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    The VA Tax Guide - A Complete Resource for your Virtual Assistant Business
    The VA Tax Guide - A Complete Resource for your Virtual Assistant Business
    The VA Tax Guide - A Complete Resource for your Virtual Assistant Business
    Ebook64 pages41 minutes

    The VA Tax Guide - A Complete Resource for your Virtual Assistant Business

    By Sarah Korhnak

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    About this ebook

    Updated for Current Tax Laws and Forms

     

    Starting a Virtual Assistant (VA) business is a great way to work from home and earn a side income. When you become a virtual assistant independent contractor you are in essence starting your own small business. Starting a small business has registration and tax implications. Quickly and easily understand your taxes as a new virtual assistant business owner.

    After reading this book you will know:
    -What business structure to choose
    -How to register your virtual assistant business with your state and the IRS
    -Easy tax deductions you can take as a virtual assistant
    -What tax form to file as a virtual assistant
    -Where to record tax deductions on your tax form
    -What income to record as revenue, and where to record it
    -If you need to pay self-employment tax
    -understanding 1099s
    -And much more!

    Although the information in this book is geared toward virtual assistants, it is also 100% applicable to anyone with a small business.

    Who this book is for:
    -Any virtual assistant
    -Any independent contractor
    -Anyone with a work at home business
    -Anyone interested in understanding small business tax deductions
    -Anyone interested in small business taxation
    -Anyone interested in understanding taxes for self-employed
    -Any small business owner in the United States

    Owning your own virtual assistant business is exciting! Don't let taxes make your worried. Quickly understand all you need to know about taxes as a virtual assistant so you can spend your time focusing on growing your virtual assistant business!

    LanguageEnglish
    PublisherSBS Media LLC
    Release dateSep 21, 2017
    ISBN9781386038719
    The VA Tax Guide - A Complete Resource for your Virtual Assistant Business

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      Book preview

      The VA Tax Guide - A Complete Resource for your Virtual Assistant Business - Sarah Korhnak

      Sarah Korhnak

      The VA Tax Guide

      A Complete Resource for Your Virtual Assistant Business

      Copyright © 2018 by Sarah Korhnak

      All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.

      First edition

      This book was professionally typeset on Reedsy

      Find out more at reedsy.com

      Contents

      Introduction

      1. Your VA Business

      2. Choosing a Business Structure

      3. Registering your Business

      4. Business Bookkeeping

      5. Schedule C

      6. Understanding 1099s

      7. Expenses

      8. Travel Expenses

      9. Home Office and QBI Tax Deductions

      10. Revenue

      11. Self-Employment

      12. How to Pay Yourself and Filing your Taxes

      Conclusion

      More From Sarah Korhnak

      Notes

      Introduction

      You have finally done it! You have landed your first client and are now officially a virtual assistant! Congratulations!

      Before long, you will send your first invoice for services rendered, and you might wonder, What does the IRS expect me to do about this revenue? Am I a business? What about my expenses? What is tax deductible? What counts as revenue? Is self-employment tax applicable?

      Slow down, slow down. You have lots of questions, and this book will answer them simply and easily. The IRS and your state have lots of rules, but with a little information you can navigate those tax waters without capsizing.

      You may be wondering if I’m the right person to help you, so let me tell you about myself. I graduated from college with a B.S. in Accounting, earned my CPA (Certified Public Accountant) license, and worked for 7 years for a public accounting firm that specialized in audit.

      Throughout the last decade, I have started several small businesses and have been employed as a bookkeeper for several other businesses. For better or worse, the IRS website and I have become well acquainted over the years!

      Although the IRS attempts to clearly outline basic tax rules on their website (they actually do a decent job), the rules, exceptions, and accounting jargon can be confusing for people new to small business and the world of taxes and accounting. That’s where I come in.

      This book will cut through all the confusion and explain the tax rules for your virtual assistant (VA) business in an easy to understand way. The guidance I provide comes directly from the IRS website, but is summarized for your ease of use and tailored to your particular type of business. Throughout this book you will find links to the IRS website where a particular topic is discussed. Click on the links to see the IRS information or for more details on a particular topic.

      Like all good books about taxes and accounting, I need to give you a disclaimer! The information I have presented in this book is accurate, but every tax situation is unique. If you still have nagging questions after reading this book, do your own research on the IRS website or consult a tax accountant. I am not a tax accountant, just a person with lots of small business tax experience. I am not a tax attorney and have never been to law school. The tax code is lengthy and complicated, but in this book, I present accurate, well-researched advice using knowledge gained through

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