Minding Her Own Business, 4th Edition

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

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 Care Expenses
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)

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