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

HOW - The Bottomline Design Magazine
One of the best general record keeping and tax advice publications to come along.


Home Business Magazine
An excellent tool..to help decipher the complex and confused tax system.


Terry Savage, Columnist Chicago Sun Times
If you have your own business, or are thinking about starting one, you need this book.


Anna Marks, Publisher Bay Area BusinessWoman
Woman business owners shouldn't be without this book. It's like having a tax professional by your side at all times.


Book Description
This easy-to-read and understand book is invaluable for women (and men) who are already in business or just starting to be self-employed, and who are trying to learn exactly what tax responsibilities they have. Not just a tax-season book, but a year round guide, Minding Her Own Business provides complete tax and recordkeeping information for self-employed people and independent contractors. Readers will learn about the different business entities (sole-proprietor, LLC, corporation, partnership), what the tax differences are between being an employee and a self-employed person, which business expenses are deductible and what proof the IRS expects to see, how to reduce your chances of being audited, whether you need to make quarterly estimated tax payments (and how to calculate the amount to send), how to deduct a home office (or should you?), whether you can deduct your business vehicle (and what records you need), how to choose a tax preparer or a bookkeeper, what taxes self-employed people pay, which tax forms are filed by sole proprietors, whether it’s a good idea to prepare your own return using a tax preparation program, how to set up a simple record keeping system, and much much more. This recently published 4th edition of Minding Her Own Business contains the general information you'll need to prepare your own 2004 tax return (or to get ready your materials for your preparer) and also for doing your 2005 tax planning. Unlike some tax books, Minding Her Own Business is not an academic book. It is not written in legal language. It was written by a tax preparer (enrolled agent) who has been preparing tax returns for self employed people for more than 25 years. She has prepared over 8,000 tax returns and currently has 400 tax clients with whom she uses this information every day! The author has also been teaching small business tax seminars throughout the country for more than 20 years so she has a very good idea of what questions self-employed people have about taxes. You’ll find those questions (and the answers) inside Minding Her Own Business. Terry Savage in the Chicago Sun-Times wrote about Minding Her Own Business, 'If you have your own business or are thinking about starting one, you need this book.' Paul Tulenko in The Atlanta Business Chronicle wrote: 'Clearly written and superbly easy to use. One of the best I've seen on the essentials of keeping books and paying taxes.' Anna Marks, publisher of Bay Area BusinessWoman wrote "Women business owners should not be without this book. It's like having a tax professional by your side at all times." Small business columnist Jane Applegate wrote, "Minding Her Own Business is a great addition to anyone’s business library. Zobel has the ability to explain financial issues in a clear and understandable manner."


Book Info
Provides a comprehensive guide for women who are opening their own business, handling their finances and preparing their own taxes. Presents a guide through confusing tax laws by explaining the basic concepts and gives examples for, amongst others, records the IRS expects you to keep. Softcover. DLC: Income tax--Law and legislation--U.S.


From the Publisher
This easy-to-read tax guide provides complete information for both women and men who are opening their own business, handling their finances, and either preparing their own taxes or handing the job to a professional. This book guides the reader through the jumble of confusing tax laws by explaining basic concepts and providing lots of understandable examples. You'll learn how to keep a simple set of records, what expenses you can deduct, how to reduce your chances of being audited, how to make estimated tax payments and lots more! This 4th edition of Minding Her Own Business has been totally updated to reflect the latest 2004 tax law changes.


From the Author
I wrote this book after preparing tax returns for 25 years (over 8,000 returns!). Minding Her Own Business contains all the information that is presented in the tax seminars I've been teaching around the country for 20 years. You'll learn: - what licenses and permits you'll need to start your business - how to keep a simple set of records - what the IRS would expect to see in an audit - how to lessen your chances of being audited - what it means to work as an independent contractor - which expenses are deductible and what proof you need to have - what tax forms are used by self-employed people (samples included) - who needs to make quarterly estimated tax payments - how to calculate how much to send quarterly - what to do if you don't have e nough money to pay your taxes - how to select a bookkeeper or tax preparer - how long you need to keep records - how new tax laws will affect you - and MUCH, MUCH more!! Written in everyday, non-accountant language with lots of real-life examples.


About the Author
Jan Zobel has run her own tax preparation and consultation business, specializing in working with self-employed people for more than 25 years. As an enrolled agent (a tax professional licensed by the IRS), Ms. Zobel has prepared over 8,000 tax returns. She teaches small business tax classes and universities and small business centers and is a recipient of th e Small Business Administration's Accountant Advocate of the Year Award. Ms. Zobel lives in the San Francisco Bay Area where she sees approximately 400 tax clients each year. She is listed in Who's Who of American Women and Who's Who in Finance and Industry.


Excerpted from Minding Her Own Business: The Self-Employed Woman’s Essential Guide to Taxes and Financial Records by Jan Zobel. Copyright © 2005. Reprinted by permission. All rights reserved.
Chapter 2 What is a Business? •Anne is a technical writer for Cyberspace Company. Her job is to put together a manual to accompany Cyberspace’s new software program. Anne was hired as an independent contractor (that is, no taxes are withheld from her paycheck) not as an employee. •Maria opened a needlepoint shop last year. She has an employee who works part-time in the store. •Lenore sells skin care products at home parties. Also she recruits new people to sell the products. This type of business is called network or multilevel marketing which means that when Lenore’s recruits make their own sales, Lenore gets a percentage of the sales price. •LaToya is a psychotherapist who is an employee at a counseling center. She also has a small private practice and sees clients in her home office. All of these women are business owners, although they may not think of themselves that way. Often people who own a one-person service business (e.g., consultants, graphic artists, psychotherapists, house cleaners) may think of themselves as being self-employed without realizing that they’ve created a business of which they’re the owner. While independent contractors may not think of themselves as business owners, the tax implications for them are the same as for any other small business. That’s because the IRS defines a business as being an activity you participate in regularly and continuously with the intent of making a profit. For tax purposes, the terms self-employed, business owner (if a sole proprietorship), and independent contractor all mean the same thing. (See the next chapter for information on sole proprietorships.) When is Someone Considered to be Officially in Business? The IRS says once you are set up and ready (open) for business, you’re considered to be in business. Ready for business means you have obtained all necessary licenses and permits; you have rented store or office space, if you’re planning to do that; and you have told the public that your services or products are available. (In Chapter 4, we’ll discuss the licenses and permits you might need.) Although the IRS expects you to be aware of your tax obligations from the start, if you plan to operate as a sole proprietor without employees, there is no need to let the IRS know you’ve opened a business. The IRS will be able to see that you are self-employed when you file your first income tax return after starting the business. On the other hand, owners of partnerships, corporations, or LLCs do need to let the IRS know when they start a business because these entities are required to have a federal employer identification number (FEIN). This number is necessary because partnerships and corporations exist separately from the individuals who own them, whereas a sole proprietorship is intimately connected to its owner so can usually use the owner’s social security number. (The differences between sole proprietors, partnerships, corporations, and limited liability companies (LLCs) are discussed further in the next chapter.)


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Jan Zobel has run her own tax preparation and consultation business, specializing in working with self-employed people for more than 25 years. As an enrolled agent (a tax professional licensed by the IRS), Ms. Zobel has prepared over 8,000tax returns. She teaches small business tax classes and universities and small business centers and is a recipient of th e Small Business Administration's Accountant Advocate of the Year Award. Ms. Zobel lives in the San Francisco Bay Area where she sees approximately 400 tax clients each year. She is listed in Who's Who of American Women and Who's Who in Finance and Industry.


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