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Publication 334 (2003), Tax Guide for Small Business
(For Individuals Who Use Schedule C or C–EZ)
For use in preparing
2003
Returns
Table of Contents
Publication 334 - Introductory Material
Introduction
Important Changes for 2003
Important Changes for 2004
Important Reminders
1. Filing and Paying Business Taxes
Introduction
Useful Items - You may want to see:
Identification Numbers
New EIN.
Employee.
Other payee.
Income Tax
Do I Have To File an Income Tax Return?
How Do I File?
IRS e-file (Electronic Filing)
When Is My Tax Return Due?
How Do I Pay Income Tax?
Self-Employment Tax
How to become insured under social security.
Earning credits in 2003 and 2004.
Why use the optional methods?
Employment Taxes
Excise Taxes
Information Returns
Waiver of penalties.
Penalties.
2. Accounting Periods and Methods
Introduction
Useful Items - You may want to see:
Accounting Periods
Accounting Methods
Cash Method
Accrual Method
Combination Method
Inventories
Uniform Capitalization Rules
Special Methods
Change in Accounting Method
3. Dispositions of Business Property
Introduction
Useful Items - You may want to see:
What Is a Disposition of Property?
Like-kind exchanges.
How Do I Figure a Gain or Loss?
Is My Gain or Loss Ordinary or Capital?
Is My Capital Gain or Loss Short Term or Long Term?
Where Do I Report Gains and Losses?
4. General Business Credit
Introduction
Useful Items - You may want to see:
Business Credits
Energy credit.
Reforestation credit.
Rehabilitation credit.
How To Claim the Credit
5. Business Income
Introduction
Kinds of Income
Bartering for Property or Services
Real Estate Rents
Personal Property Rents
Interest and Dividend Income
Canceled Debt
Other Income
Items That Are Not Income
Amount you can exclude.
Short-term lease.
Retail space.
Qualified long-term real property.
Accounting for Your Income
6. How To Figure Cost of Goods Sold
Introduction
Figuring Cost of Goods Sold – Schedule C Lines 35 – 42
Line 35 Inventory at Beginning of Year
Line 36 Purchases Less Cost of Items Withdrawn for Personal Use
Line 37 Cost of Labor
Line 38 Materials and Supplies
Line 39 Other Costs
Line 40 Add Lines 35 through 39
Line 41 Inventory at End of Year
Line 42 Cost of Goods Sold
7. Figuring Gross Profit
Introduction
Items To Check
Testing Gross Profit Accuracy
Example.
Additions to Gross Profit
8. Business Expenses
Introduction
Useful Items - You may want to see:
Bad Debts
Accrual method.
Cash method.
Car and Truck Expenses
Office in the home.
Methods for Deducting Car and Truck Expenses
Reimbursing Your Employees for Expenses
Depreciation
Employees' Pay
Fringe benefits.
Insurance
How to figure the deduction.
Interest
Legal and Professional Fees
Tax preparation fees.
Pension Plans
Rent Expense
Taxes
Travel, Meals, and Entertainment
Transportation.
Taxi, commuter bus, and limousine.
Baggage and shipping.
Car or truck.
Meals and lodging.
Cleaning.
Telephone.
Tips.
More information.
Business Use of Your Home
Exceptions to exclusive use.
Other Expenses You Can Deduct
Expenses You Cannot Deduct
9. Figuring Net Profit or Loss
Introduction
Net Operating Losses (NOLs)
Not-for-Profit Activities
10. Sample Returns
Preparing the Return for Susan J. Brown
Schedule C
Form 4562—Depreciation and Amortization
Schedule SE—Self-Employment Tax
Form 1040
Preparing the Return for Stanley Price
Schedule C–EZ
Schedule SE—Self-Employment Tax
Form 1040
11. Your Rights as a Taxpayer
Declaration of Taxpayer Rights
Examinations, Appeals, Collections, and Refunds
By mail.
By interview.
Repeat examinations.
12. How To Get More Information
Internal Revenue Service
Small Business Administration
Other Federal Agencies
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