New IRS Publication 334 Provides Tax Guidance for Small Businesses

IRS Publication 334, Tax Guide for Small Business (for Individuals Who Use Schedule C or C-EZ) provides guidance to sole proprietors and to statutory employees. For 2009 tax returns, small business owners are alerted to an increase in maximum net self-employment earnings.  There is also an increase in an optional net earnings computation method and in the maximum section 179 deduction dollar limit calculation. The standard mileage rate is revised. Also, qualified business taxpayers impacted by Kansas storms and federally declared disasters, and those located in the Midwest, are entitled to additional tax relief.

Related Links - For additional information, see:

• RABKIN & JOHNSON, FEDERAL TAX GUIDEBOOK VOLUME 1 - §§ 1.02, 1.03, 1.04, and 1.05