contractors, explaining how to draft contracts, price services, and maximize tax deductions