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.
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.
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.
So you’ve created an S Corporation and are ready to rock and roll with your business. When it’s time to pay yourself, as an owner and shareholder, should S Corporations pay distributions or a salary? Jean Scheid, owner of an S Corporation tells us which is best.
Business owners are constantly looking for ways to reduce business running costs and increase profits, especially in times of financial difficulty like the present national economic climate. Some businesses even resort to compromise on the quality of product or service they provide.
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.
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.
If you are thinking of closing a business on short notice because of financial issues, consider the overall cost of closing a business on short notice. Simply closing the business and walking away isn’t as simple as it sounds. There are a few closing costs which must be addressed first.
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.
If you are looking to have the flexibility and tax advantages that are associated with a partnership, but still want to maintain the limited liability advantage, you might want to consider a Limited Liability Company. This article explains the tax benefits of an LLC.
This article summarizes the many different types of business insurance available and it explains how they differ from one another. Learn about the differences between property insurance, general liability insurance and more in this helpful article.
Here’s an overview of self-employed tax deductions you should consider as a self-employed professional, along with the appropriate forms you’ll need and resources for additional help.
If your business earns patent royalties, it would be essential for you to determine how to report a patent income on a tax return. The article discusses in detail the tax treatment of patent income.
Implicit costs are something every entrepreneur has when operating a business. But do you know what they are? Here, you’ll find detailed and written examples of startup business expenses
When it comes to running a business and hiring staff, what you need to know about 941 employee taxes could make or break your business. Falling behind or failing to pay 941 employee taxes will bring penalties and interest that are higher than what you originally owed to the IRS for those 941 taxes.
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.
Knowing the hourly cost to run a business is imperative for small business owners. Read on to find out why and how to calculate this all-important figure.