Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants

by Stephen Fishman

Be your own boss -- easily, efficiently and successfully -- with this bestseller! Whether you're an independent contractor, freelancer, or consultant, it all adds up to the same thing: You need to be more aware of laws and taxes than the average person. Fortunately, Working for Yourself provides all the information you need to stay on top of it all. An independent contractor himself, Stephen Fishman shows you everything you need to know to meet business start-up requirements, pick a business structure, set up home or outside offices, obtain permits and licenses, price your services or products, comply with strict IRS rules, establish sound business relationships, avoid unfair contracts, draft good agreements, keep good records, get paid in full and on time, and much, much more! The 6th edition is completely revised to provide the up-to-date information you need, including the most current tax rates and changes in the law. Whether you already work for yourself or are thinking about making the move, Working for Yourself will help make sure you do it right.

Genres: Business, Nonfiction, Reference, Law, Self Help, Finance, Entrepreneurship

368 pages, Paperback

First published January 1, 2000

Reviews

[Keiki Hendrix · Rating 5 out of 5]

The subject of laws and taxes are not particularly interesting to those who are starting a freelance or consulting business. If you are considering starting a business as a freelancer or consultant, this is an excellent choice.

NOLO press publishes exceptional resources and this book by Stephen Fishman is no exception. These 21 Chapters and 2 Appendices cover everything one would need to know about forming a freelance business and about the legal responsibilities of the self-employed.

Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants by Stephen Fishman (8th edition) provides a vast amount of information for the writer or consultant. This is a gray area for many, especially writers, whose mind are much more oriented to creativity than to the business aspect of their livelihood.

As a paralegal, I was familiar with many of the terms, phrases, and concepts presented in this book which made it easier for me to go directly to specific sections. Even so, if I had not had any legal experience, I would highly recommend it. I plan to use it as a quick reference desk guide.

The ‘Forms and Documents‘ and ‘Sample Agreements‘ included in the Appendices were also very helpful. Sidebars, charts, and other tips as well as special sections labeled ‘caution‘ and ‘resources‘ are included throughout each Chapter.

If you are searching for a resource for the self-employed or if you are considering launching your own freelance or consulting company, I recommend this book (as all NOLO books) highly.

[Lori · Rating 3 out of 5]

Well written, with downloadable forms. Not quite as detailed as Small Time Operator. If nothing else, it is always good to have two confirming sources. And I learned one new thing: if a spouse is not working, then eligible to contribute double to an IRA account. I’ll be confirming that soon!

[Chris Norbury · Rating 3 out of 5]

A concise and seemingly comprehensive guide to self-employment that contains enough basics that will stand the test of time (unless the IRS is abolished). Lots of good examples that explain the rules and procedures--better than the meager examples the IRS gives in its instructions about filling out tax forms.

Well organized, useful for reference on specific topics. Worth having in your library if you are a hands-on type self-employed sort who can't afford expensive accountants and lawyers to handle those aspects of your business.

[Whitney · Rating 3 out of 5]

I guess I knew more than I thought as there was nothing "new" in here for me. Well written and concise for someone just starting out.

[LaShana Claude]

In this day and age everyone is working for themselves. During the 2008 election cycle, there was much emphasis on small business. Big business is a good experience but you never have your own. i learned how to make money by myself and in the beginning it is difficult but governments work best when people participate in a way that doesn't invade on the lives of others. people make the best choices when they have spent time alone. it is just a philosophy but you take the most pride in your work when another hands you money you know you earned and the small amount may be less than a boss would pay but checks take some of the pride out of working for yourself. The sun is just brighter.

-Law & Taxes for Independent Contractors, Freelancers & Gig Workers of All Types

Covers the New Tax law

Steven Fishman, Juris Doctorate author of Deduct It! Lower Your Small Business Taxes



https://www.gutenberg.org/files/4763/...

[Sara · Rating 4 out of 5]

Another entry in my nolo review. This does a decent job of laying out all the considerations and noting when it is crucial to get professional support from an attorney. If you don't have an attorney for your small business helping you with formation and paperwork, this will help make sure nothing is missed. As always though, it is no substitute for situation-specific advice from an attorney.

[Wulfgar's Papa · Rating 5 out of 5]

There is a lot of good material in this book for anyone thinking about becoming an independent contractor. Lot's of grey areas when dealing with the IRS as expected they can not make it simple. It's a good reminder that the USA still desperately needs real tax reform. Unfortunately that is unlikely to happen due to all the special interest that benefits from the overly complex tax code.

[Kyle W · Rating 4 out of 5]

Incredibly helpful and informative

[Dale · Rating 4 out of 5]

This is a book I wish that I had many years ago when I spent 4 years as an independent software contractor. It is a down-to-earth guide to the fundamentals of working as an independent, covering everything from setting up the business to planning for retirement.

This is not a hokey 'secrets of independent consulting' book. Instead, it is a balanced guide, explaining pros and cons for many of the decisions that you will need to make. Fishman explains in detail the advantages, disadvantages, and risks of each of the major forms of business (LLC, S-Corp, corporation, individual, and partnership). He also points out the advantages and disadvantages of being employed by someone else vs. being self-employed. When first starting as a contractor it is easy enough to forget all the costs and risks you will need to bear: health insurance, liability insurance, retirement savings, self-employment tax (which is twice the social security tax you've been paying), office space, etc. Fishman lays it all out. He also gives some guidance on how to price your services: the short answer is '2.5 to 3 times your equivalent salary', but he also gives more detailed guidance.

Possibly the most useful part of the book has to do with contracts. He covers the many pitfalls you are likely to encounter in the 'standard', 'boilerplate' contracts you may be offered, and itemizes the types of provisions that you absolutely need to avoid, and offers alternatives that would be more acceptable. He also suggests a number of provisions that should think about adding to your contracts.

Anyone who has contracted knows that it is hard to avoid late-payers and outright deadbeats. Fishman offers a number of suggestions to reduce the risk, and ensure that you maintain a good cash-flow.

The book covers many other areas of finance, taxes, insurance, etc. If you are planning to go independent, or even if you already are contracting, you need this book.

[James · Rating 3 out of 5]

A terrific concise guide to all of the paperwork you will need to run your own business. It's just enough to give the reader a taste of what needs to be covered. It may even be enough to work through most of the routine forms and requirements that confront most businesses.

But the level of advice and complexity is very basic. For example, it will not show you how to fill out a tax form to capture the LLC charges and feed it through your K1.

You will still likely need an expert, but the book will help you focus your query (that will save money). And also help you understand what the expert is saying back to you and why.

Recommended.

[loafingcactus · Rating 4 out of 5]

The taxes, the taxes made me want to cry. Actually, they made an accountant seem more like a necessary outsourcing than a luxury. Aside from the tax rate calculations, where my eyes glazed over and my fingers hit speeddial to Please God Find Someone Else To Do This, the rest of the business expense information was very useful. This book is mainly about financials with a quick review of legal principles in contracts that focuses very much on the "legal" and not so much on the "what do you really want". For more on letter agreement type documents that focus on your business goals, I would suggest one of Alan Weiss' books.

[Jodi · Rating 5 out of 5]

This has been by far the most informational business book I've read so far. Most books just skim the surface on topics like taxes, but this book gives LOTS of very detailed tax information, from self-employment taxes to sales taxes, etc. It also goes into a lot of detail about record keeping and accounting and how to set that all up to make tax time much easier and less costly. The last section of the book also gave excellent tips about writing up client contracts and agreements. I know I will definitely be checking this book out again, especially as tax time rolls around!

[Maria]

This was a very interesting read with tons of good advice. However, it had to go back to the library and I never took it out again. I think I am going to take a break from the business end of my occupation and refocus on the artistic end for the time being.

[Dave Peticolas · Rating 3 out of 5]

A thorough, well-written reference from the Nolo Press about the legal and financial implications of self-employment. If you haven't read anything from Nolo you should check them out.

[Tabitha · Rating 3 out of 5]

it's not an exciting read, but it has been helpful thus far!

[Todd N · Rating 4 out of 5]

Very clear book -- readable and useful. Now I sort of understand why that guy flew his airplane into an IRS building a few months ago. Maybe I can deduct my flight simulator as a business expense?

[Sheila · Rating 4 out of 5]

Good information on taxes

[Dinah · Rating 4 out of 5]

As with my past Nolo Press experiences, clear, concise and highly valuable.

Recommended!

[Cara]

Great reference--lots of valuable, detailed information about how to set up the business and what to put in contracts.

[Joe · Rating 4 out of 5]

A comprehensive introduction to freelancing that's well organized, and clearly written with excellent examples. Wish I'd read this helpful book a year ago.