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US Business Law / Taxes: Most Popular Articles

These articles are the most popular over the last month.
How to Prepare 1099-MISC Forms - Step-by-Step
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
Social Security Maximum - Updated for 2015
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.
How (and When) to Prepare Tax Form 1096
Describes how to submit Form 1096 for 1099-MISC and other information returns.
Disregarded Entity
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
What Is a 1099-MISC?
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
Need Info on Taxes in Your State? Start Here.
Find information on taxes in your state by using this listing of state departments of revenue
Hiring Freelancers? Don't Forget This Tax Form.
Describes Form 1096 - Annual Summary and Transmittal of U.S. Information Returns
Note These Filing Deadlines for 2014 Business...
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Should Your Employees Be Salaried or Hourly?
Salary vs. Hourly pay for employees. How to calculate salary and hourly rates. Overtime exemption.
How is Gross Pay Calculated?
Gross Pay. US Business Law / Taxes.
What Kind of Partnership Do You Want to Start?
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership and Limited Liability Company
Form 941 for Payroll Taxes - Due Dates -...
Form 941 is the quarterly tax return for payroll taxes. Due dates, how to complete, and current changes.
Employer ID Number - Explained
Describes an Employer ID Number. US Business Law / Taxes.
Want to Deduct Your Business Mileage? You'll...
IRS Standard Mileage Rates for each year from 2009 to the current year.
What's the Corporate Tax Rate in America?
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.
How to Calculate Cost of Goods Sold
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
Before You Shake Hands with Your First New Hire...
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.
3 Ways to Identify Yourself to the IRS
Difference between a tax ID number, EIN, and ITIN
How Depreciation Affects Business Taxes
What is depreciation, how is depreciation calculated, and how depreciation affects business taxes. Includes bonus depreciation and Section 179 deductions.
What Happens If I Don't Pay Employees?
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
What Employers Should Know About the W-3 Form
Describes the W-3 form. US Business Law / Taxes.
The Simple Way to Calculate FICA Tax Withholding
How to calculate the deduction for FICA taxes from employee paychecks.
2014 Mileage Rate for Business Taxes
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
What Does an Indemnity Agreement Look Like?
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Before Preparing Form 1099-MISC - Read This First
This article provides information for employers on how to submit Form 1099-MISC, including how to prepare the form, due dates, and common mistakes.
What business type is best for my company?
Discusses different types of business entities and which is best for different kinds of businesses
Form 1099-MISC - What Employers Need to Know
All about Form 1099-MISC: What is a 1099 tax form, what is a 1099 used for, how to complete the form, and more.
How to Calculate Gross Pay for All of Your...
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
End of Year Employee Paychecks - Which Year's...
End of year paychecks - which year counts for W-2 income purposes? It depends on when the paycheck is issued.
The Employer's Guide to W-2 Wage and Tax...
Describes how to gather information and prepare W-2 Wage and Tax Statements.
Form 940 - Employer's Annual Federal Unemployme...
Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return
What's a Capital Contribution? How Does a...
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.
What's the Right Way to Report Employee Income?
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Filing Form 941 - With and Without a Payment
Form 941 - Employers Quarterly Tax Return - must be filed quarterly. Where to file Form 941 depends on whether or not you are making a payment.
Travel for Business? Don't Forget This Deduction.
Here is a brief overview of how to calculate mileage expense for business.
How to Calculate Withholding Amounts for...
How to calculate federal income tax (FIT) withholding from employee paychecks.
Common Errors in Completing Form 1099-MISC and...
Common errors in completing Form 1099-MISC and other types of 1099 forms and how to avoid them.
How to Pay State Sales Taxes in 8 Steps
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Useful Deadlines for Annual Wage and Tax Reports
This article takes you through the process of preparing and filing annual wage and tax forms W-2 and 1099-MISC, and transmittal forms W-3 and 1096.
Why Not All LLCs Pay Taxes the Same Way
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
What Is Litigation?
Litigation definition. US Business Law / Taxes.
3 Definitions of Business Capital
Capital definition. US Business Law / Taxes.
Statutory Employee
Statutory employee. US Business Law / Taxes.
How to Understand All the Parts of a W-2 Form
Definition and description of a W-2 form.
What is an Independent Contractor?
Independent Contractor. US Business Law / Taxes.
2 Reasons to Call Your Company a Disregarded...
Describes what business types are considered disregarded entities.
What's the difference between tax avoidance and...
The difference between tax evasion and tax avoidance
All About Your Employer ID Number (EIN)
Everything you need to know about Federal Employer ID Numbers (EIN): What is an EIN, When do you need one, how to apply, how to complete the application on Form SS-4, how to change an EIn, and how to cancel an EIN.
How do I prepare and file Form W-3?
How to prepare and send Form W-3, the transmittal document for W-2's, to the Social Security Administration.
How Timing Income and Expenses Can Save Money...
How to time business income and expenses at the end of a tax year to place the income or expense in the best tax year for minimizing business taxes.
How is Tax Nexus Determined?
Describes the term. US Business Law / Taxes.
9 Resources for Hiring Independent Contractors
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
10 Payment Types That Are Exempt from FICA Tax
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
4 Things Explained by Cost of Goods Sold
Cost of Goods Sold. US Business Law / Taxes.
How Do I Calculate Estimated Taxes?
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C and previous tax years.
4 Types of Pay Periods Defined
Pay Period. US Business Law / Taxes.
Form I-9 for employment verification -...
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
Own a Business? Here's How to Pay Yourself
How business owners are paid. Business owners don't take a salary but are paid from profits. How corporation business owners are paid.
When is Form 941 Due?
When to file Form 941, the federal quarterly payroll tax return. If you make timely deposits in full payment, you have more time to file.
The Employer's Guide to FICA Taxes
FICA taxes explained. US Business Law / Taxes.
I.R.S. - Internal Revenue Service
What is the I.R.S. US Business Law / Taxes.
When Does the Fiscal Year End?
How to determine the date for your company's fiscal year end.
Can I Deduct Commuting Expenses?
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
How to Apply for an Employer Identification...
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Sole Proprietor? Or Independent Contractor?...
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.
What Makes a Good Contract or Agreement?
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.
LLC Member Capital Contributions
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.
Fiduciary - Fiduciary Responsibility
A fiduciary responsibility and the person who is a fiduciary
Want to Get Paid? You'll Need One of These.
Describes an invoice. US Business Law / Taxes.
Thinking About Employee Gifts or Bonuses? Read...
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.
2 Ways Owners Equity Can Be Expressed
Definition of owners equity. US Business Law / Taxes.
7 Things Every Employer Should Know About FICA...
All about FICA taxes, including what they are, how to calculate them, OASDI, limits on FICA withholding, and more.
How (and Why) to Use a Purchase Order
Defines a purchase order and describes the parts of this order.
Want a Business Loan? First, Check the 4 C's of...
Describes the four C's of credit - character - capacity - collateral - capital - and how to use credit to get a business loan.
The Special Tax Only Some Businesses Pay
Excise Tax. US Business Law / Taxes.
Why You Shouldn't Pay Employees in Cash
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.
Running a Corporation? You'll Need This.
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.
What is the Principal of Your Loan?
Principal on a loan. US Business Law / Taxes.
I Received a 1099-MISC Form - What Do I Do With...
You received a 1099-MISC form. What to do with it, how to include this form with your personal taxes, and how taxes are paid on this income.
What Is a business budget?
Creating a budget for your business works the same way as a personal budget.
Where Do I Find Forms for New Hires?
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.
Important Tax Info for LLCs
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.
Start Your Schedule C for Small Business Taxes
Basics on IRS Schedule C Profit or Loss from Business for your small business. Schedule C is included in IRS Form 1040, your personal tax return.
Sole Proprietorship? Here's How to Complete...
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Can My Business Deduct Charitable Contributions?
Discussion of how charitable contributions are deducted by businesses.
Understanding Taxes and Liability as a...
A tax attorney's discussion of tax and liability issues for a disregarded entity.
How to Create a Sources and Uses of Funds...
Describes how to prepare a simple sources and uses of funds statement
What You Need to Know About Per Diem Rates
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
Is It Smart to Loan Your Business Money?
Describes the two ways you can give money to your business - loans or investments
Is Arbitration Better than Litigation?
Describes the arbitration process vs. the litigation process, with points of differences and similarities.
Employer's Guide to Payroll Tax Deposits
Discusses when to make payroll tax deposits.
The Difference Between Capital and Operating...
Capital expenses US Business Law / Taxes.
When Your Business Needs a New Employer ID Number
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.
What Does it Mean to Be Self-Employed?
Self employed, Self-employment. US Business Law / Taxes.
How Sole Proprietors Pay Themselves
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.
Should My LLC be Member-Managed or Manager-mana...
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
How a Business Partnership Works
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
LLC or Corporation: What's the Right Choice?
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
3 Tools for Calculating Paycheck Deductions
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.
Who Must Be Paid Overtime and When - Federal...
Overtime/Overtime Pay. US Business Law / Taxes.
What Makes an LLC Different?
Limited Liability Company LLC. US Business Law / Taxes.
944: The Tax Form Every Small Business Owner...
This form gives smaller employers a break in filing and paying federal employment taxes. Info on completing and filing it.
Not Everyone Who Works for You Is an Employee
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
How to Have Your LLC Taxed as a Corporation
How to file an entity election for an LLC on Form 8832.
Are Meals and Entertainment Really a Business...
Meals and Entertainment Expenses
How to Include Business Tax Information on Your...
How to include your business tax information in your personal tax return, with emphasis on Schedule C, Schedule K-1, and Schedule SE
How Do I Complete Form 940 - How Do I Determine...
How to complete Form 940 - Federal Unemployment Tax Return - FUTA Tax Return
What Does a Corporate Board of Directors Do?
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
The Business Owner's Guide to Sales Tax
Paying Sales Tax to State. US Business Law / Taxes.
The Difference Between Real and Personal Property
Personal Property. US Business Law / Taxes.
Form W-2 - What Employers Need to Know
The statement employers provide employees after the end of each year, with information on their gross pay, tax withholding, etc. Links to answer questions.
What is an Affiliate in the Business World?
The term affiliate has two general definitions in business contexts - in corporate law and taxes, and in online retailing.
What Does the Term 'Employee' Mean, Anyway?
Describes an employee. US Business Law / Taxes.
11 Things You Need Before You Can File Tax Form...
Describes the information needed to prepare Form 1065 for a partnership or multiple-member limited liability company (LLC).
What are the Tax Advantages and Disadvantages...
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.
Does Your Business Need an Employer ID? Find...
An Employer ID Number (EIN) is a tax identification number for a business. This number is required for some business purposes and useful for other purposes.
How to Prepare Schedule C for Form 1040
This article contains information on Schedule C, including Schedule C form, Schedule C-EZ, Schedule C instructions, how a husband-wife partnership can become a qualified joint venture and how to file Schedule C forms for this business, and how to add schedule c to form 1040.
What to Do Before You Prepare W-2 Forms
How to distribute W-2 forms to employees
Do You Know How to Use This Inventory Costing...
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
Where to Get W-2 Forms and 1099-MISC Forms
Where to get W-2 forms and 1099-MISC forms for annual reporting to employees and contractors. And where NOT to get these forms.
The Employer's Guide to Dealing with Payroll Tax
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 Do I Need a Personal Guarantee for a...
Attorney Susan Dawson answers the question:
How Do I Search for a Business Name and Reserve...
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.
Where to Get W-2 Forms
How to get W-2 forms to prepare and distribute to employees.
Sending 1099-MISC Forms? Do These 4 Things First
Year-end payroll tasks for employers of contract workers and outside vendors, including receiving a W-9 form from each person and sending out 1099-MISC forms.
8 Important Facts about Self-Employment Taxes
All about self-employment taxes.
I Have Some Questions About Business Mileage...
Discussion of business mileage, including standard mileage vs. actual, how to calculate business mileage, and answers to questions about business mileage.
What is the Difference Between Depreciation and...
This article explains the difference between depreciation and amortization.
How to Take a Debtor to Small Claims Court
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.
Taking the Mystery out of Depreciation...
Shows methods for calculating depreciation
What Products and Services are Subject to Sales...
How to determine what products or services are subject to sales tax in your state.
Becoming an Independent Contractor - The Why...
What you need to start a business as an independent contractor, including choosing a business type and business checking account, getting an EIN.
Understanding the Member Role in an LLC
Member of a Limited Liability Company
FUTA (Federal Unemployment Tax Act) Tax
FUTA - Unemployment Tax. US Business Law / Taxes.
Want to Start a Business? Do These 8 Things.
First steps to starting any business: Begin with a business name, then a location, then go on to registering, financial, legal and marketing tasks.
The Business Owner's Guide to Payroll
Payroll definition. US Business Law / Taxes.
How Often Should I Pay Employees?
How often you pay employees depends on state regulations, cost, type of employees. Descriptions of different pay frequencies discussed.
4 Things to Know About the W-4 Tax Form
Form W-4 -- Employee's Withholding Allowance Certificate
Payroll Taxes
Payroll Taxes. US Business Law / Taxes.
7 Important Facts About Single-Member LLCs
Describes the single-member llc
How to Deposit Payroll Taxes Electronically
As a business owner, you have several ways to pay your employment taxes. Here are your options.
Does My New Business Need an Employer ID Number...
Here is a checklist to help you determine if your new business needs an employer ID number (EIN).
Cash Flow
Cash Flow. US Business Law / Taxes.
How Do I Notify Federal, State, Local Agencies...
How to notify federal, state, local agencies about your business address change.
2 Types of Business Leases Compared
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.
How Does a Single-Member LLC Pay Employment...
How a single-member LLC pays employment taxes. Since a single-member LLC is disregarded as an entity for tax purposes, there is a lot of confusion about how the single-member LLC pays employment taxes - through the owner's Social Security Number, or through the entity's EIN. The IRS has clarified this issue.
Incorporator
Description of the job of an incorporator in setting up a corporation.
What Defines a Salaried Employee?
A Salaried Employee is paid annually.
Employee vs. Independent Contractor Status
This article describes the difference between an employee and an independent contractor, how the IRS makes its decisions on employment status, and about the three factors in employment/contractor designations.
No, Not All Property Is 'Real'
Real Property. US Business Law / Taxes.
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