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.
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
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.
What is depreciation, how is depreciation calculated, and how depreciation affects business taxes. Includes bonus depreciation and Section 179 deductions.
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.
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
Gross Pay. US Business Law / Taxes.
This article takes you through the process of determining cost of goods sold for your business tax return.
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
Section 197 Intangible Asset. US Business Law / Taxes.
Principal on a loan. US Business Law / Taxes.
Litigation definition. US Business Law / Taxes.
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Describes the term. US Business Law / Taxes.
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.
A capital contribution is the amount a business owner makes to the business. The capital contribution is the owner's equity in the business.
Viability of a business. US Business Law / Taxes.
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Creating a budget for your business works the same way as a personal budget.
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
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.
The difference between tax evasion and tax avoidance
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
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.
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Definition of owners equity. US Business Law / Taxes.
How to determine the date for your company's fiscal year end.
Cost of Goods Sold. US Business Law / Taxes.
Defines a purchase order and describes the parts of this order.
Here is a brief overview of how to calculate mileage expense for business.
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.
Difference between a tax ID number, EIN, and ITIN
Discussion of how charitable contributions are deducted by businesses.
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Capital definition. US Business Law / Taxes.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
This article explains the difference between depreciation and amortization.
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
Capital expenses US Business Law / Taxes.
Shows methods for calculating depreciation
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
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?
How to calculate the deduction for FICA taxes from employee paychecks.
Pay Period. US Business Law / Taxes.
Meals and Entertainment Expenses
How to register a foreign limited liability company in another state
The term affiliate has two general definitions in business contexts - in corporate law and taxes, and in online retailing.
Describes an invoice. US Business Law / Taxes.
Describes an employee. US Business Law / Taxes.
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.
IRS Standard Mileage Rates for each year from 2009 to the current year.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Describes what business types are considered disregarded entities.
Overtime/Overtime Pay. US Business Law / Taxes.
Capital Gains Tax Rate. US Business Law / Taxes.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
Breach of contract is an important provision in business lawsuits. Breach of contract is defined, how a breach of contract comes about, defenses against breach of contract, and remedies if breach of contract has been determined by the court.
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.
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 four C's of credit - character - capacity - collateral - capital
Self employed, Self-employment. US Business Law / Taxes.
Form W-4 -- Employee's Withholding Allowance Certificate
Describes the two ways you can give money to your business - loans or investments
Excise Tax. US Business Law / Taxes.
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.
How to notify federal, state, local agencies about your business address change.
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 calculate federal income tax (FIT) withholding from employee paychecks.
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
Find information on taxes in your state by using this listing of state departments of revenue
Discusses when to make payroll tax deposits.
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.
How to file an entity election for an LLC on Form 8832.
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Describes how to prepare a simple sources and uses of funds statement
Form 941 is the quarterly tax return for payroll taxes. Due dates, how to complete, and current changes.
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.
Learn the definition of a joint venture.
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.
FICA taxes explained. US Business Law / Taxes.
Attorney Susan Dawson answers the question:
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
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.
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.
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Bitcoin and other virtual currencies are considered as property by the IRS. This ruling affects taxes for business sales of assets and payments for employees and independent contractors.
How often you pay employees depends on state regulations, cost, type of employees. Descriptions of different pay frequencies discussed.
Limited Liability Company LLC. US Business Law / Taxes.
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
Personal Property. US Business Law / Taxes.
Due diligence is a process of evaluating details before making a business decision. Due diligence often involves a checklist and report of findings.
How to determine what products or services are subject to sales tax in your state.
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Description of the job of an incorporator in setting up a corporation.
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
Cash Flow. US Business Law / Taxes.
Some ways to remove a board member or director.
Car Leasing vs. Buying. US Business Law / Taxes.
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C.
Real Property. US Business Law / Taxes.
This article describes the advantages and disadvantages of hiring a worker as an employee or an independent contractor.
Domestic Limited Liability Company Domestic Corporation
DUNS Number. US Business Law / Taxes.
Guide to types of business, including factors in selecting business types, taxes, liability, and special circumstances for selecting business types.
Non-solicitation agreement. US Business Law / Taxes.
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
Payroll definition. US Business Law / Taxes.
Partnership agreement terms. US Business Law / Taxes.
What you need to start a business as an independent contractor, including choosing a business type and business checking account, getting an EIN.
Member of a Limited Liability Company
Who should own a car for business use - the company or the employee? Factors to consider in decision to put car in company name or employee name.
Independent Contractor. US Business Law / Taxes.
Paying Sales Tax to State. US Business Law / Taxes.
Safe Harbor 401(k) Plans. US Business Law / Taxes.
Working for yourself means you are self-employed, as a contractor or independent contractor. Here is why you should set up a business entity.
This article provides a general outline of the information required on Form 1120 - U.S. Corporation Income Tax Return, including schedules.
Both the s corporation and the limited liability company have benefits and drawbacks, depending on your business and the state(s) it is in.
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.
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
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.
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.
When a new Employer ID Number (EIN) is required. Most business changes require a new Employer ID Number, including buying a business and changing business type.
Describes the W-3 form. US Business Law / Taxes.
Embezzlement. US Business Law / Taxes.
As a business owner, you have several ways to pay your employment taxes. Here are your options.
A limited liability is taxed as either a partnership (if it has multiple members) or a sole proprietorship (if it has one member). But an LLC can elect to be taxed as a corporation. Read this discussion of the advantages and disadvantages of having your LLC taxed as a corporation.
Why does my business need a CPA? Isn't an accountant just as good and cheaper to hire than a CPA? While it's true that accountants don't charge as much for their time, a CPA can provide more high-level analytical services such as tax planning and a CPA can represent you before the IRS, while an
Discussion of the difference between a full time or part time employee.
Capital improvements, Capital Expenditures
Tax Evasion. US Business Law / Taxes.
How a partnership pays income tax.
First steps to starting any business: Begin with a business name, then a location, then go on to registering, financial, legal and marketing tasks.
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?
Why prepare a business budget for your startup. Purposes of a business budget.
If you are having trouble figuring out the different types of businesses organization, this explanation of the difference between LLCs, sole proprietorships, and corporations will help. Types of business organization are compared, to help you make the right decision about which type of business to choose. Taxes for different business types are also explained.
Owners of booths in farmers markets and flea markets must pay taxes too: sales taxes, income taxes, self-employment taxes, employment taxes, at a minimum.
Accounts Receivable Aging. US Business Law / Taxes.
How to Get Financing to start your business.
This article describes Form 7004 application for automatic extension of time To file certain business income tax returns.
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
Statutory employee. US Business Law / Taxes.