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Taxes 2006

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Taxes 2006

Taxes 2006 Publication 334 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxes 2006 Tax questions. Taxes 2006 Future Developments What's New for 2013 What's New for 2014 Reminders Photographs of Missing Children Introduction The purpose of this publication is to provide general information about the federal tax laws that apply to small business owners who are sole proprietors and to statutory employees. Taxes 2006 This publication has information on business income, expenses, and tax credits that may help you file your income tax return. Taxes 2006 Are you self-employed?   You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Taxes 2006 Sole proprietor. Taxes 2006   A sole proprietor is someone who owns an unincorporated business by himself or herself. Taxes 2006 However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. Taxes 2006 Trade or business. Taxes 2006    A trade or business is generally an activity carried on to make a profit. Taxes 2006 The facts and circumstances of each case determine whether or not an activity is a trade or business. Taxes 2006 You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. Taxes 2006 You do need to make ongoing efforts to further the interests of your business. Taxes 2006   You do not have to carry on regular full-time business activities to be self-employed. Taxes 2006 Having a part-time business in addition to your regular job or business may be self-employment. Taxes 2006 Independent contractor. Taxes 2006    People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. Taxes 2006 However, whether they are independent contractors or employees depends on the facts in each case. Taxes 2006 The general rule is that an individual is an independent contractor if the payer has the right to control or to direct only the result of the work and not how it will be done. Taxes 2006 The earnings of a person who is working as an independent contractor are subject to self-employment tax. Taxes 2006 For more information on determining whether you are an employee or independent contractor, see Publication 15-A, Employer's Supplemental Tax Guide. Taxes 2006 Statutory employee. Taxes 2006   A statutory employee has a checkmark in box 13 of his or her Form W-2, Wage and Tax Statement. Taxes 2006 Statutory employees use Schedule C or C-EZ to report their wages and expenses. Taxes 2006 Limited liability company (LLC). Taxes 2006   A limited liability company (LLC) is an entity formed under state law by filing articles of organization. Taxes 2006 Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. Taxes 2006 An owner who is an individual may use Schedule C or C-EZ. Taxes 2006 Business owned and operated by spouses. Taxes 2006   If you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Taxes 2006 Do not use Schedule C or C-EZ. Taxes 2006 Instead, file Form 1065, U. Taxes 2006 S. Taxes 2006 Return of Partnership Income. Taxes 2006 For more information, see Publication 541, Partnerships. Taxes 2006    Exception—Community income. Taxes 2006 If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U. Taxes 2006 S. Taxes 2006 possession, you can treat the business either as a sole proprietorship or a partnership. Taxes 2006 The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Taxes 2006 A change in your reporting position will be treated as a conversion of the entity. Taxes 2006    Exception—Qualified joint venture. Taxes 2006 If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Taxes 2006 Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Taxes 2006 For an explanation of "material participation," see the Instructions for Schedule C, line G. Taxes 2006   To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Taxes 2006 Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. Taxes 2006 For more information, see Qualified Joint Ventures in the Instructions for Schedule SE. Taxes 2006 This publication does not cover the topics listed in the following table. Taxes 2006    IF you need information about: THEN you should see: Corporations Publication 542 Farming Publication 225 Fishermen (Capital Construction Fund)  Publication 595 Partnerships Publication 541 Passive activities Publication 925 Recordkeeping Publication 583 Rental Publication 527 S corporations Instructions for Form 1120S What you need to know. Taxes 2006   Table A provides a list of questions you need to answer to help you meet your federal tax obligations. Taxes 2006 After each question is the location in this publication where you will find the related discussion. Taxes 2006 Table A. Taxes 2006 What You Need To Know About Federal Taxes (Note. Taxes 2006 The following is a list of questions you may need to answer so you can fill out your federal income tax return. Taxes 2006 Chapters are given to help you find the related discussion in this publication. Taxes 2006 ) What must I know   Where to find the answer   What kinds of federal taxes do I have to pay? How do I pay them?   See chapter 1. Taxes 2006 What forms must I file?   See chapter 1. Taxes 2006 What must I do if I have employees?   See Employment Taxes in chapter 1. Taxes 2006 Do I have to start my tax year in January, or can I start it in any other month?   See Accounting Periods in chapter 2. Taxes 2006 What method can I use to account for my income and expenses?   See Accounting Methods in chapter 2. Taxes 2006 What kinds of business income do I have to report on my tax return?   See chapter 5. Taxes 2006 What kinds of business expenses can I deduct on my tax return?   See Business Expenses in chapter 8. Taxes 2006 What kinds of expenses are not deductible as business expenses?   See Expenses You Cannot Deduct in chapter 8. Taxes 2006 What happens if I have a business loss? Can I deduct it?   See chapter 9. Taxes 2006 What must I do if I disposed of business property during the year?   See chapter 3. Taxes 2006 What are my rights as a taxpayer?   See chapter 11. Taxes 2006 Where do I go if I need help with federal tax matters?   See chapter 12. Taxes 2006 IRS mission. Taxes 2006   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Taxes 2006 Comments and suggestions. Taxes 2006   We welcome your comments about this publication and your suggestions for future editions. Taxes 2006   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxes 2006 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxes 2006 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes 2006   You can send your comments from www. Taxes 2006 irs. Taxes 2006 gov/formspubs/. Taxes 2006 Click on “More Information” then on “Comment on Tax Forms and Publications. Taxes 2006 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxes 2006 Ordering forms and publications. Taxes 2006   Visit  www. Taxes 2006 irs. Taxes 2006 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxes 2006  Internal Revenue Service 1201 N. Taxes 2006 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxes 2006   If you have a tax question, check the information available on IRS. Taxes 2006 gov or call 1-800-829-1040. Taxes 2006 We cannot answer tax questions sent to either of the above addresses. Taxes 2006 Future Developments For the latest information about developments related to Publication 334, such as legislation enacted after it was published, go to www. Taxes 2006 irs. Taxes 2006 gov/pub334. Taxes 2006 What's New for 2013 The following are some of the tax changes for 2013. Taxes 2006 For information on other changes, go to IRS. Taxes 2006 gov. Taxes 2006 Tax rates. Taxes 2006 . Taxes 2006  For tax years beginning in 2013, the social security part of the self-employment tax increases to 12. Taxes 2006 4%. Taxes 2006 The Medicare part of the tax remains at 2. Taxes 2006 9%. Taxes 2006 As a result, the self-employment tax is 15. Taxes 2006 3%. Taxes 2006 Maximum net earnings. Taxes 2006  The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $113,700 for 2013. Taxes 2006 There is no maximum limit on earnings subject to the Medicare part. Taxes 2006 Standard mileage rate. Taxes 2006  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Taxes 2006 5 cents per mile. Taxes 2006 For more information, see Car and Truck Expenses in chapter 8. Taxes 2006 Simplified method for business use of home deduction. Taxes 2006 . Taxes 2006  The IRS now provides a simplified method to determine your expenses for business use of your home. Taxes 2006 For more information, see Business Use of Your Home in chapter 8. Taxes 2006 What's New for 2014 The following are some of the tax changes for 2014. Taxes 2006 For information on other changes, go to IRS. Taxes 2006 gov. Taxes 2006 Standard mileage rate. Taxes 2006  For 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Taxes 2006 Self-employment tax. Taxes 2006  The maximum net self-employment earnings subject to the social security part of the self-employment tax is $117,000 for 2014. Taxes 2006 Reminders Accounting methods. Taxes 2006  Certain small business taxpayers may be eligible to adopt or change to the cash method of accounting and may not be required to account for inventories. Taxes 2006 For more information, see Inventories in chapter 2. Taxes 2006 Reportable transactions. Taxes 2006  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Taxes 2006 You may have to pay a penalty if you are required to file Form 8886 but do not do so. Taxes 2006 You may also have to pay interest and penalties on any reportable transaction understatements. Taxes 2006 Reportable transactions include: Transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, Transactions offered to you under conditions of confidentiality for which you paid an advisor a minimum fee, Transactions for which you have, or a related party has, contractual protection against disallowance of the tax benefits, Transactions that result in losses of at least $2 million in any single tax year ($50,000 if from certain foreign currency transactions) or $4 million in any combination of tax years, and Transactions the same or substantially similar to one of the types of transactions the IRS has identified as a transaction of interest. Taxes 2006 For more information, see the Instructions for Form 8886. Taxes 2006 Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxes 2006 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxes 2006 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxes 2006 Prev  Up  Next   Home   More Online Publications
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