Full Description

Written in plain English, Minding Her Own Business provides the crucial tools you need to understand your business’ finances and prepare yourself for April 15th. It gives the self-employed woman exactly what she needs to understand her taxes and establish a good recordkeeping system. Use it to maximize your deductions and make yourself more audit-proof.

Money Makers
Saving money is making money—learn how to maximize deductions, spot financial sinkholes and get credit where credit is due.

Records Check
Make sure you are keeping the right records
the right way—every time.

Alerts
Stay out of trouble by establishing a foolproof system that will prevent future headaches and minimize the risk of audit.

Filing Tips
See exactly what you need to keep the bank, the IRS and any workers satisfied and on your side.

Expert Advice
Let a licensed tax professional teach you the secrets she has already shared with tens of thousands of others.

Table of Contents

Introduction

Section 1: Getting Started
Chapter 1: Why a Tax Book for Women? -

Chapter 2: Determining What Is a Business -
- Determining When a Business Starts

Chapter 3: Choosing Your Business Structure -
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Companies
- Choosing the Best Entity for Your Business

Chapter 4: Necessary Licenses and Permits -

Chapter 5: Bank Accounts and Credit Cards -
- Bank Accounts
- Credit Cards

Chapter 6: Balancing Your Checkbook-

Section 2: Keeping Records
Chapter 7: The Records the IRS Expects You to Have -

Chapter 8: Keeping Track of Business Expenses-
- How a Disbursement Sheet Works

Chapter 9: Keeping Track of the Money Coming into Your Business -
- Using a Receipts Sheet

Chapter 10: Ledger Books and Recordkeeping Systems -
- One-Write Systems

Chapter 11: Doing Your Recordkeeping on a Computer -

Chapter 12: Financial Statements -
- Cash-Flow Projections

Chapter 13: Inventory and Cost of Goods Sold

Chapter 14: Taking a Draw -

Section 3: Working with Employees and Independent Contractors
Chapter 15: Employees vs. Independent Contractors
- Classifying an Independent Contractor
- Form SS-8
- Seeking Help

Chapter 16: Differences Between Employees and Self-Employed People
- Insurance
- Taxes
- Evaluate Your Alternatives

Chapter 17: Employee Payroll and Withholding

Chapter 18: 1099 Forms -
- Receiving 1099 Forms

Chapter 19: Hiring Family Members -
- Hiring Your Children
- Hiring Your Spouse

Section 4: Identifying Deductible Expenses
Chapter 20: Making Expenses Deductible

Chapter 21: Business Start-Up Expenses

Chapter 22: Depreciation
- Calculating Depreciation
- Listed Property
- Section 179 Depreciation
- Bonus First Year Depreciation
- Form 4562

Chapter 23: Deducting Your Home Office
- Calculating the Home Office Deduction
- Form 8829
- Audit Risk of Claiming a Home Office

Chapter 24: Telephone and Other Utility Expenses

Chapter 25: Using Your Car in Your Business
- Keeping Records
- Calculating the Deduction
- Leasing vs. Buying a Vehicle
- Electric and Hybrid Cars

Chapter 26: Meals and Entertainment
- Day Care Meals

Chapter 27: Deductible Travel
- Domestic Travel
- Foreign Travel
- Spouse Travel Expense

Chapter 28: Insurance Deductions

Chapter 29: Education Expenses

Chapter 30: Other Deductible Business Expenses
- Casualty and Theft Losses

Chapter 31: Child Care Expenses

Chapter 32: Retirement Plans
- Tax-Sheltered or Tax-Deferred Annuities
- Traditional IRAs
- Roth IRAs
- SEP IRA Accounts
- Keogh Plans
- SIMPLE Accounts
- Self-Employed 401(k) Plans
- The Saver’s Tax Credit

Section 5: Filing Tax Forms
Chapter 33: Tax Forms Used by Self-Employed People -
- The 1040 Form
- Schedule C
- Schedule C-EZ
- More About Form 1040
- Other Itemized Deductions and Exemptions
- Self-Employment Tax
- The Tax Payments Section of Form 1040

Chapter 34: State Taxes -

Section 6: Making Estimated Tax Payments
Chapter 35: Making Quarterly Estimated Tax Payments -
- Determining Who Needs to Make Quarterly Payments
- Quarterly Payment Due Dates
- Estimated Tax Vouchers
- Federal Tax Rates
- Penalties
- Avoiding Penalties
- Form 2210
- State Estimated Tax Payments

Chapter 36: Calculating the Amount to Send Quarterly -

Section 7: Getting Help
Chapter 37: Paying Your Taxes -

Chapter 38: Getting Help with Recordkeeping and Tax Returns
- Bookkeepers
- Tax Preparers

Chapter 39: Audits
- Deciding Who Goes to the Audit
- At the End of the Audit

Chapter 40: Holding on to Records -

Chapter 41: The End (Which is Really the Beginning) -

Glossary

Appendix A: How to Reconcile a Bank Statement

Appendix B: How to Calculate Estimated Tax Payments: A Step-by-Step Example

Appendix C: Resources for Small Business Owners

Appendix D: State-by-State Taxation Department

Excerpt

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