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CCH Incorporated
Self-employed individuals face many vexing tax compliance and planning problems. While most salaried individuals think little of tax compliance except at the end of the year and toward tax return time, the self-employed often face thorny tax issues throughout the year. Self-employed individuals must deal with estimated taxes, FICA, business income and deductions, and specific tax rules that uniquely affect their basic business and personal needs. Even health and savings plans in many instances are much more complicated for the self-employed.
Often self-employed individuals need the professional counsel of tax attorneys, accountants, and others to help them comply with current law, make sound business decisions, and plan effectively for what lies ahead. Such professionals will benefit from the clear and comprehensive discussion in this new groundbreaking work from CCH, Tax Strategies for the Self-Employed.
Tax Strategies for the Self-Employed covers all the bases for the practitioner. The first part of this insightful treatise creates a context to understand the more complex tax issues by surveying the basic income tax principles that affect the self-employed. Once this context is formed, the book offers more detailed coverage of the many important and complex topics that practitioners must understand to help clients create and execute effective working strategies.
Issues that must be considered in the early stages of the self-employed's operation such as accounting methods, accounting for inventories, and start-up and expansion deductions are addressed initially. These preliminary chapters are followed closely by ones that explain and analyze the more common yet vexing considerations that relate to automobile and transportation deductions, depreciation, pension and employee benefit deductions, and other deductions and credits. Rounding out the book's coverage of important individual tax topics for the self-employed are chapters on hobby classification and passive losses; disposing of property; avoiding the alternative minimum tax and tax penalties; and hiring independent contractors. Chapters in the final portion of the book examine the self-employment tax itself, inclusions and exclusions from income, and strategies to reduce the self-employment tax.
Featured throughout the book are generous examples to help practitioners at any experience level come to a greater understanding of the issues. Specific strategies are frequently called out to the reader. Finely tuned concise explanations of the topics consistently reference underlying authority for the reader's continued research and study.
Tax Strategies for the Self-Employed includes a detailed topic index, plus a helpful Finding List that indexes Code sections, Regulations and Rulings. A separate Case Table is also included.
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