BREAKING DOWN IRS Publication 334: Tax Guide For Small Business

IRS Publication 334 is a guide that pertains specifically to small business owners who are self-employed. The guide also applies to statutory employees such as independent contractors.

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The IRS publication provides small business owners with information on federal tax law as it applies to their businesses. Publication 334 outlines different tax credits and deductions from which small business owners may benefit. The guide describes how to treat both business income and expenses. The detailed publication also indicates what forms the taxpayer needs to fill out, what business income needs to be reported, what accounting method the business owner should use and what to do if a business is sold or dissolved during the year.

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Publication 334 covers tax information for both full- and part-time ventures. In addition to publication 334, the IRS publishes specific guides for S Corporations, partnerships, farmers and fishermen, corporations, residential rental property income and income from passive activities.

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