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What is "self-employment tax?" Just another name for the "income tax" paid by the self-employed! An additional tax imposed on small business. It's another name for the Social Security tax paid by the self-employed. How long must you keep tax records for the IRS? Three years from the due date of the tax return. As long as they may be needed for the administration of any provision of the Internal Revenue Code. Forever and ever! If you have a home based business, you may be entitled to take a deduction for "office in the home"...? If your business is considered extraordinary. Only if the business is "day care for children." If you use it exclusively and regularly for the administrative or management activities of your trade or business. Once you've done your best and answered all three questions, just hit the submit button.