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Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants

by Attorney Stephen Fishman

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Price:   $39.99

Summary

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. 

Press Reviews

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

"If everything goes well with that new freelance business... then Nolo's Working for Yourself is the only book you'll need." Accounting Today

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

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

"Walks the reader through the basics of choosing a business form and then deals with start-up concerns, the myriad tax-paying and reporting issues and introductory information on recordkeeping, intellectual property and agreements." Minneapolis Star Tribune

"A comprehensive guide to meeting the requirements for starting as an independent contractor." Orange County Register

"A clearly presented, all-around resource." US News & World Report

"Comprehensive, current, and savvy... highly recommended." Library Journal

Table of Contents

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

A. Essential Provisions
B. Optional Provisions
C. Sample Client Agreement
D. Using Letter Agreements

20. Reviewing a Client's Agreement

A. Make Sure the Agreement Is Consistent With the Client's Promises
B. Make Sure the Contract Covers at Least the Basics
C. Provisions to Avoid
D. Provisions to Consider Adding
E. Client Purchase Orders

21. Help Beyond This Book

A. Help Resolving Disputes
B. Finding and Using a Lawyer
C. Help From Other Experts
D. Doing Your Own Legal Research
E. Online Resources

Appendix 1: Forms and Documents

Asset Log
Expense Journal
Income Journal
Invoice

Appendix 2: Sample Agreements

General Independent Contractor Agreement
Contract Amendment
Nondisclosure Agreement

Appendix 3: Agencies

State Offices Providing Small Business Help
State Unemployment Tax Agencies
State Sales Tax Agencies
Patent and Trademark Depository Libraries

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