Tax Planning Strategies For The Self Employed

Tried and true tax-planning strategies to help the taxpayer get the most out of income tax.

The U.S. self-employment tax is 15.3%. This is in addition to federal and state income taxes.

Compiled by an expert team of accountants, 78 Tax Tips For Canadians For Dummies offers practical tax planning strategies. These individual tips offer straightforward advice and insight that will save readers aggravation and money.

"...a book for every Canadian in a small or home-based business who is struggling with complex tax rules and regulations." —Dale Ennis, Canadian MoneySaver "...easy-going style and avoidance of the more mind-numbing details make for a solid primer on the perks and pitfalls of self-employment. The...one-sentence tips in the appendix are probably worth the price of admission alone." —Gordon Powers, The Globe and Mail "...one of the better books I've seen on the market for small-business owners and better yet, it's all Canadian content." —Linda A. Fox, The Toronto Sun As a small-business owner or a home-based entrepreneur, you have lots of questions about taxes, but very few answers. Fortunately for you, 167 Tax Tips for Canadian Small Business contains a wealth of tax planning advice and strategies to help you save on your business tax bill. So whether you want to do it yourself or reduce what you pay your accountant - not to mention the government - this is how you'll keep more money in your pocket, where it belongs. Packed with tax tips that will save you hundreds, or even thousands, of dollars year-round. Written in a question-and-answer format that's easy to understand, practical, and easy to apply. Features 167 "Tax Beaters" - quick-reference tips that highlight key points - plus three bonus tips to help you save even more! Explains how to save taxes in every aspect and at every stage of your business. Features a Year-Round Tax-Planning Calendar. Coverage includes: business start-up, corporate tax planning, GST/HST, deductibility of home and automobile expenses, what to do if you are audited by the Canada Revenue Agency, CPP and QPP deductions for self-employed entrepreneurs, and much more. The ultimate "tax coach" for every Canadian in a small or home-based business, this book will help you to beat the taxman at his own game!

Major new tax laws aimed at boosting the economy, addressing rising health care costs and providing tax relief have created numerous tax planning opportunities-and challenges. Tax rates and other changes that phase in and phase out between now and 2010 make mid- and long-term financial planning difficult and more tax-driven than ever before. Sound tax guidance and planning is essential to maximize many of the available tax benefits and avoid tax pitfalls.

Tax Planning Strategies: Tax Savings Opportunities for Individuals and Families (2005-2006)-formerly published as Year-End Tax Strategies-Is ideal for gaining a clear understanding of many tax planning approaches and techniques that may yield substantial tax savings for individuals. This helpful booklet focuses on the income tax issues that need to be addressed throughout the year, as well as retirement and estate planning strategies.

All the information you need to file quickly, correctly, and take advantage of the tax opportunities that self-employment affords Written by two experts, this invaluable guide is specifically geared to meet your needs as part of America's rapidly growing segment of self-employed taxpayers. This book puts complicated tax jargon into everyday language you can understand. You'll find dozens of money-saving tips, along with practical advice for long-term strategic planning; actual, usable tax forms that are often difficult to find; and line-by-line instructions on how to file Schedules C, C-EZ, SE, and Forms 1040ES and 8829. Discover the answers to a myriad of tough questions that can cause problems at tax time, including: When can you safely claim a home office deduction? What kind of records should you keep in case there's an audit? How should you depreciate office equipment? What key considerations are important in choosing a retirement plan? And more! Tax Planning and Preparation Made Easy for the Self-Employed also includes: Usable tax forms Depreciation worksheets Standard meal allowance chart for business travel Property class tables