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.
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.
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.
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
What is depreciation, how is depreciation calculated, and how depreciation affects business taxes. Includes bonus depreciation and Section 179 deductions.
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.
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
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.
Litigation definition. US Business Law / Taxes.
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
Describes the term. US Business Law / Taxes.
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Principal on a loan. US Business Law / Taxes.
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?
A fiduciary responsibility and the person who is a fiduciary
Cost of Goods Sold. US Business Law / Taxes.
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.
Describes the process by which a corporate veil may be pierced by a court, leaving the corporate officers and directors directly liable for acts of the corporation.
Capital definition. US Business Law / Taxes.
How to determine the date for your company's fiscal year end.
Creating a budget for your business works the same way as a personal budget.
How to calculate the deduction for FICA taxes from employee paychecks.
Viability of a business. US Business Law / Taxes.
Definition of owners equity. US Business Law / Taxes.
Excise Tax. 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.
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.
FIFO is a method of costing inventory for accounting purposes. Learn more about what FIFO stands for.
Discussion of how charitable contributions are deducted by businesses.
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
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?
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
Shows methods for calculating depreciation
Defines a purchase order and describes the parts of this order.
Here is a brief overview of how to calculate mileage expense for business.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
The difference between tax evasion and tax avoidance
Capital expenses US Business Law / Taxes.
Describes what business types are considered disregarded entities.
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Describes how to prepare a simple sources and uses of funds statement
Describes the arbitration process vs. the litigation process, with points of differences and similarities.
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
This article explains the difference between depreciation and amortization.
Overtime/Overtime Pay. US Business Law / Taxes.
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Discusses when to make payroll tax deposits.
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
Describes the two ways you can give money to your business - loans or investments
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Pay Period. US Business Law / Taxes.
Meals and Entertainment Expenses
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 an invoice. US Business Law / Taxes.
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.
FICA taxes explained. US Business Law / Taxes.
Learn the definition of a joint venture.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
How to file an entity election for an LLC on Form 8832.
Describes the four C's of credit - character - capacity - collateral - capital
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.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
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.
Capital Gains Tax Rate. US Business Law / Taxes.
Form 941 is the quarterly tax return for payroll taxes. Due dates, how to complete, and current changes.
Cash Flow. 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.
This article provides a general outline of the information required on Form 1120 - U.S. Corporation Income Tax Return, including schedules.
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C and previous tax years.
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.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
This article describes Form 7004 application for automatic extension of time To file certain business income tax returns.
Learn why the selection of a business name is so important. We'll discuss the processes of selecting a business name, registering a business name, trademarking a business name, changing a business name.
How to determine what products or services are subject to sales tax in your state.
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
IRS Standard Mileage Rates for each year from 2009 to the current year.
How to file a business tax extension
Describes an employee. US Business Law / Taxes.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
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.
Attorney Susan Dawson answers the question:
The term affiliate has two general definitions in business contexts - in corporate law and taxes, and in online retailing.
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
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.
Personal Property. US Business Law / Taxes.
Limited Liability Company LLC. US Business Law / Taxes.
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
First steps to starting any business: Begin with a business name, then a location, then go on to registering, financial, legal and marketing tasks.
Self employed, Self-employment. US Business Law / 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.
Form W-4 -- Employee's Withholding Allowance Certificate
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.
How to calculate federal income tax (FIT) withholding from employee paychecks.
Independent Contractor. US Business Law / Taxes.
How to notify federal, state, local agencies about your business address change.
Description of the job of an incorporator in setting up a corporation.
Some ways to remove a board member or director.
How often you pay employees depends on state regulations, cost, type of employees. Descriptions of different pay frequencies discussed.
Payroll definition. US Business Law / Taxes.
Member of a Limited Liability Company
Both the s corporation and the limited liability company have benefits and drawbacks, depending on your business and the state(s) it is in.
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.
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Solvency. US Business Law / Taxes.
Domestic Limited Liability Company Domestic Corporation
Real Property. US Business Law / Taxes.
Net Pay. US Business Law / Taxes.
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.
All about FICA taxes, including what they are, how to calculate them, OASDI, limits on FICA withholding, and more.
Describes the W-3 form. 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.
Find information on taxes in your state by using this listing of state departments of revenue
Discusses the advantages and disadvantages of sole proprietorships, including control, liability, taxes, and start-up.
As a business owner, you have several ways to pay your employment taxes. Here are your options.
Partnership agreement terms. 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.
Non-solicitation agreement. US Business Law / Taxes.
Corporations, Incorporating. US Business Law / Taxes.
How each business legal type pays income tax, including forms and processes.
DUNS Number. US Business Law / Taxes.
Income you receive from working, as opposed to unearned income, which comes from more passive sources, such as investment earnings.
How a partnership pays income 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?
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
Describes the information needed to prepare Form 1065 for a partnership or multiple-member limited liability company (LLC).
Tax Evasion. US Business Law / Taxes.
Some kinds of contracts must be in writing, according to the statute of frauds.
Capital improvements, Capital Expenditures
Embezzlement. US Business Law / Taxes.
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.
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.
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
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.
Accounts Receivable Aging. 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.
Should you have a separate business checking account?
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.
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
This article describes the Electronic Federal Tax Payment System (EFTPS) which is required for all business taxes submitted to the IRS after January 1, 2011. Read about how to enroll, what taxes may be paid using this system, and ;how to use EFTPS to pay your business taxes.