Money and Taxes in a Micro Business
After you have started a micro business and run it for a while, you may wonder…
- How can I make more money?
- Have I made a profit?
- Do I owe any taxes on my profits?
- How can I reduce my taxes?
- How can I measure my success?
- How can I plan to stay in business?
- How can I avoid failure?
This third book in the Micro Business for Teens series, Money and Taxes in a Micro Business, will help you answer all those questions.
Table of Contents:
Chapter One: How Successful Are You? Your Income Statement
- Income Statement
- Parts of an Income Statement
- Sample Income Statement
- How to Prepare an Income Statement
- Balance Sheet
- Sample Balance Sheet
- Who Needs a Balance Sheet?
- Other Financial Statements
- Did You Make a Profit?
Chapter Two: Can You Stay in Business? The Cash Flow Worksheet
- A Cash Flow Worksheet
- Sample Cash Flow Worksheet
- How to Use a Cash Flow Worksheet
- What to Do If Cash Flow Is Negative
- Learn From Your Mistakes
Chapter Three: Making More Profit
- Motivation
- How To Make More Money
- Increase Sales
- Decrease Expenses
Chapter Four: Measuring Success: Financial Ratios
- Ratios from an Income Statement
- Example of Using Financial Ratios
- How Ratios Help Your Micro Business
- Goal Setting with Ratios
Chapter Five: Federal Taxes
- Federal Income Tax for Business Owners
- When Does a Teenager Owe Income Tax?
- When Does a Teenager File a Tax Return?
- Self Employment Tax
- Legitimate and Legal Tax Deductions
Chapter Six: Who Are You? IRS Classifications of Teenage Workers
- Employee or Independent Contractor?
- Household Employee
- Independent Contractor Status
- Worker Misclassification
Chapter Seven: More Taxes: State and Employer Taxes
- State and Local Income Tax
- Employer Taxes
- Checklist For Hiring Employees
- Social Security and Medicare Taxes
- Unemployment Taxes
- Workers’ Compensation
- Employer Forms
Chapter Eight: Sales Tax
- How sales tax works
- State Requirements
- Consult with a Local CPA
- Obtain a Vendor’s License
- Out of State Sales
- Internet Based Sales
- Paying the Sales Tax
Chapter Nine: Hiring Help: Employees and Independent Contractors
- Alternatives to Hiring Employees
- Two Categories of Workers
- Worker Classification: A Critical Issue
- How to Determine Worker Status
- Can’t Decide? Let the IRS Help
- Forms for Independent Contractors
Chapter Ten: Working With an Accountant
- What a CPA Can Do For You?
- How Much Do CPAs Charge?
- Questions to Ask an Accountant
- CPAs Speak IRS-ese
| Book Title | Money and Taxes in a Micro Business |
| Publisher: | Ambassador Publishing |
| Author | Carol Topp, CPA |
After you have started a micro business and run it for a while, you may wonder…
- How can I make more money?
- Have I made a profit?
- Do I owe any taxes on my profits?
- How can I reduce my taxes?
- How can I measure my success?
- How can I plan to stay in business?
- How can I avoid failure?
This third book in the Micro Business for Teens series, Money and Taxes in a Micro Business, will help you answer all those questions.
Table of Contents:
Chapter One: How Successful Are You? Your Income Statement
- Income Statement
- Parts of an Income Statement
- Sample Income Statement
- How to Prepare an Income Statement
- Balance Sheet
- Sample Balance Sheet
- Who Needs a Balance Sheet?
- Other Financial Statements
- Did You Make a Profit?
Chapter Two: Can You Stay in Business? The Cash Flow Worksheet
- A Cash Flow Worksheet
- Sample Cash Flow Worksheet
- How to Use a Cash Flow Worksheet
- What to Do If Cash Flow Is Negative
- Learn From Your Mistakes
Chapter Three: Making More Profit
- Motivation
- How To Make More Money
- Increase Sales
- Decrease Expenses
Chapter Four: Measuring Success: Financial Ratios
- Ratios from an Income Statement
- Example of Using Financial Ratios
- How Ratios Help Your Micro Business
- Goal Setting with Ratios
Chapter Five: Federal Taxes
- Federal Income Tax for Business Owners
- When Does a Teenager Owe Income Tax?
- When Does a Teenager File a Tax Return?
- Self Employment Tax
- Legitimate and Legal Tax Deductions
Chapter Six: Who Are You? IRS Classifications of Teenage Workers
- Employee or Independent Contractor?
- Household Employee
- Independent Contractor Status
- Worker Misclassification
Chapter Seven: More Taxes: State and Employer Taxes
- State and Local Income Tax
- Employer Taxes
- Checklist For Hiring Employees
- Social Security and Medicare Taxes
- Unemployment Taxes
- Workers’ Compensation
- Employer Forms
Chapter Eight: Sales Tax
- How sales tax works
- State Requirements
- Consult with a Local CPA
- Obtain a Vendor’s License
- Out of State Sales
- Internet Based Sales
- Paying the Sales Tax
Chapter Nine: Hiring Help: Employees and Independent Contractors
- Alternatives to Hiring Employees
- Two Categories of Workers
- Worker Classification: A Critical Issue
- How to Determine Worker Status
- Can’t Decide? Let the IRS Help
- Forms for Independent Contractors
Chapter Ten: Working With an Accountant
- What a CPA Can Do For You?
- How Much Do CPAs Charge?
- Questions to Ask an Accountant
- CPAs Speak IRS-ese
