Tax Guide for Small Business

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Publication 334
Tax Guide for Small Business

Introduction, Useful Items and Important Changes

For use in Preparing 2009 Returns

Chapter 1
Filing and Paying Business Taxes

Identification Numbers

Do I Have To File an Income Tax Return?
How Do I File?
IRS
When Is My Tax Return Due?
How Do I Pay Income Tax?

Self-Employment (SE) Tax

Employment Taxes

Information Returns

Chapter 2
Accounting Periods and Methods

Accounting Periods

Accounting Methods

Cash Method
Accrual Method
Combination Method
Inventories
Uniform Capitalization Rules
Special Methods
Change in Accounting Method

Chapter 3
Dispositions of Business Property

What Is a Disposition of Property?

How Do I Figure a Gain or Loss?

Is My Gain or Loss Ordinary or Capital?
Is My Capital Gain or Loss Short Term or Long Term?

Where Do I Report Gains and Losses?

Chapter 4
General Business Credits

Business Credits

How To Claim the Credit

Chapter 5
Business Income

Kinds of Income

Bartering for Property or Services
Real Estate Rents
Personal Property Rents
Interest and Dividend Income
Canceled Debt
Other Income

Items That Are Not Income

Guidelines for Selected Occupations

Accounting for Your Income

Chapter 6
How To Figure Cost of Goods Sold

Figuring Cost of Goods Sold on Schedule C Lines 35 Through 42

Line 35 Inventory at Beginning of Year
Line 36 Purchases Less Cost of Items Withdrawn for Personal Use
Line 37 Cost of Labor
Line 38 Materials and Supplies
Line 39 Other Costs
Line 40 Add Lines 35 through 39
Line 41 Inventory at End of Year
Line 42 Cost of Goods Sold

Chapter 7
Figuring Gross Profit

Testing Gross Profit Accuracy

Additions to Gross Profit

Chapter 8
Business Expenses

Car and Truck Expenses

Methods for Deducting Car and Truck Expenses
Reimbursing Your Employees for Expenses

Legal and Professional Fees

Travel, Meals, and Entertainment

Business Use of Your Home

Other Expenses You Can Deduct

Expenses You Cannot Deduct

Chapter 9
Figuring Net Profit or Loss

Net Operating Losses (NOLs)

Not-for-Profit Activities

Chapter 10
Self-Employment (SE) Tax

Who Must Pay SE Tax?

Special Rules and Exceptions
Figuring Earnings Subject to SE Tax
Farm Optional Method
Using Both Optional Methods

Reporting Self-Employment Tax

Chapter 11
Your Rights as a Taxpayer

Declaration of Taxpayer Rights

Examinations, Appeals, Collections, and Refunds

Chapter 12
How To Get More Information

Internal Revenue Service

Small Business Administration

Other Federal Agencies