US Business Law / Taxes: Most Popular Articles
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
Describes the Social Security tax for employees and employers, including the annual maximum social security tax.
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.
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
What is depreciation, how is depreciation calculated, and how depreciation affects business taxes. Includes bonus depreciation and Section 179 deductions.
Gross Pay. US Business Law / Taxes.
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.
Describes the term. US Business Law / Taxes.
Litigation definition. US Business Law / Taxes.
This article takes you through the process of determining cost of goods sold for your business tax return.
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Discusses different types of business entities and which is best for different kinds of businesses
Form 941 is the quarterly tax return for payroll taxes. Due dates, how to complete, and current changes.
How business owners are paid. Business owners don't take a salary but are paid from profits. How corporation business owners are paid.
A fiduciary responsibility and the person who is a fiduciary
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.
Shows methods for calculating depreciation
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Salary vs. Hourly pay for employees. How to calculate salary and hourly rates. Overtime exemption.
Cost of Goods Sold. 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.
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 calculate the deduction for FICA taxes from employee paychecks.
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
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.
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 determine the date for your company's fiscal year end.
Difference between a tax ID number, EIN, and ITIN
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
This article explains the difference between depreciation and amortization.
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.
Creating a budget for your business works the same way as a personal budget.
Capital Gains Tax Rate. US Business Law / Taxes.
Discusses when to make payroll tax deposits.
Capital expenses US Business Law / Taxes.
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
Capital definition. US Business Law / Taxes.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
How often you pay employees is not regulated by the IRS or any state. You can pay employees weekly, bi-weekly (every other week), semi-monthly (twice a month) or monthly. This article discusses each payroll option.
Defines a purchase order and describes the parts of this order.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
Describes what business types are considered disregarded entities.
Pay Period. US Business Law / Taxes.
Discussion of how charitable contributions are deducted by businesses.
Meals and Entertainment Expenses
The difference between tax evasion and tax avoidance
How to calculate federal income tax (FIT) withholding from employee paychecks.
Start a Business by Following These Steps.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Describes the two ways you can give money to your business - loans or investments
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 a sole proprietor gets paid, by taking a draw from the business checking account. How taxes are paid on the sole proprietor's income.
IRS Standard Mileage Rates. US Business Law / Taxes.
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.
The term affiliate has two general definitions in business contexts - in corporate law and taxes, and in online retailing.
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
Attorney Susan Dawson answers the question:
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.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
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 to notify federal, state, local agencies about your business address change.
How to keep business and personal funds separate
How to determine what products or services are subject to sales tax in your state.
Overtime/Overtime Pay. 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.
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?
Definition of a capital contribution
Excise Tax. US Business Law / Taxes.
How to file an entity election for an LLC on Form 8832.
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.
Describes an invoice. US Business Law / Taxes.
Describes the four C's of credit - character - capacity - collateral - capital
Definition of owners equity. US Business Law / Taxes.
Cash Flow. 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.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
Find information on taxes in your state by using this listing of state departments of revenue
Paying your children as employees in your small business.
Describes how to prepare a simple sources and uses of funds statement
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.
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Learn the definition of a joint venture.
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
As a business owner, you have several ways to pay your employment taxes. Here are your options.
Form W-4 -- Employee's Withholding Allowance Certificate
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
FICA taxes explained. US Business Law / Taxes.
Describes the arbitration process vs. the litigation process
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Paying Sales Tax to State. US Business Law / Taxes.
Self employed, Self-employment. US Business Law / Taxes.
Some ways to remove a board member or director.
Who should own a car for business use - the company or the employee?
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.
How each business legal type pays income tax, including forms and processes.
Discussion of the difference between a full time or part time employee.
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.
Here is information you need in order to start a business as an independent contractor
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C.
Discussion of business mileage, including standard mileage vs. actual, how to calculate business mileage, and answers to questions about business mileage.
Non-solicitation agreement. US Business Law / Taxes.
DUNS Number. US Business Law / Taxes.
Payroll definition. US Business Law / Taxes.
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
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.
Capital improvements, Capital Expenditures
Member of a Limited Liability Company
Describes expenses you can deduct while traveling away from home for business purposes, including transportation, meals and entertainment, car/truck expenses, lodging, phone, tips, and other miscellaneous expenses.
Description of the job of an incorporator in setting up a corporation.
Personal Property. US Business Law / Taxes.
Discussion of the different legal business types and the status of the owner in each - as owner or employee. Includes a discussion of how the owner takes money from the business.
Describes the W-3 form. 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.
Do online retailers have to charge sales tax for online transactions? Information on state laws and possible federal legislation.
Describes the single-member llc
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.
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
Per Diem Definition and Per Diem Rates
Real Property. US Business Law / Taxes.
How a partnership pays income tax.
941 Questions and Answers: Payroll Taxes, Payroll Tax Deposits
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.
Accounts Receivable Aging. US Business Law / Taxes.
Describes an employee. US Business Law / Taxes.
Registering your business name gives you the right to use that name exclusively and it will be used for all legal and tax purposes.
How to register a foreign limited liability company in another state
Limited Liability Company LLC. US Business Law / Taxes.
Depreciation can reduce business taxes. Depreciation carries the expense of an asset over its useful life. More about how depreciation can save on taxes.
Discusses the advantages and disadvantages of sole proprietorships, including control, liability, taxes, and start-up.
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.
A CPA discusses taxes for S Corporations vs. LLCs.
Viability of a business. US Business Law / Taxes.
All about FICA taxes, including what they are, how to calculate them, OASDI, limits on FICA withholding, and more.
Create an earnings report for each employee and report gross earnings, withholding and deduction amounts, and net pay for each payroll and for year-to-date. Page 6.
Secretary of State websites. US Business Law / Taxes.
Owner's Draw. US Business Law / Taxes.
Should you have a separate business checking account?
Domestic Limited Liability Company Domestic Corporation
Learn the definition of closely held corporation, a phrase often used in the business law/tax world. Not to be mistaken with privately held corporation.
Having family help in your business can be great, but there are some tax issues you need to know about before hiring a spouse, child, or other family member.
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.