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.
This article takes you through the process of determining cost of goods sold for your business tax return.
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.
Corporate Tax Rate - the federal income tax rate charged to corporations, based on level of income reported on corporate income tax Form 1120.
Answers to questions about how business owners are paid and business owner salary. How owners of each business type are paid, how much salary should a business owner take, and more.
Discusses different types of business entities and which is best for different kinds of businesses
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Cost of Goods Sold. US Business Law / Taxes.
Litigation definition. US Business Law / Taxes.
Describes the Social Security tax for employees and employers, including the annual maximum social security tax.
Explains IRS Form 941 - Employer's Quarterly Federal Tax Form
Shows methods for calculating depreciation
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
Depreciation. US Business Law / Taxes.
A fiduciary responsibility and the person who is a fiduciary
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
I-9 Form - I-9 Immigration Form. 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.
Creating a budget for your business works the same way as a personal budget.
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
Describes the four C's of credit - character - capacity - collateral - capital
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 a sole proprietor gets paid, by taking a draw from the business checking account. How taxes are paid on the sole proprietor's income.
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.
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Excise Tax. 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.
Capital Gains Tax Rate. US Business Law / Taxes.
: A nexus in general means a connection. The term nexus is used in tax law to describe a situation in
Proxy statement and voting by proxy
Capital expenses US Business Law / Taxes.
Describes the two ways you can give money to your business - loans or investments
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
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.
Capital definition. US Business Law / Taxes.
Meals and Entertainment Expenses
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
: FIFO , which stands for "first-in-first-out," is an inventory costing method which assumes that the
Difference between a tax ID number, EIN, and ITIN
Salary vs. Hourly pay for employees
How to calculate the deduction for FICA taxes from employee paychecks.
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 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?
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.
Discusses when to make payroll tax deposits
Discussion of how charitable contributions are deducted by businesses.
Should you choose an LLC or corporation for your business? A discussion of features of limited liability company (LLC) and corporation - differences and similarities.
Start a Business by Following These Steps
Definition of owners equity. 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.
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
Affiliate US Business Law / Taxes.
How to be sure your federal tax return is filed before the deadline and received by the IRS.
Describes the W-3 form. . US Business Law / Taxes.
Here is a brief overview of how to calculate mileage expense for business.
How to calculate federal income tax (FIT) withholding from employee paychecks.
Real Property. 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.
Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return
Pay Period. US Business Law / Taxes.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
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?
Petty cash defined and some petty cash management details described
This article explains the difference between depreciation and amortization.
IRS Standard Mileage Rates. US Business Law / Taxes.
Form 7004 - Filing an Extension for corporate taxes and S corporation taxes. Filing an extension for partnership taxes and multiple-member LLC taxes.
: Why Do I Need a Personal Guarantee for a Commercial Lease? : When I talk to people who are getting
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 what business types are considered disregarded entities.
Some kinds of contracts must be in writing, according to the statute of frauds.
Find information on taxes in your state by using this listing of state departments of revenue
Form W-4 -- Employee's Withholding Allowance Certificate
Gross Pay. US Business Law / Taxes.
Payroll definition. US Business Law / Taxes.
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C.
How to determine the date for your company's fiscal year end.
Describes an employee. US Business Law / Taxes.
Describes how to prepare a simple sources and uses of funds statement
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
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.
How a partnership pays income tax.
How to include your business tax information in your personal tax return.
How to file an entity election for an LLC on Form 8832.
How each business legal type pays income tax, including forms and processes.
Describes the arbitration process vs. the litigation process
Cash Flow. 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.
Attorney Robert Warwick discusses the s corporation business form vs. the limited liability company.
Describes an invoice. US Business Law / Taxes.
Some ways to remove a board member or director.
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.
Personal Property. US Business Law / Taxes.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
Defines a purchase order and describes the parts of this order.
This article discusses the differences between a sole proprietor type of business and the other business types - partnership, LLC, and corporation.
Viability of a business. US Business Law / Taxes.
FICA taxes explained. US Business Law / Taxes.
Retainer defined, including legal retainers as an option for paying an attorney, and retainers for other professionals.
Definition of a capital contribution
Who should own a car for business use - the company or the employee?
As a business owner, you have several ways to pay your employment taxes. Here are your options.
What is overtime pay, how overtime pay is calculated, who must be paid overtime, and why some employees are exempt from overtime.
Accounts Receivable Aging. 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
Explains the differences between a non-compete agreement, a non-disclosure agreement, and a non-solicitation agreement.
Zoning. US Business Law / Taxes.
Paying Sales Tax to State. US Business Law / Taxes.
Per Diem Definition and Per Diem Rates
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.
A CPA discusses taxes for S Corporations vs. LLCs.
Discussion of how depreciation is displayed on the balance sheet and income statement of a company
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.
Arbitration US Business Law / Taxes.
Description of the job of an incorporator in setting up a corporation
Negligence defined, including standard of care, contributory negligence, comparative negligence, assumption of risk, and remedies.
How to keep business and personal funds separate
Describes Form 1096 - Annual Summary and Transmittal of U.S. Information Returns
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.
Discussion of business mileage, including standard mileage vs. actual, how to calculate business mileage, and answers to questions about business mileage.
: A notary public (pl., notaries public) is a public official who is given the authority to acknowledge
Form 941 - 941 Form - How to Complete Form 941
All about LLC members, including the difference between a single-member LLC and a multiple member LLC, how LLC members pay income taxes, member liability, members as employees,how to add a member, and more.
This article provides a general outline of the information required on Form 1120 - U.S. Corporation Income Tax Return, including schedules.
FUTA - Unemployment Tax. 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.
Limited Liability Company LLC. US Business Law / Taxes.
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.
Member of a Limited Liability Company
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Principal on a loan. US Business Law / Taxes.
How to determine what products or services are subject to sales tax in your state.
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
How to notify federal, state, local agencies about your business address change.
Advertising Expenses: What you can and cannot deduct, and some special notes.
You can deduct the costs to start a business. Some costs can be deducted in the first year of business, while others can be amortized (spread out) over the first 60 months.
Changes to IRS form 941 for 2014 include the additional Medicare tax for higher income employees, and a change in COBRA premium assistance payments.
Describes the duties of a Board of Directors for a Corporation including board fiduciary responsibility
Solvency. US Business Law / Taxes.
This article provides information for employers on how to submit Form 1099-MISC for 2013, including whether to use the 2013 version of form Form 1099-MISC or Form W-2 to report contractor tax information, how to complete form 1099-MISC 2013, how to file form 1099-MISC for 2013 with the IRS along with Form 1096, how to correct a 1099, what if you file late, and where to get 1099 forms.
Discussion of the difference between exempt employees and non-exempt employees
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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.
Car Leasing vs. Buying. US Business Law / Taxes.