IRS Publication 334: Tax Guide For Small Business
What is 'IRS Publication 334: Tax Guide For Small Business'
A document published by the Internal Revenue Service (IRS) that provides small businesses owners with information on federal tax law that apply to small businesses. IRS Publication 334 outlines different tax credits and deductions that are available, and how to treat both business income and expenses. It indicates what forms to fill out, what business income should be reported, what accounting method to use and what to do if a business is sold or dissolved during the year.
BREAKING DOWN 'IRS Publication 334: Tax Guide For Small Business'
IRS Publication 334 pertains specifically to small business owners who are self-employed, as well as statutory employees such as independent contractors. The business can be either a full or part-time venture. S Corporations, partnerships, farmers and fishermen, corporations, residential rental property income and income from passive activities are covered under other IRS publications.