US Business Law / Taxes: Most Popular Articles
Describes the Social Security tax for employees and employers, including the annual maximum social security tax and how the maximum social security tax is determined.
This article takes you through the process of determining cost of goods sold for your business tax return. Knowing the cost of the goods you sell allows you to take a larger tax deduction
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership and Limited Liability Company
A chart showing the corporate tax rates - the federal income tax rate charged to corporations, based on level of income reported on corporate income tax Form 1120.
What is depreciation, how is depreciation calculated, and how depreciation affects business taxes. Includes bonus depreciation and Section 179 deductions.
Salary vs. Hourly pay for employees. How to calculate salary and hourly rates. Overtime exemption.
Discusses different types of business entities and which is best for different kinds of businesses
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
This article lists the forms you must have a new employee complete, including the W-4 form, state income tax withholding form, I-9 form, and a job application form.
Gross Pay. US Business Law / Taxes.
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Litigation definition. US Business Law / Taxes.
Form 941 is the quarterly tax return for payroll taxes. Due dates, how to complete, and current changes.
A capital contribution is money a business owner contributes to a business. How a capital contribution works and why it's different from an owner loan.
Describes the term. US Business Law / Taxes.
Excise Tax. US Business Law / Taxes.
How to calculate the deduction for FICA taxes from employee paychecks.
Cost of Goods Sold. US Business Law / Taxes.
Business gifts have tax implications. For example, gifts to employees may be taxable to the employee and may be deductible to the business. Gifts to customers and business partners and associates may also be taxable, and you may not be able to take a tax deduction. And what about gifts to charities? Are those deductible to the business?
Describes the four C's of credit - character - capacity - collateral - capital
A fiduciary responsibility and the person who is a fiduciary
How business owners are paid. Business owners don't take a salary but are paid from profits. How corporation business owners are paid.
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
Pay Period. US Business Law / Taxes.
Difference between a tax ID number, EIN, and ITIN
Principal on a loan. US Business Law / Taxes.
What you need to know about business contracts and agreements, including the difference between a contract and an agreement, how to read a contract, which types of contracts must be in writing, essential elements of a contract, and what makes a contract valid.
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Capital expenses US Business Law / Taxes.
Capital definition. US Business Law / Taxes.
Creating a budget for your business works the same way as a personal budget.
Discussion of how charitable contributions are deducted by businesses.
The difference between tax evasion and tax avoidance
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
About LLC member capital contributions, including requirements for initial contributions, how the operating agreement works with member contributions, how contributions are disbursed, and member loans vs. contributions.
Here is a brief overview of how to calculate mileage expense for business.
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
Paying employees and independent contractors in cash doesn't mean evading payroll taxes. Some issues to consider for paying in cash, and how the IRS looks at cash payments.
Describes what business types are considered disregarded entities.
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Defines a purchase order and describes the parts of this order.
FICA taxes explained. US Business Law / Taxes.
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Discusses when to make payroll tax deposits.
How to determine the date for your company's fiscal year end.
Business travel questions answered, including: Can I deduct my hotel bills? How much per diem can I deduct? Can I deduct the cost of taking someone on my business trip? What about frequent flyer miles?
Describes an invoice. US Business Law / Taxes.
This article explains the difference between depreciation and amortization.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Describes the arbitration process vs. the litigation process, with points of differences and similarities.
Shows methods for calculating depreciation
How a sole proprietor gets paid, by taking a draw from the business checking account. How taxes are paid on the sole proprietor's income.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
Definition of owners equity. US Business Law / Taxes.
Describes how to prepare a simple sources and uses of funds statement
IRS Standard Mileage Rates for each year from 2009 to the current year.
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
Meals and Entertainment Expenses
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
The term affiliate has two general definitions in business contexts - in corporate law and taxes, and in online retailing.
Some ways to remove a board member or director.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
Overtime/Overtime Pay. US Business Law / Taxes.
How to calculate federal income tax (FIT) withholding from employee paychecks.
Self employed, Self-employment. US Business Law / Taxes.
Capital Gains Tax Rate. US Business Law / Taxes.
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C and previous tax years.
How to deal with non-payment by employer and make sure you get paid for your services, either as an employee or as an independent contractor. You will need proofs, or a contract. Sometimes you will have to take the party to court to get paid.
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Viability of a business. US Business Law / Taxes.
Describes an employee. US Business Law / Taxes.
All about FICA taxes, including what they are, how to calculate them, OASDI, limits on FICA withholding, and more.
How to file an entity election for an LLC on Form 8832.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Choosing capital leases vs. operating leases for business equipment leases: capital leases for long-term and operating leases for short term, with other important differences.
Describes the two ways you can give money to your business - loans or investments
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
Petty cash - what is it? Why is petty cash important to your financial system? How petty cash affects taxes. How to set up a petty cash system.
Lists all the taxes a limited liability company pays including income taxes, self-employment taxes and employment (payroll) taxes, sales and excise taxes, and property taxes.
Some kinds of contracts must be in writing, according to the statute of frauds.
How to notify federal, state, local agencies about your business address change.
Attorney Susan Dawson answers the question:
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
Personal Property. US Business Law / Taxes.
If you have a customer who owes you money, you may have considered taking this person to small claims court. Here are the details of the small claims process.
Cash Flow. US Business Law / Taxes.
Learn the definition of a joint venture.
Form W-4 -- Employee's Withholding Allowance Certificate
Independent Contractor. US Business Law / Taxes.
How to determine what products or services are subject to sales tax in your state.
Schedule K-1 is used to show income/loss for individual partners in a partnership or (different form) individual shareholders in an s corporation. A partnership schedule K-1 shows the partner share of income/loss from a partnership. An S corporation K-1 shows individual shareholder income/loss.
Difference between a sole proprietor and an independent contractor. They are essentially the same: A sole proprietor files income taxes on Schedule C. An independent contractor receives income on a Form 1099-MISC. Income from a 1099 can be included in a Schedule C.
How to include your business tax information in your personal tax return, with emphasis on Schedule C, Schedule K-1, and Schedule SE
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Net Pay. US Business Law / Taxes.
End of year paychecks - which year counts for W-2 income purposes? It depends on when the paycheck is issued.
Discussion of the issues related to entering into a contract with a minor. A minor can disaffirm or void a contract, leaving the other party in a difficult situation.
An LLC has some advantages, from a tax standpoint, but it also has some disadvantages. This article describes both the advantages and disadvantages of an LLC so you can get more information on which to base a decision. The taxes for an LLC are compared to the taxes paid by a corporation or by the owners of a corporation.
Partnership agreement terms. US Business Law / Taxes.
Limited Liability Company LLC. US Business Law / Taxes.
Member of a Limited Liability Company
Garage sales must pay taxes too: sales taxes, income taxes. Garage sales and yard sales must also comply with local regulations for business licenses and permits.
Cost of goods sold is a calculation businesses use to determine cost of sales for products produced and sold by the company. Cost of goods sold involves inventory, LIFO and FIFO costing, and more.
Real Property. US Business Law / Taxes.
All about payroll taxes: What are they? How are they calculated? How are they paid? What are payroll tax reports? When do you file payroll tax reports? How do you file payroll tax reports?
When to file Form 941 - Employer's Quarterly Payroll Tax Form
Where to get new hire forms - W-4 form, state withholding form, I-9, job application. How to sign up for E-verify and state employment registration. Finally, where to find new hire forms.
Discussion of the difference between a full time or part time employee.
How often you pay employees depends on state regulations, cost, type of employees. Descriptions of different pay frequencies discussed.
A description of the inventory accounting term LIFO and how to calculate inventory cost using the LIFO (last in first out) method. The article also describes other accounting valuation methods.
Employee paychecks start out as gross pay, but then you must deduct amounts for federal income tax, FICA tax, state and local tax, and other deductions.
Capital improvements, Capital Expenditures
How to be sure your federal tax return is filed before the deadline and received by the IRS.
Non-solicitation agreement. US Business Law / Taxes.
Both the s corporation and the limited liability company have benefits and drawbacks, depending on your business and the state(s) it is in.
Payroll definition. US Business Law / Taxes.
DUNS Number. US Business Law / Taxes.
Before you incorporate a business or form an LLC in a state, you must check on the availability of the name by doing a business name search. If you don't want to file incorporation or LLC documents immediately, you can then reserve a business name with the state.
Definition of conflict of interest
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
This form gives smaller employers a break in filing and paying federal employment taxes. Info on completing and filing it.
Find information on taxes in your state by using this listing of state departments of revenue
As a business owner, you have several ways to pay your employment taxes. Here are your options.
What you need to start a business as an independent contractor, including choosing a business type and business checking account, getting an EIN.
Car Leasing vs. Buying. US Business Law / Taxes.
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
Safe Harbor 401(k) Plans. US Business Law / Taxes.
Description of the job of an incorporator in setting up a corporation.
Definition of equity interest as it relates to ownership of a business entity, by Jean Murray, your About.com Guide to US Business Law and Taxes.
Fines and penalties imposed on businesses for failure to report and pay payroll taxes.
Describes the W-3 form. US Business Law / Taxes.
How to save on legal bills. Information on hiring an attorney, understanding attorney fees, and doing things yourself to save attorney time - and money.
Paying Sales Tax to State. US Business Law / Taxes.
How each business legal type pays income tax, including forms and processes.
Domestic Limited Liability Company Domestic Corporation
Partnership Agreement. US Business Law / Taxes.
How a partnership pays income tax.
Due diligence is a process of evaluating details before making a business decision. Due diligence often involves a checklist and report of findings.
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
Statutory employee. US Business Law / Taxes.
Per Diem Definition and Per Diem Rates
Solvency. US Business Law / Taxes.