Page 4 - Tax Guide for Small Business

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Chapter 9. Figuring Net Profit or Loss . . . . . . . . . . . . . . 39
Contents Excess Business Loss Limitation . . . . . . . . . . . . . . . 40
Net Operating Losses (NOLs) . . . . . . . . . . . . . . . . . 40
What's New for 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Not-for-Profit Activities . . . . . . . . . . . . . . . . . . . . . 40
What's New for 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Chapter 10. Self-Employment (SE) Tax . . . . . . . . . . . . . . 40
Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Who Must Pay SE Tax? . . . . . . . . . . . . . . . . . . . . . 40
Reporting Self-Employment Tax . . . . . . . . . . . . . . . . 44
Photographs of Missing Children . . . . . . . . . . . . . . . . . . . 5
Chapter 11. Your Rights as a Taxpayer . . . . . . . . . . . . . . 44
Chapter 1. Filing and Paying Business Taxes . . . . . . . . . . . 5 Taxpayer Bill of Rights . . . . . . . . . . . . . . . . . . . . . 45
Identification Numbers . . . . . . . . . . . . . . . . . . . . . . 5 Examinations, Appeals, Collections, and Refunds . . . . 45
Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Self-Employment (SE) Tax . . . . . . . . . . . . . . . . . . . . 8 Chapter 12. How To Get More Information . . . . . . . . . . . . 46
Employment Taxes . . . . . . . . . . . . . . . . . . . . . . . . 10 Small Business Administration . . . . . . . . . . . . . . . . 49
Excise Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Other Federal Agencies . . . . . . . . . . . . . . . . . . . . . 50
Information Returns . . . . . . . . . . . . . . . . . . . . . . . 11 How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . . . . . 46

Chapter 2. Accounting Periods and Methods . . . . . . . . . . 12 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Accounting Periods . . . . . . . . . . . . . . . . . . . . . . . 12
Accounting Methods . . . . . . . . . . . . . . . . . . . . . . . 13
Chapter 3. Dispositions of Business Property . . . . . . . . . 16 Future Developments
What Is a Disposition of Property? . . . . . . . . . . . . . . 17 For the latest information about developments related to
How Do I Figure a Gain or Loss? . . . . . . . . . . . . . . . 17 Pub. 334, such as legislation enacted after it was
Where Do I Report Gains and Losses? . . . . . . . . . . . . 18 published, go to IRS.gov/Pub334.
Chapter 4. General Business Credits . . . . . . . . . . . . . . . 18 Introduction
Business Credits . . . . . . . . . . . . . . . . . . . . . . . . . 18
How To Claim the Credit . . . . . . . . . . . . . . . . . . . . 20 This publication provides general information about the
federal tax laws that apply to you if you are a self-em-
Chapter 5. Business Income . . . . . . . . . . . . . . . . . . . . 20 ployed person or a statutory employee. This publication
Kinds of Income . . . . . . . . . . . . . . . . . . . . . . . . . 20 has information on business income, expenses, and tax
Items That Are Not Income . . . . . . . . . . . . . . . . . . . 24 credits that may help you, as a small business owner, file
Guidelines for Selected Occupations . . . . . . . . . . . . 25 your income tax return.
Accounting for Your Income . . . . . . . . . . . . . . . . . . 26
This publication does not cover the topics listed in
Chapter 6. How To Figure Cost of Goods Sold . . . . . . . . . 27 the following table.
Figuring Cost of Goods Sold on Schedule C, Lines
35 Through 42 . . . . . . . . . . . . . . . . . . . . . . . . . 27 IF you need information about: THEN you should see:
Chapter 7. Figuring Gross Profit . . . . . . . . . . . . . . . . . . 29 Corporations . . . . . . . . . . . . . . . . . . . Pub. 542
Items To Check . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Business expenses . . . . . . . . . . . . . . . . Pub. 535
Testing Gross Profit Accuracy . . . . . . . . . . . . . . . . . 30 Farming . . . . . . . . . . . . . . . . . . . . . . . Pub. 225
Additions to Gross Profit . . . . . . . . . . . . . . . . . . . . 30 Fishermen (Capital Construction Fund) . . . Pub. 595
International business . . . . . . . . . . . . . . IRS.gov/International
Chapter 8. Business Expenses . . . . . . . . . . . . . . . . . . . 30 Partnerships . . . . . . . . . . . . . . . . . . . . Pub. 541
Pub. 925
Bad Debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Passive activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pub. 583
Recordkeeping .
Car and Truck Expenses . . . . . . . . . . . . . . . . . . . . 31 Rental . . . . . . . . . . . . . . . . . . . . . . . . Pub. 527
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 S corporations . . . . . . . . . . . . . . . . . . . Instructions for Form
Employees' Pay . . . . . . . . . . . . . . . . . . . . . . . . . . 33 1120S
Pub. 583
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Starting a business . . . . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Legal and Professional Fees . . . . . . . . . . . . . . . . . . 35
Pension Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Are You Self-Employed?
Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 You are a self-employed person if you carry on a trade or
business as a sole proprietor or an independent
Travel and Meals . . . . . . . . . . . . . . . . . . . . . . . . . 37 contractor.
Business Use of Your Home . . . . . . . . . . . . . . . . . . 38
Other Expenses You Can Deduct . . . . . . . . . . . . . . . 39
Expenses You Cannot Deduct . . . . . . . . . . . . . . . . . 39

Page 2 Publication 334 (2019)