Publication 334 (2005), Tax Guide for Small Business

Index

A

Accounting method

Accrual, Accrual Method
Cash, Cash Method
Change in, Change in Accounting Method
Combination, Combination Method
Special, Special Methods

Accounting method:

Accrual, Accrual method.
Cash, Cash method.

Accounting periods, Accounting Periods

Accrual method of accounting, Accrual Method

Expenses, Expenses
Income — general rule, Income-General Rule
Income — special rules, Income-Special Rules
Related persons, special rule, Special rule for related persons.

Adjusted basis of property, Adjusted basis.

Administrator, Executor or administrator.

Alternative fuel vehicle refueling credit, Alternative fuel vehicle refueling property credit (Form 8911).

Alternative minimum tax, Alternative minimum tax (AMT).

Alternative motor vehicle credit, Alternative motor vehicle credit (Form 8910).

Appeal rights, Appeals.

Audits, Examinations (audits).

B

Bad debt, Bad Debts
Barter income, Bartering for Property or Services
Basis of property, Basis.
Biodiesel and renewable diesel fuels credit, Biodiesel and renewable diesel fuels credit (Form 8864)
Business credits, General Business Credits
Business expenses, Business Expenses
Business income, Business Income

C

Calendar tax year defined, Calendar tax year.

Canceled debt, Canceled Debt, Cancellation of qualified real property business debt.

Capital gain or loss, Is My Gain or Loss Ordinary or Capital?

Car expenses, Car and Truck Expenses, Methods for Deducting Car and Truck Expenses

Cash discount, Cash discounts., Cash discounts.

Cash method of accounting, Cash Method

Expenses, Expenses
Income, Income

Change, accounting method, Automatic change procedures.

Changing methods, Changing methods.

Claim for refund, Refunds.

Clean-fuel vehicle credit, Car and Truck Expenses

Collection of tax, Collections.

Combination method of accounting, Combination Method

Comments on publication, Comments and suggestions.

Condemned property, Condemned property.

Consignments, Consignments.

Construction allowances, Construction allowances.

Contributions to selected community development corporations, credit for, Credit for contributions to selected community development corporations (Form 8847).

Cost of goods sold, How To Figure Cost of Goods Sold

Credit:

Advanced lean burn technology motor vehicle credit, Alternative motor vehicle credit (Form 8910).
Alternative fuel vehicle refueling, Alternative fuel vehicle refueling property credit (Form 8911).
Alternative motor vehicle, Alternative motor vehicle credit (Form 8910).
Biodiesel fuels, Biodiesel and renewable diesel fuels credit (Form 8864)
Clean-fuel vehicle, Car and Truck Expenses
Contributions to selected community development corporations, Credit for contributions to selected community development corporations (Form 8847).
Diesel fuels, renewable, Biodiesel and renewable diesel fuels credit (Form 8864)
Disabled access, Disabled access credit (Form 8826).
Distilled spirits, Distilled spirits credit (Form 8906).
Electric vehicle, Car and Truck Expenses
Empowerment zone employment, Empowerment zone and renewal community employment credit (Form 8844).
Enhanced oil recovery, Enhanced oil recovery credit (Form 8830).
How to claim, How To Claim the Credit
Indian coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835).
Indian employment, Indian employment credit (Form 8845).
Investment, Investment credit (Form 3468).
Low sulfur diesel fuel production, Low sulfur diesel fuel production credit (Form 8896).
Low-income housing, Low-income housing credit (Form 8586).
New markets, New markets credit (Form 8874).
Nonconventional source fuel, Nonconventional source fuel credit (Form 8907).
Orphan drug, Orphan drug credit (Form 8820).
Qualified alternative fuel motor vehicle credit, Alternative motor vehicle credit (Form 8910).
Qualified fuel cell motor vehicle credit, Alternative motor vehicle credit (Form 8910).
Qualified hybrid motor vehicle credit, Alternative motor vehicle credit (Form 8910).
Qualified railroad track maintenance, Qualified railroad track maintenance credit (Form 8900).
Refined coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835).
Renewable electricity, Renewable electricity, refined coal, and Indian coal production credit (Form 8835).
Research, Credit for increasing research activities (Form 6765).
Taxes paid on certain employee tips, Credit for employee social security and Medicare taxes paid on certain employee tips (Form 8846).
Welfare-to-work, Welfare-to-work credit (Form 8861).
Work opportunity, Work opportunity credit (Form 5884).

Credits:

Business, General Business Credits

D

Damages as income, Damages.

Debt, Debt.

Qualified real property business, Qualified real property business debt.
Refund offset against, Offset against debts.

Debt:

Bad, Bad Debts
Canceled, Canceled Debt

Definitions:

Accounting methods, Accounting Methods
Accounting periods, Accounting Periods
Bartering, Bartering for Property or Services
Basis, Basis.
Business bad debt, Business bad debt.
Cash discount, Cash discounts., Cash discounts.
Dispositions of property, What Is a Disposition of Property?
Drawing account, Merchandise withdrawn from sale.
Entertainment expenses, Entertainment expenses.
Fair market value, Fair market value.
Fringe benefit, Fringe benefits.
Local transportation expenses, Local transportation expenses.
Necessary expense, Introduction
Net operating loss, Net Operating Losses (NOLs)
Nonbusiness bad debt, Nonbusiness bad debts.
Ordinary expense, Introduction
Principal place of business, Principal place of business.
Qualified long-term real property, Qualified long-term real property.
Qualified real property business debt, Cancellation of qualified real property business debt.
Rent, Rent Expense
Restricted property, Other Income
Retail space, Retail space.
Self-employment (SE) tax, Self-Employment (SE) Tax
Sole proprietor, Sole proprietor.
Tax home, Local transportation expenses.
Tax year, Accounting Periods
Trade discount, Trade discounts., Cash discounts.
Travel expenses, Travel, Meals, and Entertainment

Depreciation recapture, Recapture of depreciation.

Listed property, Listed property.

Depreciation recapture:

Section 179 property, Section 179 property.

Depreciation:

Deduction, Depreciation
Listed property, Listed property.
Special allowance, Limited applicability of special depreciation allowance.

Direct seller, Direct seller., Real estate agent or direct seller.

Disabled access credit, Disabled access credit (Form 8826).

Disposition of property:

Business property, Introduction
Installment sale, Installment sales., Installment sales.
Like-kind exchange, Like-kind exchanges., Like-kind exchanges., Exchange of like-kind property.
Nontaxable exchange, Nontaxable exchanges.
Sale of a business, Sale of a business.

Distilled spirits credit, Distilled spirits credit (Form 8906).

Dividend income, Interest and Dividend Income

Donation of inventory, Donation of inventory.

Drawing account, Merchandise withdrawn from sale.

E

e-file, IRS e-file (Electronic Filing)

Economic injury, Economic injury.

EFTPS, EFTPS

Electric vehicle credit, Car and Truck Expenses

Electronic filing, IRS e-file (Electronic Filing)

Employee benefit programs, Fringe benefits.

Employees' pay, Employees' Pay

Employer identification number (EIN), Employer identification number (EIN).

Employment taxes:

About, Employment Taxes
Deduction for, Employment taxes.

Empowerment zone employment credit, Empowerment zone and renewal community employment credit (Form 8844).

Energy efficient appliance credit, Energy efficient appliance credit (Form 8909).

Energy efficient home credit, Energy efficient home credit (Form 8908).

Enhanced oil recovery credit, Enhanced oil recovery credit (Form 8830).

Entertainment expenses, Entertainment expenses.

Escrow, payments placed in, Payment placed in escrow.

Estimated tax, How Do I Pay Income Tax?

Examinations (audits), Examinations (audits).

Excise taxes:

About, Excise Taxes
Deduction for, Excise taxes.

Executor, Executor or administrator.

Expenses, Business Expenses

F

Fair market value, Fair market value.

Figuring earnings subject to SE tax, Figuring Earnings Subject to Self-Employment (SE) Tax

Filing business taxes, Filing and Paying Business Taxes

Fiscal tax year defined, Fiscal tax year.

Fishing crew member, Fishing crew member., Fishing crew member.

Form

4797, Listed property.

Form:

1040, How Do I File?
1040-ES, How Do I Pay Income Tax?
1040-V, Balance due.
1099-B, Information returns.
1099-MISC, Form 1099-MISC., Information returns.
1128, Change in tax year.
2210, Penalty for underpayment of tax.
2290, Form 2290.
3115, Change in Accounting Method
3468, Investment credit (Form 3468).
3800, How To Claim the Credit
4562, Form 4562.
4684, Casualties and thefts.
4797, Dispositions of business property and depreciable property., Condemned property.
4868, When Is My Tax Return Due?
5884, Work opportunity credit (Form 5884).
6251, Alternative minimum tax (AMT).
6252, Installment sales.
6765, Credit for increasing research activities (Form 6765).
720, Form 720.
8300, Form 8300.
8586, Low-income housing credit (Form 8586).
8594, Sale of a business.
8820, Orphan drug credit (Form 8820).
8824, Like-kind exchanges., Like-kind exchanges.
8826, Disabled access credit (Form 8826).
8829, Deduction limit.
8830, Enhanced oil recovery credit (Form 8830).
8835, Renewable electricity, refined coal, and Indian coal production credit (Form 8835).
8844, Empowerment zone and renewal community employment credit (Form 8844).
8845, Indian employment credit (Form 8845).
8846, Credit for employee social security and Medicare taxes paid on certain employee tips (Form 8846).
8847, Credit for contributions to selected community development corporations (Form 8847).
8857, Innocent spouse relief.
8861, Welfare-to-work credit (Form 8861).
8864, Biodiesel and renewable diesel fuels credit (Form 8864)
8874, New markets credit (Form 8874).
8896, Low sulfur diesel fuel production credit (Form 8896).
8900, Qualified railroad track maintenance credit (Form 8900).
8906, Distilled spirits credit (Form 8906).
8907, Nonconventional source fuel credit (Form 8907).
8910, Alternative motor vehicle credit (Form 8910).
982, Exclusions
Schedule C, How Do I File?
Schedule C-EZ, How Do I File?
SS-4, Employer identification number (EIN).
SS-5, Social security number (SSN).
W-2, Form W-2.
W-7, Individual taxpayer identification number (ITIN).
W-9, Other payee.

Fringe benefits, Fringe benefits.

Fuel taxes, Fuel taxes.

G

General business credits, Business Credits

Gross profit:

Accuracy, Testing Gross Profit Accuracy
Additions to, Additions to Gross Profit

Guidelines for selected occupations, Guidelines for Selected Occupations.

H

Health insurance, deduction for self-employed, Self-employed health insurance deduction.
Help (see Tax help)
Help from Small Business Administration, Small Business Administration
Home, business use of, Business Use of Your Home
Hotels, boarding houses, and apartments, Hotels, boarding houses, and apartments.
Husband and wife business, Husband and wife business.

I

Identification numbers, Identification Numbers

Income tax return, who must file, Do I Have To File an Income Tax Return?

Income tax:

About, Income Tax
Deduction for, Income taxes.
How to pay, How Do I Pay Income Tax?
Underpayment penalty, Penalty for underpayment of tax.

Income:

Accounting for your, Accounting for Your Income
Barter, Bartering for Property or Services
Other, Other Income
Paid to a third party, Income paid to a third party.
Personal property rent, Personal Property Rents
Rental, Real Estate Rents, Personal Property Rents

Independent contractor, Employment Taxes, Sole proprietor or independent contractor.

Indian employment credit, Indian employment credit (Form 8845).

Individual taxpayer identification number (ITIN), Individual taxpayer identification number (ITIN).

Information returns, Information Returns

Innocent spouse relief, Innocent spouse relief.

Installment sales, Installment sales.

Insurance agent

Former, Insurance agent, former.
Retired, Insurance agent, retired.

Insurance:

Expense, Insurance
Proceeds, Insurance proceeds.

Interest expense, Interest

Interest income, Interest and Dividend Income

International organization employee, Foreign government or international organization employee.

Inventories, Inventories

Investment credit, Investment credit (Form 3468).

IRS mission, IRS mission.

N

Net operating losses, Net Operating Losses (NOLs)
Net profit or loss, Introduction
New markets credit, New markets credit (Form 8874).
Newspaper carrier or distributor, Newspaper carrier or distributor.
Newspaper or magazine vendor, Newspaper or magazine vendor.
Nonbusiness bad debt, Nonbusiness bad debts.
Nonconventional source fuel credit, Nonconventional source fuel credit (Form 8907).
Nondeductible insurance premiums, Nondeductible premiums.
Nonemployee compensation, Introduction
Nontaxable exchanges, Nontaxable exchanges.
Not-for-profit activities, Not-for-Profit Activities
Notary public, Notary public.

O

Optional methods, using both, Using Both Optional Methods
Ordinary gain or loss, Is My Gain or Loss Ordinary or Capital?
Orphan drug credit, Orphan drug credit (Form 8820).
Other deductible expenses, Other Expenses You Can Deduct
Other nondeductible expenses, Expenses You Cannot Deduct

P

Parking fees, Parking fees and tolls.

Partners, husband and wife, Husband and wife business.

Pay, different kinds of, Kinds of pay.

Paying:

Business taxes, Filing and Paying Business Taxes
Income tax, How Do I Pay Income Tax?

Payments to third parties, Payments to third parties.

Penalty:

Failure to file information returns, Penalties.
Failure to furnish correct payee statements, Penalties.
Underpayment of tax, Penalty for underpayment of tax.

Pension plans, Pension Plans

Personal property tax, Personal property tax.

Prepaid expense:

Extends useful life, Prepayment.
Rent, Rent paid in advance.

Prepaid rent, Prepaid rent.

Professional fees, Legal and Professional Fees

Promissory notes, Promissory notes.

Public official, Public official.

Punitive damages, Punitive damages.

Q

Qualified railroad track maintenance credit, Qualified railroad track maintenance credit (Form 8900).
Qualified real property business debt, Qualified real property business debt.

R

Real estate agent, Real estate agent or direct seller.

Real estate dealer, Real estate dealer

Real estate rents, Real Estate Rents

Real estate taxes, Real estate taxes.

Recovery of deductions, Recovery of items previously deducted.

Refund, offset against debts, Offset against debts.

Related persons:

Special rule, Special rule for related persons.
Unreasonable rent, Unreasonable rent.

Renewable electricity, refined coal, and Indian coal production credit, Renewable electricity, refined coal, and Indian coal production credit (Form 8835).

Rent expense, Rent Expense

Rental income, Real Estate Rents

Repayment of income, Repayment of income.

Reporting self-employment tax, Reporting Self-Employment Tax

Research credit, Credit for increasing research activities (Form 6765).

Restricted property, Restricted property.

Retirement plans, Pension Plans

S

Salaries, Employees' Pay

Sale of a business, Sale of a business.

Sales of assets, Introduction

Sales tax, Sales tax.

Schedule C, How Do I File?

Schedule C-EZ, How Do I File?

Schedule SE, filing requirement, Reporting Self-Employment Tax

SE tax:

About, Self-Employment (SE) Tax

Aliens, Aliens.

Church employee, Church employee.

Community property income, Community Property Income

Deduction for, Self-employment tax.

Effects of using an optional method, Effects of using an optional method.

Farm optional method, Farm Optional Method

Fiscal year filer, Fiscal Year Filer

Fishing crew member, Fishing crew member.

Foreign government employee, Foreign government or international organization employee.

Gain or loss, Gain or Loss

Joint return, Joint return.

Local government employee, State or local government employee.

Lost income payments, Lost Income Payments

Maximum earnings, Maximum earnings subject to self-employment tax.

Methods for figuring net earnings, Methods for Figuring Net Earnings

More than one business, More Than One Business, More than one business.

Nonfarm optional method, Nonfarm Optional Method

Optional methods

Farm, Farm Optional Method
Nonfarm, Nonfarm Optional Method

Rate, Self-employment (SE) tax rate.

Regular method, Regular Method

Residing abroad, U.S. citizen or resident alien residing abroad.

Special rules and exceptions, Special Rules and Exceptions

State government employee, State or local government employee.

Tax rate, SE tax rate.

Time limit for posting income, The Social Security Administration (SSA) time limit for posting self-employment income.

Who must pay, Who Must Pay Self-Employment Tax?

Why use an optional method, Why use an optional method?

Section 179 deduction, Section 179 deduction.

Securities

Dealer, Securities dealer.
Trader, Securities trader.

Self-employed health insurance deduction, Self-employed health insurance deduction.

Self-employment tax (see SE tax)

Self-employment tax: (see SE tax)

Settlement payments, Settlement payments.

Short-term capital gain or loss, Is My Capital Gain or Loss Short Term or Long Term?

Small Business Administration, Small Business Administration

Social security coverage, Social security coverage.

Social security number (SSN), Social security number (SSN).

Sole proprietor, Sole proprietor., Sole proprietor or independent contractor.

Sport utility vehicle, Section 179 deduction.

Standard mileage rate, Standard mileage rate.

Statutory employee, Statutory employee.

Suggestions for publication, Comments and suggestions.

SUV, Section 179 deduction.

T

Tax help, How To Get More Information

Tax home, Local transportation expenses., Travel expenses.

Tax preparation fees, Tax preparation fees.

Tax refund:

Claim for, Refunds.
Offset against debts, Offset against debts.

Tax return:

How to file, How Do I File?
Who must file, Do I Have To File an Income Tax Return?

Tax year, Accounting Periods

Taxes:

Deduction for, Taxes
Employment, Employment Taxes, Employment taxes.
Excise, Excise Taxes, Excise taxes.
Fuel, Fuel taxes.
Income, Income Tax, Income taxes.
Paid on certain employee tips, Credit for employee social security and Medicare taxes paid on certain employee tips (Form 8846).
Personal property, Personal property tax.
Real estate, Real estate taxes.
Sales, Sales tax.
Self-employment, Self-Employment (SE) Tax, Self-employment tax.

Taxpayer Advocate, Contacting your Taxpayer Advocate.

Taxpayer rights, Declaration of Taxpayer Rights

Third parties, Payments to, Payments to third parties.

Tolls, Parking fees and tolls.

Trade discount, Trade discounts., Trade discounts.

Trade or business, Trade or business.

Trailer park owner, Trailer park owner.

Transportation expenses, Local transportation expenses.

Travel expenses, Travel expenses.

Truck expenses, Car and Truck Expenses, Methods for Deducting Car and Truck Expenses

U

Underpayment of tax penalty, Penalty for underpayment of tax.
Uniform capitalization rules, Uniform Capitalization Rules

W

Wages, Employees' Pay
Welfare-to-work credit, Welfare-to-work credit (Form 8861).
Work opportunity credit, Work opportunity credit (Form 5884).

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