Keep Your Hard Earned Money Tax Saving

If you're in business for yourself, don't sell yourself short. Reap all the tax-saving benefits you deserve with this clear, concise, step-by-step guide that shows you exactly how to take advantage of every tax deduction allowable by law. Inside, you'll find all the facts the IRS doesn't want you to know, and glean all the advice you need to:* Convert everyday living expenses into business deductions* Audit-proof your tax return -- how to keep records that will satisfy the IRS* Choose the form of entity that's best for you* Utilize insider's tips on numerous deductions: your home office, business equipment, car, credit card interest, clothing, meals, entertainment, trips and vacations, and medical expenses* Use hiring techniques that save you money* Income shifting techniques -- make your family part of your tax shelterPlus, you'll get invaluable insights into retirement plans for the self-employed, including IRAs, Keoghs, SEP and 401(k) plans, and much, much more. Packed with informative charts, worksheets, questionnaires, and self-tests,Keep Your Hard-Earned Moneyprovides solid advice you can take to the bank.

Henry Aiy'm Fellman is a lawyer, accountant, and small-business tax expert with more than twenty years of experience helping people lower their taxes. He is a well-known consultant, author, and speaker. His workshop series, Keep What You Earn!™, is available through continuing education facilities throughout the western United States, and via organizations whose members are self-employed.

CONTENTS

PREFACE

I KEEPING MORE OF YOUR HARD-EARNED MONEY

The #1 Tax Shelter
Calculating Your Tax Bracket
Converting Everyday Living Expenses into Business Deductions
Income-Shifting Techniques
Other Tax-Saving Techniques
Reduce Income Taxes with a Sideline Business

II MAKING SURE YOUR BUSINESS IS A BUSINESS

Convert Your Hobby Expenses into a Business Deduction
Making Sure You're a Business Owner and Not an Employee

III TAKE EVERY DEDUCTION YOU'RE ENTITLED TO

Audit Myths and Other Tales of Horror
Choosing the Right Tax Professional to Get the Most Out of This Book
Guilty Until Proven Innocent
Audit-Proofing Your Tax Return
Record Retention

IV CONVERTING EVERYDAY LIVING EXPENSES INTO BUSINESS DEDUCTIONS

Tax Savings from Deductions
Section A: If You're Entitled to the Home-Office Deduction, Take It!
Section B: Deduct ALL Equipment Used in Your Business
Section C: Getting the Most "TSPM" Out of Your Car
Section D: Meals, Entertainment, and Gifts
Section E: Deducting Business Trips and Vacations
Section F: Converting Medical and Dental Expenses into Business Deductions
Section G: Clothing, Interest, Credit Cards, Raising Children, and Everything Else

V INCOME-SHIFTING TECHNIQUES

Income-Shifting Technique #1: Hiring
Income-Shifting Technique #2: Gift Ownership
Income-Shifting Technique #3: Lease Property from Family or Friends
Income-Shifting Technique #4: Gift Property Instead of Selling

VI RETIREMENT PLANS FOR THE SELF-EMPLOYED

Individual Retirement Accounts (IRAs)
Simplified Employee Pension (SEP) Plans
The SIMPLE Plan
Medical Savings Account (MSA)
Keogh and Company Qualified Plans
401(k) Plans -- Deferred Compensation Plans

VII CHOOSING THE FORM OF ENTITY THAT'S BEST FOR YOU

The Different Entities
Choose Your Goal, Choose Your Form
The Choosing Process
Tax-Planning Strategies

APPENDICES

A. Tax Rate Schedule for 1997
B. Sample Independent Contractor Agreement
C. 1997 Per Diem Rates (by State)
D. Sample Employment Contract
E. Resource Guide

INDEX
ABOUT THE AUTHOR

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Keep Your Hard Earned Money Tax Saving Solutions for the Self Employed

Summary

Author Biography

Table of Contents

Supplemental Materials