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US Business Law / Taxes: Most Popular Articles

These articles are the most popular over the last month.
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.
Disregarded Entity
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
What Kind of Partnership Do You Want to Start?
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership and Limited Liability Company
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
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.
Should Your Employees Be Salaried or Hourly?
Salary vs. Hourly pay for employees. How to calculate salary and hourly rates. Overtime exemption.
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.
How is Gross Pay Calculated?
Gross Pay. US Business Law / Taxes.
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 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.
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 Is Litigation?
Litigation definition. US Business Law / Taxes.
What business type is best for my company?
Discusses different types of business entities and which is best for different kinds of businesses
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.
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.
How is Tax Nexus Determined?
Describes the term. US Business Law / Taxes.
What's New with Online Sales Taxes?
Explains situation in states taxing online sales, Amazon tax, affiliates, and tax nexus.
The Simple Way to Calculate FICA Tax Deductions
How to calculate the deduction for FICA taxes from employee paychecks.
Fiduciary - Fiduciary Responsibility
A fiduciary responsibility and the person who is a fiduciary
4 Things Explained by Cost of Goods Sold
Cost of Goods Sold. US Business Law / Taxes.
3 Definitions of Business Capital
Capital definition. US Business Law / Taxes.
The Special Tax Only Some Businesses Pay
Excise Tax. US Business Law / Taxes.
Want a Business Loan? First, Check the 4 C's of...
Describes the four C's of credit - character - capacity - collateral - capital
What's the difference between tax avoidance and...
The difference between tax evasion and tax avoidance
4 Types of Pay Periods Defined
Pay Period. US Business Law / Taxes.
3 Ways to Identify Yourself to the IRS
Difference between a tax ID number, EIN, and ITIN
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.
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.
How to Calculate Gross Pay for All of Your...
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
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.
When Does the Fiscal Year End?
How to determine the date for your company's fiscal year end.
The Difference Between Capital and Operating...
Capital expenses US Business Law / Taxes.
2 Reasons to Call Your Company a Disregarded...
Describes what business types are considered disregarded entities.
Thinking About Employee Bonuses? Read This First.
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?
What Is a business budget?
Creating a budget for your business works the same way as a personal budget.
What is the 2014 Mileage Rate for Business Taxes?
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Tax Filing Deadlines for Businesses
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Can My Business Deduct Charitable Contributions?
Discussion of how charitable contributions are deducted by businesses.
Form I-9 for employment verification -...
I-9 Form - I-9 Immigration Form. 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.
What is the Capital Gains Tax Rate?
Capital Gains Tax Rate. US Business Law / Taxes.
Want to Get Paid? You'll Need One of These.
Describes an invoice. US Business Law / Taxes.
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 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
Travel for Business? Don't Forget This Deduction.
Here is a brief overview of how to calculate mileage expense for business.
How (and Why) to Use a Purchase Order
Defines a purchase order and describes the parts of this order.
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 FICA Taxes
FICA taxes explained. US Business Law / Taxes.
How to Create a Sources and Uses of Funds...
Describes how to prepare a simple sources and uses of funds statement
10 Payment Types That Are Exempt from FICA Tax
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
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.
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.
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.
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.
Understanding Taxes and Liability as a...
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Is Arbitration Better than Litigation?
Describes the arbitration process vs. the litigation process, with points of differences and similarities.
Want to Deduct Your Business Mileage? You'll...
IRS Standard Mileage Rates for each year from 2009 to the current year.
What is the Principal of Your Loan?
Principal on a loan. US Business Law / Taxes.
Who Must Be Paid Overtime and When - Federal...
Overtime/Overtime Pay. 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.
Employer's Guide to Payroll Tax Deposits
Discusses when to make payroll tax deposits.
What Does the Term 'Employee' Mean, Anyway?
Describes an employee. US Business Law / Taxes.
4 Responsibilities of a Corporate Board of...
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
2 Ways Owners Equity Can Be Expressed
Definition of owners equity. US Business Law / Taxes.
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.
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.
Viability (of a Business)
Viability of a business. US Business Law / Taxes.
Small Business Tax Changes for 2014
Tax Changes in 2014 for small businesses: Social Security maximum tax, depreciation allowances, IRS mileage rate changes, and additional Medicare taxes.
Is It Smart to Loan Your Business Money?
Describes the two ways you can give money to your business - loans or investments
Why Do I Need a Personal Guarantee for a...
Attorney Susan Dawson answers the question:
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.
Cash Flow
Cash Flow. US Business Law / Taxes.
3 Types of Business Partnerships Explained
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
What Does it Mean to Be Self-Employed?
Self employed, Self-employment. US Business Law / Taxes.
How to Calculate Withholding Amounts for...
How to calculate federal income tax (FIT) withholding from employee paychecks.
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 to Have Your LLC Taxed as a Corporation
How to file an entity election for an LLC on Form 8832.
What Does a Notary Public Do?
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
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.
The Difference Between Real and Personal Property
Personal Property. US Business Law / Taxes.
4 Things to Know About the W-4 Tax Form
Form W-4 -- Employee's Withholding Allowance Certificate
How is Depreciation Shown on the Financial...
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
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.
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.
Taking the Mystery out of Depreciation...
Shows methods for calculating depreciation
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 Products and Services are Subject to Sales...
How to determine what products or services are subject to sales tax in your state.
Garage Sales, Yard Sales - Tax Issues, Licenses...
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.
What is the Difference Between Depreciation and...
This article explains the difference between depreciation and amortization.
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.
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.
Pros and Cons of 5 Different Business Structures
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.
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.
Domestic Limited Liability Company (LLC) or...
Domestic Limited Liability Company Domestic Corporation
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.
Petty Cash - Why It's Important to Your Business
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.
Equity Interest (in a Business)
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.
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.
No, Not All Property Is 'Real'
Real Property. US Business Law / Taxes.
What Makes an LLC Different?
Limited Liability Company LLC. US Business Law / Taxes.
Are Meals and Entertainment Really a Business...
Meals and Entertainment Expenses
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 Should be Included in a Partnership...
Partnership agreement terms. US Business Law / 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
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.
Joint Venture
Learn the definition of a joint venture.
How to Keep Employees from Working for the...
Non-solicitation agreement. US Business Law / Taxes.
How Do I Remove a Board Member?
Some ways to remove a board member or director.
How to Prepare Your Schedule C Correctly
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
Promissory Note
Promissory Note. US Business Law / Taxes.
What is an Independent Contractor?
Independent Contractor. US Business Law / Taxes.
What Can I Do About Nonpayment for My Services...
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.
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.
What is the Difference Between Full Time and...
Discussion of the difference between a full time or part time employee.
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.
Incorporator
Description of the job of an incorporator in setting up a corporation.
When Do I File Form 941?
When to file Form 941 - Employer's Quarterly Payroll Tax Form
How to Incorporate in Pennsylvania
How to incorporate in Pennsylvania, including information necessary to file Articles of Incorporation with the commonwealth of Pennsylvania.
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.
Your Guide to Preparing and Distributing...
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
The Business Owner's Guide to Payroll
Payroll definition. US Business Law / Taxes.
Understanding the Member Role in an LLC
Member of a Limited Liability Company
Net Pay
Net Pay. US Business Law / Taxes.
Safe Harbor 401(k) Plans
Safe Harbor 401(k) Plans. US Business Law / Taxes.
How To Complete Form 941 - Employers Quarterly...
Form 941 - 941 Form - How to Complete Form 941
How Do I Notify Federal, State, Local Agencies...
How to notify federal, state, local agencies about your business address change.
What It Means to Hire Someone on a Retainer
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Can I Enter into a Contract with a Minor?
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.
All about DUNS Numbers
DUNS Number. US Business Law / Taxes.
What Kinds of Business Contracts Must Be in...
Some kinds of contracts must be in writing, according to the statute of frauds.
Embezzlement
Embezzlement. US Business Law / Taxes.
Options for Paying an Independent Contractor
Options for paying an independent contractor, Form W-9 for withholding, and withholding requirements, including backup withholding.
The Business Owner's Guide to Sales Tax
Paying Sales Tax to State. US Business Law / Taxes.
What Employers Should Know About the W-3 Form
Describes the W-3 form. US Business Law / Taxes.
Non-Compete, Non-Disclosure, and Non-Solicitati...
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
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.
How to Deposit Payroll Taxes Electronically
As a business owner, you have several ways to pay your employment taxes. Here are your options.
Partnership Agreement
Partnership Agreement. US Business Law / Taxes.
Form 940 - Employer's Annual Federal Unemployme...
Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return
How to Understand Your Role in a New Business
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 and Register Your Business Name
How to select, register, and change your business name. Includes how to research business names and find trademarked names.
You Won in Small Claims Court - Now, How to Get...
Options for collecting money owed you from the small claims process. Be persistent and be realistic.
Cost of Goods Sold Explained
Cost of Goods sold - what is cost of goods sold, how to calculate it, how to keep records to substantiate cost of goods sold.
Business Basics: Understanding Breach of Contract
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.
Consider This When Choosing a Business Type
How each business legal type pays income tax, including forms and processes.
Capital Improvements - Capital Expenditures
Capital improvements, Capital Expenditures
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.
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?
Understanding Tax Differences Between an LLC...
Both the s corporation and the limited liability company have benefits and drawbacks, depending on your business and the state(s) it is in.
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