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1040nr tax calculator Publication 1544 - Introductory Material Table of Contents What's New Introduction What's New Future developments. 1040nr tax calculator  For the latest information about developments related to Publication 1544, such as legislation enacted after it was published, go to www. 1040nr tax calculator irs. 1040nr tax calculator gov/pub1544. 1040nr tax calculator Amending a report. 1040nr tax calculator  You can amend a prior report by checking box 1a at the top of Form 8300. 1040nr tax calculator See Amending a report, later. 1040nr tax calculator Introduction If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. 1040nr tax calculator This publication explains why, when, and where to report these cash payments. 1040nr tax calculator It also discusses the substantial penalties for not reporting them. 1040nr tax calculator Some organizations do not have to file Form 8300, including financial institutions who must file FinCEN Form 104 (formerly Form 4789), Currency Transaction Report, and casinos who must file FinCEN Form 103 (formerly Form 8362), Currency Transaction Report by Casinos. 1040nr tax calculator They are not discussed in this publication. 1040nr tax calculator This publication explains key issues and terms related to Form 8300. 1040nr tax calculator You should also read the instructions attached to the form. 1040nr tax calculator They explain what to enter on each line. 1040nr tax calculator Prev  Up  Next   Home   More Online Publications
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1040nr tax calculator Publication 334 - Introductory Material Table of Contents IntroductionOrdering forms and publications. 1040nr tax calculator Tax questions. 1040nr tax calculator 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. 1040nr tax calculator This publication has information on business income, expenses, and tax credits that may help you file your income tax return. 1040nr tax calculator Are you self-employed?   You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. 1040nr tax calculator Sole proprietor. 1040nr tax calculator   A sole proprietor is someone who owns an unincorporated business by himself or herself. 1040nr tax calculator 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. 1040nr tax calculator Trade or business. 1040nr tax calculator    A trade or business is generally an activity carried on to make a profit. 1040nr tax calculator The facts and circumstances of each case determine whether or not an activity is a trade or business. 1040nr tax calculator You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. 1040nr tax calculator You do need to make ongoing efforts to further the interests of your business. 1040nr tax calculator   You do not have to carry on regular full-time business activities to be self-employed. 1040nr tax calculator Having a part-time business in addition to your regular job or business may be self-employment. 1040nr tax calculator Independent contractor. 1040nr tax calculator    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. 1040nr tax calculator However, whether they are independent contractors or employees depends on the facts in each case. 1040nr tax calculator 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. 1040nr tax calculator The earnings of a person who is working as an independent contractor are subject to self-employment tax. 1040nr tax calculator For more information on determining whether you are an employee or independent contractor, see Publication 15-A, Employer's Supplemental Tax Guide. 1040nr tax calculator Statutory employee. 1040nr tax calculator   A statutory employee has a checkmark in box 13 of his or her Form W-2, Wage and Tax Statement. 1040nr tax calculator Statutory employees use Schedule C or C-EZ to report their wages and expenses. 1040nr tax calculator Limited liability company (LLC). 1040nr tax calculator   A limited liability company (LLC) is an entity formed under state law by filing articles of organization. 1040nr tax calculator 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. 1040nr tax calculator An owner who is an individual may use Schedule C or C-EZ. 1040nr tax calculator Business owned and operated by spouses. 1040nr tax calculator   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. 1040nr tax calculator Do not use Schedule C or C-EZ. 1040nr tax calculator Instead, file Form 1065, U. 1040nr tax calculator S. 1040nr tax calculator Return of Partnership Income. 1040nr tax calculator For more information, see Publication 541, Partnerships. 1040nr tax calculator    Exception—Community income. 1040nr tax calculator 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. 1040nr tax calculator S. 1040nr tax calculator possession, you can treat the business either as a sole proprietorship or a partnership. 1040nr tax calculator The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. 1040nr tax calculator A change in your reporting position will be treated as a conversion of the entity. 1040nr tax calculator    Exception—Qualified joint venture. 1040nr tax calculator 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. 1040nr tax calculator 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. 1040nr tax calculator For an explanation of "material participation," see the Instructions for Schedule C, line G. 1040nr tax calculator   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. 1040nr tax calculator Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. 1040nr tax calculator For more information, see Qualified Joint Ventures in the Instructions for Schedule SE. 1040nr tax calculator This publication does not cover the topics listed in the following table. 1040nr tax calculator    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. 1040nr tax calculator   Table A provides a list of questions you need to answer to help you meet your federal tax obligations. 1040nr tax calculator After each question is the location in this publication where you will find the related discussion. 1040nr tax calculator Table A. 1040nr tax calculator What You Need To Know About Federal Taxes (Note. 1040nr tax calculator The following is a list of questions you may need to answer so you can fill out your federal income tax return. 1040nr tax calculator Chapters are given to help you find the related discussion in this publication. 1040nr tax calculator ) 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. 1040nr tax calculator What forms must I file?   See chapter 1. 1040nr tax calculator What must I do if I have employees?   See Employment Taxes in chapter 1. 1040nr tax calculator 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. 1040nr tax calculator What method can I use to account for my income and expenses?   See Accounting Methods in chapter 2. 1040nr tax calculator What kinds of business income do I have to report on my tax return?   See chapter 5. 1040nr tax calculator What kinds of business expenses can I deduct on my tax return?   See Business Expenses in chapter 8. 1040nr tax calculator What kinds of expenses are not deductible as business expenses?   See Expenses You Cannot Deduct in chapter 8. 1040nr tax calculator What happens if I have a business loss? Can I deduct it?   See chapter 9. 1040nr tax calculator What must I do if I disposed of business property during the year?   See chapter 3. 1040nr tax calculator What are my rights as a taxpayer?   See chapter 11. 1040nr tax calculator Where do I go if I need help with federal tax matters?   See chapter 12. 1040nr tax calculator IRS mission. 1040nr tax calculator   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. 1040nr tax calculator Comments and suggestions. 1040nr tax calculator   We welcome your comments about this publication and your suggestions for future editions. 1040nr tax calculator   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040nr tax calculator NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040nr tax calculator Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040nr tax calculator   You can send your comments from www. 1040nr tax calculator irs. 1040nr tax calculator gov/formspubs/. 1040nr tax calculator Click on “More Information” then on “Comment on Tax Forms and Publications. 1040nr tax calculator ”   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. 1040nr tax calculator Ordering forms and publications. 1040nr tax calculator   Visit  www. 1040nr tax calculator irs. 1040nr tax calculator 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. 1040nr tax calculator  Internal Revenue Service 1201 N. 1040nr tax calculator Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040nr tax calculator   If you have a tax question, check the information available on IRS. 1040nr tax calculator gov or call 1-800-829-1040. 1040nr tax calculator We cannot answer tax questions sent to either of the above addresses. 1040nr tax calculator Future Developments For the latest information about developments related to Publication 334, such as legislation enacted after it was published, go to www. 1040nr tax calculator irs. 1040nr tax calculator gov/pub334. 1040nr tax calculator What's New for 2013 The following are some of the tax changes for 2013. 1040nr tax calculator For information on other changes, go to IRS. 1040nr tax calculator gov. 1040nr tax calculator Tax rates. 1040nr tax calculator . 1040nr tax calculator  For tax years beginning in 2013, the social security part of the self-employment tax increases to 12. 1040nr tax calculator 4%. 1040nr tax calculator The Medicare part of the tax remains at 2. 1040nr tax calculator 9%. 1040nr tax calculator As a result, the self-employment tax is 15. 1040nr tax calculator 3%. 1040nr tax calculator Maximum net earnings. 1040nr tax calculator  The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $113,700 for 2013. 1040nr tax calculator There is no maximum limit on earnings subject to the Medicare part. 1040nr tax calculator Standard mileage rate. 1040nr tax calculator  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. 1040nr tax calculator 5 cents per mile. 1040nr tax calculator For more information, see Car and Truck Expenses in chapter 8. 1040nr tax calculator Simplified method for business use of home deduction. 1040nr tax calculator . 1040nr tax calculator  The IRS now provides a simplified method to determine your expenses for business use of your home. 1040nr tax calculator For more information, see Business Use of Your Home in chapter 8. 1040nr tax calculator What's New for 2014 The following are some of the tax changes for 2014. 1040nr tax calculator For information on other changes, go to IRS. 1040nr tax calculator gov. 1040nr tax calculator Standard mileage rate. 1040nr tax calculator  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. 1040nr tax calculator Self-employment tax. 1040nr tax calculator  The maximum net self-employment earnings subject to the social security part of the self-employment tax is $117,000 for 2014. 1040nr tax calculator Reminders Accounting methods. 1040nr tax calculator  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. 1040nr tax calculator For more information, see Inventories in chapter 2. 1040nr tax calculator Reportable transactions. 1040nr tax calculator  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. 1040nr tax calculator You may have to pay a penalty if you are required to file Form 8886 but do not do so. 1040nr tax calculator You may also have to pay interest and penalties on any reportable transaction understatements. 1040nr tax calculator 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. 1040nr tax calculator For more information, see the Instructions for Form 8886. 1040nr tax calculator Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040nr tax calculator Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040nr tax calculator 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. 1040nr tax calculator Prev  Up  Next   Home   More Online Publications