Taxes, Fees & Costs Associated with Businesses and Entrepreneurship
When starting your own business or expanding an existing company, it’s important to be aware of all the costs involved, both implicit and explicit. This can be a very frustrating and confusing area for many small business owners, so we’ve created a special portal on Bright Hub’s Entrepreneurship Channel dedicated solely to Taxes, Fees & Costs.
Various businesses may be subject to different kinds of taxes, depending on location, industry, and other factors. And, if you plan to hire employees, there are additional employee taxes that you must plan for. The costs don’t stop there, though. You may also be responsible for various license fees and operating expenses that can vary from state to state. In addition, you’ll need to budget for business insurance – even if you’re a sole proprietor, you’ll likely need to investigate some of these insurance types, especially if you plan to have a public office.
Be sure to check out our other guides that detail the costs of starting and running your own business as well as expenses you may be responsible for when selling a business.
Looking to reduce your business costs? In the U.S., you can get business tax deductions for gifts up to a limit of $25 per gift per taxpayer subject to certain conditions.
Partnerships provide the ability to pass through income to owners, without the organization paying taxes on company income. However, understanding partnership tax laws requires more than just knowing about pass through entities. Not paying taxes does not mean you don’t file taxes.
According to the IRS, expenses are required to be “ordinary and necessary” to qualify for small business tax deductions. That begs the question, what is considered an ordinary or necessary expense? Are deductions the same for a retail store as they are for a home-based professional?
Business tax software can help eliminate some of the anxiety many business owners have when preparing their own taxes. Before purchasing a tax software application, an entrepreneur needs to know which program fits their business and their level of comfort with tax preparation.
You get income from the Internet, but do you have to pay taxes on an online business? Are you even classified as an online business? There are three types of tax you must know about if you work online. The checklist at the end of the article will help you determine if you have to pay.
The right S Corporation tax strategies can help you save money and avoid an audit. Learn about methods to avoid red flags with the IRS, and how to maximize your tax deductions. You’ll also want to know about negotiating tax settlements with the government.
Put your money in your pocket, not Uncle Sam’s, as you learn to claim all the tax advantages to owning a business. Invest in yourself first and buy the business items required to become profitable–and write them off.
Check out these top 4 self employment tax tips to pay your taxes efficiently and maintain very clean records. Learn how to make optimal use of the tax benefits and deductions available to self-employed individuals from the IRS to help save on your tax costs.
Understanding how to save money on eBay fees is very important if you are running an eBay business. Here are some quick tips that can be implemented to save you a few bucks and increase your profitability.
Are you creative and enjoy making gift baskets? Here are some keys for starting your own gift basket business.
Almost every business, is eligible to utilize sales tax exempt forms for purchases from vendors or suppliers. If you don’t understand how the sales and use tax in your state works, Jean Scheid will tell you how to find out as well as how to utilize these forms so you don’t have to pay sales tax.
Pets through the years they have gone from being work animals, to a man’s best friend, and now they substitute as many people’s children. So, as pets become a growing trend there is an increasing profit in the pet business. Do you want to know the start-up cost to own a pet business?
Entrepreneurs use the cost benefit analysis method to evaluate the choice of starting a new business. This article explores how this is done with specific reference to examples relevant to the business owner.
The cost of starting-up a catering business depends largely on the intended scope of the business. Cost of kitchen equipment and supplies, licenses and fees must all be included. Read on for more in-depth information.
This will introduce the reader to the history of taxes and how and why they are levied.
When opening an Internet business, one concern you will face is whether to collect state sales tax or not. Collecting and filing sales tax is simplified with software. There are a few things to know about collecting sales tax for Internet transactions.
Many states to not have sales tax. In fact, there are five states that proudly boast that they are indeed “sales tax free.” Read on for more information about these five states, including details of other types of taxes that are imposed in lieu of sales tax.
Need some fast strategies to grow a business? Once you’ve started a business, you want it to grow fast. This article offers few tested strategies to help grow your business through a website, article marketing, and social networking.
Are you looking for business costs savings ideas? If you want to run an efficient business, it’s certainly important to review expenses regularly to make sure that you aren’t spending money in ways that are not productive. Find out what you can do to control costs!
Sometimes moms prefer to stay at home with their children but are still interested in earning money to contribute to the household. There are several great business ideas for stay at home moms that require specific skills but are still suitable businesses for moms at home.