The IRS recognizes Small Business Week May 1�7 by highlighting some of its most popular educational products, videos and webinars to help your small business thrive. Follow the IRS on Twitter. Notice: Historical Content This is an archival or historical document and may not reflect current law, policies or procedures.
More In News. An accounting method is a set of rules about when to report income and expenses. Many small businesses use the cash method. Under the cash method, you normally report income in the year that you receive it and deduct expenses in the year that you pay them. Business Taxes. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. You may need to pay self-employment tax as well as income tax if you make a profit.
Self-employment tax includes Social Security and Medicare taxes. Tax Forms. There are two forms to report self-employment income. See the form instructions to find out if you can use the form. If you owe this tax, make sure you file the schedule with your federal tax return. Allowable Deductions. You can deduct expenses you paid to run your business that are both ordinary and necessary.
An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and proper for your trade or business. Business Use of a Vehicle. If you use your car or truck for your business, you may be able to deduct the costs to operate the vehicle for the business use.
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