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.

LLC Self Employment Tax Explained

An LLC is taxed as a sole proprietorship or partnership. Owner or members pay the self employment tax. Alternatively, LLCs can opt to file tax as corporations through Form 8832. This article aims to discuss the LLC Self Employment Tax.

Tips to Calculate S Corp Retained Earnings

Do Subchapter S Corporations have retained earnings? Ask a CPA how to calculate S corp retained earnings and they’ll probably look at you funny and say, “Do you mean your Accumulated Adjustments Account or AAA?” Jean Scheid, owner of an S Corporation explains retained earnings in an S Corp.

When Should Your Business Purchase Fleet Insurance?

There are tons of insurance options tailored for vehicles used by small businesses, so choosing the right one for each vehicle can be quite a chore. Running a fleet of vehicles is not an easy job and can present its own set of problems. This is where fleet insurance can offer a sensible option.

How to Know When to Close a Business

It’s been in the back of your mind for awhile, the possibility that your business might not survive the year. Is it really time to quit? What are the signs that let you know? There are seven signs which can help you know when to close down a business.

Tax Tips for Husband and Wife Business Partners

There are a number of small businesses run by married couples. As with most other businesses there are certain tax requirements that must be met. These tax implications for the partnership should be approached with empirically as well as analytically.

Types of Taxes You Pay When Running a Small Business

What are the different types of small business taxes? There are taxes which every business pays regardless of what they do for income. There are taxes which anyone with employees must pay. There is a tax for selling assets. And there are taxes specific to certain types of business and entities.