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Business Taxes

Business taxation resources for C-corporations, S-corporations, partnerships, limited liability companies, trusts, estates, and sole proprietors.
  1. Accounting Methods (4)
  2. Accounting Software
  3. Business Expenses (5)
  4. C-Corporations (3)
  5. LLC (4)
  6. Non-Profits (1)
  7. Partnerships (4)
  8. Payroll (11)
  9. S-Corporations (20)
  10. Sole Proprietorships (5)

Incorporating: Choosing a Form of Business Organization
Protect your business profits from excessive taxation by choosing the best form of business organization for your needs. Incorporating versus independent contractor. Compare partnership, limited liability companies, S-corporations, C-corporations, and sole proprietor.

Tax Tips for Freelancers
Tax tips and strategies for freelance professionals and self-employed people. There are special circumstances that apply to freelance writers and other creative professions, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.

Your First Business Tax Return
Preparing your company's first business tax return can be stressful, but CPA Joseph Rosenberg provides plenty of tips for making your tax preparation thorough and accurate.

Adjusted Basis Definition
Definition of "Adjusted Basis": the net cost of an asset after adjusting for various tax-related items.

Anti-Money Laundering and the Bank Secrecy Act
Eva Rosenberg, the Internet's Tax Mama, hosted an online seminar covering what small businesses need to know about the Bank Secrecy Act. Ulla Scott, an agent assigned to the anti-money-laundering unit of the IRS, presented excellent tips for small business owners. Here's my summary of the presentation, with plenty of links for you to do your own research.

Business Tax Products and Kits: Pre-Draft Forms, Kits, Templates, and Guides
Find business tax kits and downloadable templates to help manage your business taxes more effectively. Find checklists, agreements, and advice for choosing the right form of business to incorporate, properly hiring employees and independent contractors, sending out invoices, and keeping a thorough account of your expenses and income.

Converting Property to an S-Corporation - Questions from Readers
Dear Tax Guide, I recently started my own S-Corporation. Can my business depreciate the cost of property I donated to the business? How I can figure out how much to depreciate?

Cost Basis Definition
Definition of "Cost Basis": the original price of an asset, such as stocks, bonds, mutual funds, property, or equipment. Cost basis includes the purchase price and any associated purchase costs.

Credit Card Payments to be Reported to the IRS Beginning 2011
Income received through credit and debit card transactions will be reported to the Internal Revenue Service starting in the year 2011. Part of the Housing Assistance Tax Act of 2008.

Depreciation Definition
"Depreciation": an income tax deduction that allows a taxpayer to recover the cost of property or assets placed in service.

Estimated Taxes: How to Pay Your Estimated Taxes Quarterly
Estimated payments are one method of prepaying federal taxes. Taxpayers can send in estimated tax payments throughout the year. The IRS recommends paying estimates four times a year.

Federal tax credit of up to 35% of health insurance premiums
As part of the health care reform effort, the federal government is providing an incentive for small businesses to provide health insurance coverage for their employees. The Small Business Health Care Tax Credit provides a federal tax credit of up to 35% of employer-paid health insurance premiums. As with all tax credits, there are rules and...

New Hires Retention Tax Credit
Businesses that hire new employees may qualify for a special tax credit for retaining newly hired employees for at least a full year. The tax credit is worth 6.2% of wages paid to the employee or $1,000 (whichever figure is less). The tax credit is claimed by the employer on its business income tax return for 2011.

Protect Business Losses When Incorporating
New businesses often have several years of losses before becoming profitable. The IRS may disallow your losses if you are filing on a Schedule C. You can protect your losses from an IRS audit by incorporating your business.

Reporting Income Payments Using Form 1099-MISC
Businesses are required to report payments made for goods and services related to a trade or business. Reporting is required if a business pays $600 or more to an individual or another business that provided goods or services. Such payments are reported both to the vendor and to the Internal Revenue Service using Form 1099-MISC. Starting in...

Small Business Taxes Made Easy (Book Review)
Review of the book "Small Business Taxes Made Easy," by Eva Rosenberg.

US Withholding on Canadian Business Income? - Questions from Readers
Canadian citizens who have business income from US sources should fill out Form W-8BEN to claim a reduce amount of income tax withholding. Find out how to qualify for benefits under the US-Canada Tax Treaty and how to fill out Form W-8BEN.

Year-End Tax Planning Tips for Freelancers and Self-Employed Persons
Freelancers and other self-employed entrepreneurs have several tax planning strategies available to them before the year is over.

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