Page 8 - Small Business Taxes

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Chapter 9. Figuring Net Profit or Loss . . . . . . . . . . . . . . 39
Contents Net Operating Losses (NOLs) . . . . . . . . . . . . . . . . . 40
Not-for-Profit Activities . . . . . . . . . . . . . . . . . . . . . 40
What's New for 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Chapter 10. Self-Employment (SE) Tax . . . . . . . . . . . . . . 40
What's New for 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Who Must Pay SE Tax? . . . . . . . . . . . . . . . . . . . . . 40
Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Reporting SE Tax . . . . . . . . . . . . . . . . . . . . . . . . . 44

Photographs of Missing Children . . . . . . . . . . . . . . . . . . . 5 Chapter 11. Your Rights as a Taxpayer . . . . . . . . . . . . . . 44
Examinations, Appeals, Collections, and Refunds . . . . 44
Chapter 1. Filing and Paying Business Taxes . . . . . . . . . . . 5
Identification Numbers . . . . . . . . . . . . . . . . . . . . . . 5 Chapter 12. How To Get More Information . . . . . . . . . . . . 45
Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Small Business Administration . . . . . . . . . . . . . . . . 49
Self-Employment (SE) Tax . . . . . . . . . . . . . . . . . . . . 9 Other Federal Agencies . . . . . . . . . . . . . . . . . . . . . 49
Employment Taxes . . . . . . . . . . . . . . . . . . . . . . . . 10 How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . . . . . 45
Excise Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Information Returns . . . . . . . . . . . . . . . . . . . . . . . 11 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Chapter 2. Accounting Periods and Methods . . . . . . . . . . 12
Accounting Periods . . . . . . . . . . . . . . . . . . . . . . . 12 Future Developments
Accounting Methods . . . . . . . . . . . . . . . . . . . . . . . 13
For the latest information about developments related to
Chapter 3. Dispositions of Business Property . . . . . . . . . 16 Pub. 334, such as legislation enacted after it was
What Is a Disposition of Property? . . . . . . . . . . . . . . 17 published, go to IRS.gov/Pub334.
How Do I Figure a Gain or Loss? . . . . . . . . . . . . . . . 17
Where Do I Report Gains and Losses? . . . . . . . . . . . . 18 Introduction
Chapter 4. General Business Credits . . . . . . . . . . . . . . . 18 This publication provides general information about the
Business Credits . . . . . . . . . . . . . . . . . . . . . . . . . 18 federal tax laws that apply to you if you are a self-em-
How To Claim the Credit . . . . . . . . . . . . . . . . . . . . 20 ployed person or a statutory employee. This publication
has information on business income, expenses, and tax
Chapter 5. Business Income . . . . . . . . . . . . . . . . . . . . 20 credits that may help you, as a small business owner, file
Kinds of Income . . . . . . . . . . . . . . . . . . . . . . . . . 20 your income tax return.
Items That Are Not Income . . . . . . . . . . . . . . . . . . . 24
Guidelines for Selected Occupations . . . . . . . . . . . . 25 This publication does not cover the topics listed in
Accounting for Your Income . . . . . . . . . . . . . . . . . . 26 the following table.
Chapter 6. How To Figure Cost of Goods Sold . . . . . . . . . 27 IF you need information about: THEN you should see:
Figuring Cost of Goods Sold on Schedule C, Lines Corporations . . . . . . . . . . . . . . . . . . . Pub. 542
35 Through 42 . . . . . . . . . . . . . . . . . . . . . . . . . 27
Business expenses . . . . . . . . . . . . . . . . Pub. 535
Chapter 7. Figuring Gross Profit . . . . . . . . . . . . . . . . . . 29 Farming . . . . . . . . . . . . . . . . . . . . . . . Pub. 225
Items To Check . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Fishermen (Capital Construction Fund) . . . . . . . Pub. 595
IRS.gov/International
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International business .
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Testing Gross Profit Accuracy . . . . . . . . . . . . . . . . . 30 Partnerships . . . . . . . . . . . . . . . . . . . . Pub. 541
Additions to Gross Profit . . . . . . . . . . . . . . . . . . . . 30 Passive activities . . . . . . . . . . . . . . . . . Pub. 925
Recordkeeping . . . . . . . . . . . . . . . . . . Pub. 583
Chapter 8. Business Expenses . . . . . . . . . . . . . . . . . . . 30 Rental . . . . . . . . . . . . . . . . . . . . . . . . Pub. 527
Bad Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 S corporations . . . . . . . . . . . . . . . . . . . Instructions for Form
Car and Truck Expenses . . . . . . . . . . . . . . . . . . . . 31 1120-S
Pub. 583
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Starting a business . . . . . . . . . . . . . . . .
Employees' Pay . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Are You Self-Employed?
Legal and Professional Fees . . . . . . . . . . . . . . . . . . 35
Pension Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 You are a self-employed person if you carry on a trade or
business as a sole proprietor or an independent
Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 contractor.
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Travel and Meals . . . . . . . . . . . . . . . . . . . . . . . . . 37 You do not have to carry on regular full-time busi-
Business Use of Your Home . . . . . . . . . . . . . . . . . . 37 ! ness activities to be self-employed. Having a
part-time business in addition to your regular job
Other Expenses You Can Deduct . . . . . . . . . . . . . . . 39 or business may be self-employment.
CAUTION
Expenses You Cannot Deduct . . . . . . . . . . . . . . . . . 39
Page 2 Publication 334 (2022)