WHAT IS IRS Publication 334: Tax Guide For Small Business
The IRS Publication 334: Tax Guide for Small Business is a document published by the Internal Revenue Service (IRS).
BREAKING DOWN IRS Publication 334: Tax Guide For Small Business
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.
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.
Other Federal Resources for Small Businesses
The Federal government offers additional assistance to small business owners through the Small Business Administration or the SBA. This autonomous U.S. government agency provides assistance to small businesses and also promotes the larger economy through supporting small businesses. The U.S. Congress and President Eisenhower founded the SBA via the Small Business Act in the summer of 1953. Formed with the explicit purpose to aid and protect the interests of small businesses, the charter of the organization also ensures a fair proportion of government contracts and sales of its surplus property. Today the SBA has programs that include financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. Currently, the SBA also has a program that provides loans to victims of natural disasters.
The organization mostly services small businesses with a variety of resources available on the agency’s website, including a small business planner and additional training programs. The SBA offers in-person and one-on-one consulting services at locations throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam. Individuals can get support in business plan writing instruction and receive assistance with small business loans.
Along with educational services, the SBA has a well-known loan program. The SBA does not award grants or issue direct loans itself; instead the SBA guarantees against default aspects of business loans extended by banks and other official lenders that meet the agency’s guidelines. This loan program enables small businesses to access loans with longer repayment periods.