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.
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership and Limited Liability Company
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
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.
Salary vs. Hourly pay for employees. How to calculate salary and hourly rates. Overtime exemption.
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.
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
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.
Litigation definition. US Business Law / Taxes.
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.
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.
Explains situation in states taxing online sales, Amazon tax, affiliates, and tax nexus.
How to calculate the deduction for FICA taxes from employee paychecks.
A fiduciary responsibility and the person who is a fiduciary
Cost of Goods Sold. US Business Law / Taxes.
Capital definition. US Business Law / Taxes.
Excise Tax. US Business Law / Taxes.
Describes the four C's of credit - character - capacity - collateral - capital
The difference between tax evasion and tax avoidance
Pay Period. US Business Law / Taxes.
Difference between a tax ID number, EIN, and ITIN
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.
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 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.
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
How to determine the date for your company's fiscal year end.
Capital expenses US Business Law / Taxes.
Describes what business types are considered disregarded entities.
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?
Creating a budget for your business works the same way as a personal budget.
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Discussion of how charitable contributions are deducted by businesses.
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
Capital Gains Tax Rate. US Business Law / Taxes.
Describes an invoice. US Business Law / Taxes.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Here is a brief overview of how to calculate mileage expense for business.
Defines a purchase order and describes the parts of this order.
End of year paychecks - which year counts for W-2 income purposes? It depends on when the paycheck is issued.
FICA taxes explained. US Business Law / Taxes.
Describes how to prepare a simple sources and uses of funds statement
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
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.
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
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.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Describes the arbitration process vs. the litigation process, with points of differences and similarities.
IRS Standard Mileage Rates for each year from 2009 to the current year.
Principal on a loan. US Business Law / Taxes.
Overtime/Overtime Pay. US Business Law / Taxes.
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.
Discusses when to make payroll tax deposits.
Describes an employee. US Business Law / Taxes.
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
Definition of owners equity. US Business Law / 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.
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
Viability of a business. US Business Law / Taxes.
Tax Changes in 2014 for small businesses: Social Security maximum tax, depreciation allowances, IRS mileage rate changes, and additional Medicare taxes.
Describes the two ways you can give money to your business - loans or investments
Attorney Susan Dawson answers the question:
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C and previous tax years.
Cash Flow. US Business Law / Taxes.
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
Self employed, Self-employment. US Business Law / Taxes.
How to calculate federal income tax (FIT) withholding from employee paychecks.
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 notary public (pl., notaries public) is a public official who is given the authority to acknowledge
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.
Personal Property. US Business Law / Taxes.
Form W-4 -- Employee's Withholding Allowance Certificate
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
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.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
Shows methods for calculating depreciation
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 determine what products or services are subject to sales tax in your state.
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.
This article explains the difference between depreciation and amortization.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
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.
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.
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.
Domestic Limited Liability Company Domestic Corporation
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.
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.
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.
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Real Property. US Business Law / Taxes.
Limited Liability Company LLC. US Business Law / Taxes.
Meals and Entertainment Expenses
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.
Partnership agreement terms. US Business Law / Taxes.
Find information on taxes in your state by using this listing of state departments of revenue
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Learn the definition of a joint venture.
Non-solicitation agreement. US Business Law / Taxes.
Some ways to remove a board member or director.
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
Promissory Note. US Business Law / Taxes.
Independent Contractor. US Business Law / Taxes.
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.
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
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.
Description of the job of an incorporator in setting up a corporation.
When to file Form 941 - Employer's Quarterly Payroll Tax Form
How to incorporate in Pennsylvania, including information necessary to file Articles of Incorporation with the commonwealth of Pennsylvania.
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.
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
Payroll definition. US Business Law / Taxes.
Member of a Limited Liability Company
Net Pay. US Business Law / Taxes.
Safe Harbor 401(k) Plans. US Business Law / Taxes.
Form 941 - 941 Form - How to Complete Form 941
How to notify federal, state, local agencies about your business address change.
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
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.
DUNS Number. US Business Law / Taxes.
Some kinds of contracts must be in writing, according to the statute of frauds.
Embezzlement. US Business Law / Taxes.
Options for paying an independent contractor, Form W-9 for withholding, and withholding requirements, including backup withholding.
Paying Sales Tax to State. US Business Law / Taxes.
Describes the W-3 form. US Business Law / Taxes.
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
As a business owner, you have several ways to pay your employment taxes. Here are your options.
Partnership Agreement. US Business Law / Taxes.
Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return
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.
How to select, register, and change your business name. Includes how to research business names and find trademarked names.
Options for collecting money owed you from the small claims process. Be persistent and be realistic.
Cost of Goods sold - what is cost of goods sold, how to calculate it, how to keep records to substantiate cost of goods sold.
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.
How each business legal type pays income tax, including forms and processes.
Capital improvements, Capital Expenditures
What you need to start a business as an independent contractor, including choosing a business type and business checking account, getting an EIN.
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?
Both the s corporation and the limited liability company have benefits and drawbacks, depending on your business and the state(s) it is in.