US Business Law / Taxes: Most Popular Articles
Form 7004 - Filing an Extension for corporate taxes and S corporation taxes. Filing an extension for partnership taxes and multiple-member LLC taxes.
How to be sure your federal tax return is filed before the deadline and received by the IRS.
How to file a business tax extension
Here is a list of the federal income tax return due dates for sole proprietorships, LLCs, partnerships, corporations and s corporations.
Definition of a disregarded entity as a business entity which elects not to be separate from its owner for tax purposes.
Filing for an automatic extension of time for small business taxes on Form 4868
Instructions on how to complete Schedule C for a Sole Proprietorship or Single-member LLC - for Form 1040.
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.
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.
This article takes you through the process of determining cost of goods sold for your business tax return.
How to include your business tax information in your personal tax return.
Describes the information you need and the process of completing the 1099-MISC form for non-employee workers.
Meals and Entertainment Expenses
Describes the Social Security tax for employees and employers, including the annual maximum social security tax.
Defines commuting expenses and describes what car/truck expenses a business owner can deduct for commuting and which cannot be deducted.
IRS Standard Mileage Rates. US Business Law / Taxes.
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.
The IRS has announced the 2013 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
Discussion of how charitable contributions are deducted by businesses.
Corporate Tax Rate - the federal income tax rate charged to corporations, based on level of income reported on corporate income tax Form 1120.
Here is a discussion of how losses for different legal entities are determined and how they may be used to offset income from other sources.
Here is a brief overview of how to calculate mileage expense for business.
Cost of Goods Sold. 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.
Defines material participation in a business for the purpose of determining passive losses.
Litigation definition. US Business Law / Taxes.
Explains IRS Form 941 - Employer's Quarterly Federal Tax Form
Shows methods for calculating depreciation
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.
Partnership Types: Limited Partnership, Limited Liability Partnership, General Partnership
Defines per diem rates for business travel, how per diem rates are determined, how the General Services Administration sets per diem rates.
Describes the two ways you can give money to your business - loans or investments
Bitcoin and other virtual currencies are considered as property by the IRS. This ruling affects taxes for business sales of assets and payments for employees and independent contractors.
Describes the information needed to prepare Form 1065 for a partnership or multiple-member limited liability company (LLC).
Discusses different types of business entities and which is best for different kinds of businesses
Indemnity agreements - what they are, how they work, where are they found in contracts and insurance contexts.
Discussion of business mileage, including standard mileage vs. actual, how to calculate business mileage, and answers to questions about business mileage.
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.
Instructions on how to complete Schedule SE for self-employment tax calculation for a Sole Proprietorship or Single-member LLC - for Form 1040.
Describes a 1099-MISC form, how it is filed and how the recipient includes it in his or her income taxes.
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.
Describes how a single-member limited liability company or multiple-member limited liability pays income tax.
How to collect state sales taxes from customers, file state sales tax returns, and pay sales taxes you have collected
Attorney Michael Helfand discusses the legal obligation of employers to pay employees, and what happens if employees are not paid.
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.
Depreciation. US Business Law / Taxes.
This article contains information on Schedule C, including Schedule C form, Schedule C-EZ, Schedule C instructions, how a husband-wife partnership can become a qualified joint venture and how to file Schedule C forms for this business, and how to add schedule c to form 1040.
How to prepare Schedule K-1 for a partnership or s corporation
Describes the four C's of credit - character - capacity - collateral - capital
Learn about types of home business expenses you can deduct. Page 2.
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.
Describes Form 1096 - Annual Summary and Transmittal of U.S. Information Returns
A fiduciary responsibility and the person who is a fiduciary
Statutory employee. US Business Law / Taxes.
How a partnership can use a business loss to offset other income. Page 2.
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.
Describes IRS Schedule C Profit or Loss from Business of IRS Form 1040
Discussion of pros and cons of having a member-managed LLC or a manager-managed LLC.
Capital Gains Tax Rate. US Business Law / Taxes.
Here is a discussion of the limits on home office business deductions. Page 4.
Difference between a tax ID number, EIN, and ITIN
Here is a discussion of how to calculate your home business space deduction
How each business legal type pays income tax, including forms and processes.
This article explains office supplies and materials deductions
Capital expenses US Business Law / Taxes.
How to calculate gross pay for hourly and salaried employees, including overtime calculation.
The major tax preparation software programs include filing for tax extensions, using Form 4868 for small business/personal taxes or Form 7004 for business taxes.
: A nexus in general means a connection. The term nexus is used in tax law to describe a situation in
I-9 Form - I-9 Immigration Form. US Business Law / Taxes.
Capital definition. US Business Law / Taxes.
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.
Deducting telephone expenses for your home office is different from other expenses. Here is a discussion of how this deduction works. Page 3.
Describes the W-3 form. . US Business Law / Taxes.
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.
This article provides a general outline of the information required on Form 1120 - U.S. Corporation Income Tax Return, including schedules.
Section 179 depreciation is an important benefit for small businesses.
This article describes how to file IRS Form 8829 for expenses for business use of your home.
Describes how to submit Form 1096 for 1099-MISC and other information returns.
How to file an extension for your business taxes, including extensions for sole proprietors filing Schedule C with personal tax returns, partnerships, LLCs, and corporations.
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 a partnership pays income tax.
Discusses when to make payroll tax deposits
The IRS has announced the 2014 mileage rates for taxes, for business travel, medical/moving, and volunteer travel.
How to calculate the deduction for FICA taxes from employee paychecks.
How to calculate federal income tax (FIT) withholding from employee paychecks.
Here are the steps for completing the Form SS-4 to get a Tax ID Number for a new business.
Explains the difference between using a W-2 to report income to employees and a 1099-MISC to report income to independent contractors.
Pay Period. US Business Law / Taxes.
Here is a discussion of deductible education expenses.
Definition of owners equity. US Business Law / Taxes.
Excise Tax. US Business Law / Taxes.
How to file an entity election for an LLC on Form 8832.
A tax attorney's discussion of tax and liability issues for a disregarded entity.
Salary vs. Hourly pay for employees
If you are considering hiring an independent contractor, here are some tax considerations and employment agreements you should should know about.
Per Diem Definition and Per Diem Rates
Describes the late filing penalties for wage and tax statements
: FIFO , which stands for "first-in-first-out," is an inventory costing method which assumes that the
Ways to calculate estimated taxes for a self-employed business owner filing business taxes using Schedule C.
Real Property. US Business Law / Taxes.
Discusses which types of payments to employees are exempt from FICA (Social Security/Medicare) tax.
All about self-employment taxes.
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.
Describes Schedule SE which calculates self-employment taxes
Here is a brief description of deductions for legal and professional fees
Describes what business types are considered disregarded entities
Find information on taxes in your state by using this listing of state departments of revenue
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.
Gross Pay. US Business Law / Taxes.
This article describes how self-employment taxes are determined for owners of business types - sole proprietors, LLCs, partnerships, corporations.
Petty cash defined and some petty cash management details described
An explanation of the allowable deduction for commissions and fees paid to independent contractors.
Start a Business by Following These Steps
Here is a list of IRS income tax forms, so you will know which tax form to use for what. The articles provide information on filing these tax forms and what information is needed to complete them.
Form W-4 -- Employee's Withholding Allowance Certificate
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 is a discussion on deductions of dues for clubs and organizations.
Definition of a capital contribution
depreciation, accelerated depreciation, straight-line depreciation, depreciation calculator, Section 179, bonus depreciation
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?
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.
This article explains the difference between depreciation and amortization.
Form W-4 -- Employee's Withholding Allowance Certificate
Advertising Expenses: What you can and cannot deduct, and some special notes.
FICA taxes explained. US Business Law / Taxes.
Schedule E records supplemental income and loss, including income and loss for individual partners in a partnership and individual shareholders in an s corporation. Information from Schedule K-1 is entered into Schedule E, and total Schedule E income/loss is entered on Form 1040.
Personal Property. US Business Law / Taxes.
Describes how to gather information and prepare W-2 Wage and Tax Statements.
How to figure estimated tax required for businesses
Some kinds of contracts must be in writing, according to the statute of frauds.
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.
The IRS sets requirements for categorizing workers as independent contractors or as employees. Here is a brief discussion of the distinctions.
Affiliate US Business Law / Taxes.
: Why Do I Need a Personal Guarantee for a Commercial Lease? : When I talk to people who are getting
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.
Bonus Depreciation. US Business Law / Taxes.
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Describes an Employer ID Number
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.
Lists all the taxes a sole proprietorship pays including income taxes, self-employment taxes and employment (payroll) taxes
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.
Describes an employee. US Business Law / Taxes.
Everything you need to know about Federal Employer ID Numbers (EIN): What is an EIN, When do you need one, how to apply, how to complete the application on Form SS-4, how to change an EIn, and how to cancel an EIN.
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 how to prepare a simple sources and uses of funds statement
How to determine the date for your company's fiscal year end.
Discusses benefits of actual expenses vs. standard mileage deduction
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.