Minding Her Own Business: The Self-Employed Woman's Essential Guide to Taxes and Financial Records

by Jan Zobel

Overview

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.

Product Details

ISBN-13:	9781402234774
Publisher:	Sourcebooks
Publication date:	12/01/2004
Sold by:	Barnes & Noble
Format:	eBook
Pages:	256
File size:	5 MB

About the Author

Jan Zobel has her own tax preparation and consultation business in which, for 25 years, she has specialized in working with self-employed people. As an enrolled agent (a tax professional licensed by the IRS), Ms. Zobel has prepared over 8,000 tax returns for small business owners. In addition to preparing returns and doing individual tax consultations for nearly 500 clients each year, Jan teaches small business tax classes throughout the western United States.

Her tax articles have appeared on the Microsoft and Charles Schwab websites, as well as in many magazines and newspapers. She frequently is quoted as a tax expert by such publications as Newsweek, WallStreetJournal.com, Entrepreneur Magazine, Working Mother, and Quicken.com. Citing her ability to make complex tax topics understandable by the average person, Jan was given the Small Business Administrations' Accountant Advocate of the Year Award. She also is listed in Who's Who of American Women and Who's Who of Finance and Industry. Jan lives in the San Francisco Bay Area the majority of the year and in Kailua-Kona, Hawaii the remaining months. She can be reached via her website www.JanZtax.com.

Jan Zobel has her own tax preparation and consultation business in which, for 25 years, she has specialized in working with self-employed people. As an enrolled agent (a tax professional licensed by the IRS), Ms. Zobel has prepared over 8,000 tax returns for small business owners. In addition to preparing returns and doing individual tax consultations for nearly 500 clients each year, Jan teaches small business tax classes throughout the western United States.

Her tax articles have appeared on the Microsoft and Charles Schwab websites, as well as in many magazines and newspapers. She frequently is quoted as a tax expert by such publications as Newsweek, WallStreetJournal.com, Entrepreneur Magazine, Working Mother, and Quicken.com.

Citing her ability to make complex tax topics understandable by the average person, Jan was given the Small Business Administrations’ Accountant Advocate of the Year Award. She also is listed in Who’s Who of American Women and Who’s Who of Finance and Industry.

Jan lives in the San Francisco Bay Area the majority of the year and in Kailua-Kona, Hawaii the remaining months. She can be reached via her website www.JanZtax.com.

Table of Contents

Introduction

Section 1: Getting Started
Chapter 1: Why a Tax Book for Women?
Chapter 2: Determining What Is a Business
Chapter 3: Choosing Your Business Structure
Chapter 4: Necessary Licenses and Permits
Chapter 5: Bank Accounts and 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
Chapter 9: Keeping Track of the Money Coming into Your Business
Chapter 10: Ledger Books and Recordkeeping Systems
Chapter 11: Doing Your Recordkeeping on a Computer
Chapter 12: Financial Statements
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
Chapter 16: Differences Between Employees and Self-Employed People
Chapter 17: Employee Payroll and Withholding
Chapter 18: 1099 Forms
Chapter 19: Hiring Family Members

Section 4: Identifying Deductible Expenses
Chapter 20: Making Expenses Deductible
Chapter 21: Business Start-Up Expenses
Chapter 22: Depreciation
Chapter 23: Deducting Your Home Office
Chapter 24: Telephone and Other Utility Expenses
Chapter 25: Using Your Car in Your Business
Chapter 26: Meals and Entertainment
Chapter 27: Deductible Travel
Chapter 28: Insurance Deductions
Chapter 29: Education Expenses
Chapter 30: Other Deductible Business Expenses
Chapter 31: Child CareExpenses
Chapter 32: Retirement Plans

Section 5: Filing Tax Forms
Chapter 33: Tax Forms Used by Self-Employed People
Chapter 34: State Taxes

Section 6: Making Estimated Tax Payments
Chapter 35: Making Quarterly 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
Chapter 39: Audits
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

Information
Index
About the Author

Editorial Reviews

Zobel, who has run her own tax-preparation and consultation business for the past 18 years, has prepared a guide designed to help women entrepreneurs with tax questions. She divides her book into two sections: the first discusses types of entities (e.g., sole proprietorship, partnerships) under which the business can be operated; the second is concerned with keeping track of financial records, including what records to save, how to keep records effectively, and what the Internal Revenue Service looks for when it calls taxpayers for audits. Sample tax forms are provided throughout the book. A helpful addition is the list of books, other publications, and agencies related to taxation and entrepreneurship. Because there may be changes in tax forms and regulations, one hopes this source will be updated on a regular basis. An excellent starting point for learning how to keep records effectively and becoming informed about the latest tax regulations; recommended for public libraries.-Lucy T. Heckman, St. John's Univ. Lib., Jamaica, N.Y.

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