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  • Ask The Experts: LLC Formation, Contract Templates
    regarding structure and entity Does the NASE offer a step by step guide to help small business owners make these difficult and important decisions A A great resource for you is the NASE Startup Kit which includes a summary discussion of each entity form The Startup Kit is free for NASE Members and can be downloaded from the website As you might guess each entity form has pros and cons The most effective entity form for your particular situation will depend on your specific facts and circumstances My recommendation is to review the Startup Kit for its general discussion as a starting point Keith Hall NASE Tax Expert Q I m looking for a template for a contract I work as an independent 1099 contractor for a non profit organization and need to create a contract for the work compensation reimbursement of expenses etc A As you might imagine there are contract templates all over the Internet I don t have anything better How can I say that Anything I have may or may not fit your situation Let me instead give you some thought on what you need to include First you want language that will clearly set out what your responsibilities are and what the other party must do as a result Since you are an independent contractor the other party will not want to be so controlling and detailed that they make you an employee which would cost them money Some key items to consider When are you paid How are expenses handled What happens if either party wants out how much notice do you get Who provides the tools or computers What is the term of the contract What if something goes wrong Do they defend you in a lawsuit Are you included on their liability policy Are they asking you to indemnify them if you make a mistake Is there any guarantee What happens if they don t assign you the work What if an act of God such as a storm makes the work impossible to do Most of the boilerplate you see in form contracts addresses these issues The key is to understand what you are putting in the contract If you are investing in equipment I would be more careful about the term and perhaps seek some part of it in guaranteed payments Also as you evaluate the arrangement if you are doing work only for the other party and no other clients and your work is not overly specialized evaluate if you are giving up too much by not being an employee In short after you describe the work term payment of expenses and payment for your work think through the scenarios of what might go wrong and look at some of the phrases in existing contracts to come up with something If you have a major investment then having a lawyer at least review your work makes sense Rather than choosing the first form that pops up in your search

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2013/04/01/ask-the-experts-llc-formation-contract-templates (2016-02-14)
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  • Ask The Experts: Home Office Transition
    ideas or issues we need to be paying attention to in this endeavor A Your question breaks down into three areas technical considerations effect on your family and practice identity image As for the technical side you need to look into local ordinance and or registration effect on your home owner s insurance construction operating costs tax considerations etc The second the effect on your family is yet to be revealed While operating a business from the home has some sound basis and sounds good on the surface some people do not do well being so close to the home It depends on personal relationships kids neighbors and other factors Having been in an outside office atmosphere for 21 years and making a considerable financial investment into the project it will be very important that you do everything you can to be sure that operating your practice out of your home is a workable situation Locating the business in an area of the home that is only used for that purpose and setting rules about work hours and family interactions during work hours are also important The third component is actually the most important your clientele Particularly in a professional position such as yours some clients may place an image value on you by operating out of your home If it is a common practice in your area it probably is not an issue However if the professional population operating out of their homes is small in your area you could see reluctance of clients to accept it A lot depends on the neighborhood you will live in your existing clientele where you get new clients from and numerous other issues Gene Fairbrother Business Strategy Expert Get More Answers The NASE s small business experts are here to help you

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2013/03/07/ask-the-experts-home-office-transition (2016-02-14)
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  • Ask The Experts: 1099 Forms, NASE Dues Deductibility
    resource for small business tax advice View all NASE news Ask The Experts 1099 Forms NASE Dues Deductibility Monday February 04 2013 Q I m an independent graphic designer and occasionally contract with copywriters In the past my expenses have not exceeded the 600 maximum but in 2012 they did so I need to set up a 1099 I have the writer s W 9 form but I don t know where to go from here I found a service by Intuit for 25 that will do the work and file it for me but I m sure there must be a way to do it myself I use Sample Pay to help figure out how to fill out and file my 944 W 2 and W 3 forms but don t see that they offer a service for 1099s A The completion of the form 1099 is very easy There are certainly accounting software programs and services such as the one you mentioned to help with the filing but you can also easily do it yourself If you have a large number of them it might be easier to go the software route but if you only have one or two my recommendation is to simply complete them manually The only information that is needed for the Form 1099 is the recipient s name address tax ID number and the amount that you paid them All of this information except payment amount is included on the W 9 form that you have for each independent contractor You will also need a form 1096 which is just a summary form showing the totals of all the 1099s that are attached You can download a copy of the form 1099 MISC directly from the IRS website along with detailed instructions at irs gov Note that the online form is for informational purposes only and should not be filed with the IRS Instead you can get the forms you need for filing at any office supply store such as Office Depot or Staples You can also order them free from the IRS by calling 800 TAX FORM Q Can I deduct my NASE Membership dues on my taxes A Yes most of your NASE dues are deductible The IRS does not allow the deduction of any business association dues that are related to lobbying efforts The NASE certainly promotes the interests of small businesses in Washington D C Thus a portion of your dues must be considered lobbying costs The NASE has determined that 17 of your annual dues are allocated to those efforts of promoting small business legislative issues and therefore must be excluded from the deduction So the amount of your dues actually paid during 2012 less 17 will be deductible on your 2012 business tax return Keith Hall NASE Tax Expert Get More Answers The NASE s small business experts are here to help you understand the ins and outs of operating a successful small business And access to

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2013/02/04/ask-the-experts-1099-forms-nase-dues-deductibility (2016-02-14)
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  • Ask The Experts: Business Loss Deduction
    05 2012 Q I purchased a business in 2000 and am currently in negotiations to sell it to a corporation At the time I took depreciation for goodwill equipment restrictive covenant etc I will be selling this business at a loss Am I permitted to deduct the loss on my taxes A I m sorry to hear that you ll recognize a loss on the sale of your business but the good news is that the loss will be deductible It will be a little more complicated than just putting a single loss number on a specific line on your tax return But if you indeed had a loss on the investment in the business that loss will be deductible in some form The sale will most likely be treated as a sale of the specific assets of the business and therefore the overall character of the loss will be based on those specific assets Some assets may be capital in nature and therefore any gain or loss will be a capital gain or loss Other items will give rise to an ordinary gain or loss The first step is to actually identify the specific assets being sold Then you ll allocate the purchase price to each of these assets generally based on fair market value That will determine the gain or loss related to each asset or class of assets Any real property or depreciable property including intangibles like franchise fees copyrights etc will be considered what is called Section 1231 property The treatment of any gains or losses on Section 1231 property is even a bit more complicated All Section 1231 gains and losses are combined and then first are used to offset any other 1231 gains or losses from previous years The resulting net loss would be

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2012/11/05/Ask_The_Experts_Business_Loss_Deduction (2016-02-14)
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  • Ask The Experts: Form 1099
    Ask The Experts Form 1099 Monday October 01 2012 Q I m just starting a business I ve heard about having to track certain kinds of vendors or customers in order to send them a Form 1099 at the end of the year Does that exist If so how is it done what needs to be tracked and where is it reported A You are correct in that if you pay an independent contractor at least 600 during the year for services to your trade or business then you must report those payments at the end of the year via Form 1099 MISC The information you need to complete the form is the name address and tax identification number for the independent contractor The easiest way to obtain the details that you need is to have the contractor complete an IRS Form W 9 At the end of the year you will complete a Form 1099 MISC for any contractor to whom you paid 600 or more The form will include each contractor s information as well as the amount that you paid each contractor Q I recently started freelancing and would like to know whether I should have disability insurance in case I am unable to work for a period of time If so what s the best way to go about getting it Does the NASE offer disability insurance A A big concern for the self employed and freelancers is what happens to you and your family if you are unable to work due to an injury or sickness Disability insurance is one way to allay some financial concerns and protect yourself Unfortunately disability insurance is not an inexpensive product This type of insurance depends on many variables including Health Underwriters review doctors records to determine an applicant

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2012/10/01/Ask_The_Experts_Form_1099 (2016-02-14)
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  • Ask The Experts: New Vehicle Tax Deduction
    will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax News Your resource for small business tax advice View all NASE news Ask The Experts New Vehicle Tax Deduction Tuesday September 04 2012 Q We are wondering if buying a new vehicle would be a good tax deduction for us Our current work vehicle is paid for but it s 8 years old If replacing it will give us a tax break we ll replace it But if it won t make a big difference tax wise we ll keep the vehicle What s your advice A Never spend money just to get a tax deduction You will never be ahead of the game by spending money just to avoid taxes So if the existing vehicle is meeting your needs then certainly do not go out and spend your hard earned money just to increase a tax deduction Having said that buying the new vehicle would most likely increase the overall tax deduction related to vehicle usage Again the only reason the deduction would be higher is because you are spending more So if the intangible benefits of the new car and the want to side of the new car are high enough that you are going to get a new one anyway then buying one before the end of the year could increase your tax deduction and therefore lower your overall taxes But again do not buy the new car because of an expectation of an increased deduction Instead of the new vehicle consider increasing your contributions to a qualified retirement plan such as a simplified employee pension plan or

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2012/09/04/Ask_The_Experts_New_Vehicle_Tax_Deduction (2016-02-14)
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  • Ask The Experts: New Contract Employee Forms
    Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax News Your resource for small business tax advice View all NASE news Ask The Experts New Contract Employee Forms Friday June 29 2012 Q Can you tell me which employment forms a contract employee needs to complete before starting to work for my company A The first question is whether your new worker is an employee or an independent contractor This is not a matter of choice but is dictated by the specific circumstances of the working relationship The key element is who controls the work You most likely have an employee if You tell the person when to be at work where to work and how to complete the work You provide the workspace and the tools they need to do the job Payments made to employees are called wages They re subject to tax withholding and are reported at the end of the year via Form W 2 You most likely have an independent contractor if you specify the end result but the worker Decides how to do the work when to work and where to work Usually provides his or her own tools to complete the work Has other clients If you hire an independent contractor you ll report payments you make to the contractor on Form 1099 MISC The form is required if you pay at least 600 to the independent contractor during a calendar year The payments that are reported via Form 1099 are not subject to federal income tax withholding or other payroll taxes You ll issue one copy of the 1099 to the contractor and send one copy to the IRS at the end of the year To complete Form 1099

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2012/06/29/Ask_The_Experts_New_Contract_Employee_Forms (2016-02-14)
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  • Ask The Experts: Section 179 Depreciation
    is this deduction explained in the IRS rules I ve been struggling through Publication 946 and can t find any requirement that the equipment has to be new to qualify for the deduction A The equipment does not have to be new to qualify for the Section 179 deduction nor for accelerated depreciation options The equipment can be used The only requirement for qualification is that the equipment has been acquired by purchase Learn more about this in IRS Publication 946 How To Depreciate Property on Page 18 under What Property Does Not Qualify Basically to qualify you cannot contribute the property to the business have someone else contribute the property to the business or get the equipment from a related property However if you bought a used commercial truck that would otherwise qualify for one of these accelerated depreciation options the fact that it is used would not preclude the deduction Q How do I handle the new 1099 K reporting requirement if the credit card money my business collects isn t actually income for us but is income for my clients My business collects credit card payments on behalf of my clients We then put the funds in a liability account that we distribute to the client at a specific date or on demand When we distribute the funds to the client we deduct our small service fee from that amount and give them the balance Thus for our 2011 taxes we are not reporting the total credit card funds as income because only a small portion of those funds is our actual income How do I handle the 1099 K forms A The good news is that the IRS will not be doing anything with the 1099 K reporting for 2011 You may have noticed that there

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2012/05/07/Ask_The_Experts_Section_179_Depreciation (2016-02-14)
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