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.
About half the states have joined a tax consortium in order to assess sales and use taxes on Internet and mail order purchases. Is there any real basis for such a move, or is this just another government boondoggle? Start reading to learn about the Main Street Fairness Act.
How can your business thrive during a recession? Whether you are a seasoned business owner or a budding entrepreneur, there are several things you must do to run your company during these challenging times.
Intellectual property is an important subject for entrepreneurs, whether they are using IP created by someone else or have intellectual property they have created themselves. Bright Hub covers the gamut of IP questions in an easy to understand format.
If you’re a small business owner or new to the entrepreneurial world, you will need to learn how to predict sales, cost of sales, expenses and revenues and then compare them to actual. This Bright Hub guide offers all you need!
Business owners with employees must deposit 941 employee tax withheld from paychecks and also match the Social Security and Medicare (FICA) tax. When are these taxes paid and where and what if you calculate them wrong and pay too much? Here, Jean Scheid puts an end to the mystery of employment tax.
No matter what business you’re in, you need to protect your assets and have the proper amount of insurance in the event someone is injured on your property. These policies can be expensive. However, you can weed out what you don’t need. Jean Scheid explains.
If you think your employees don’t steal—ever, you’re in for a reality check. Employee dishonesty is on the rise due to the disgruntled and typical thieves. How do you know when it’s time to investigate insurance for these types of theft and at what coverage amount? Jean Scheid offers some tips.
Insurance to cover injuries to employees while on the job is a must-have—in fact, if you employ even one person and don’t offer this type of coverage, you’re breaking the law. Here, Jean Scheid makes WC insurance easy to understand, including tips on getting a fair price for your policy.
The Internal Revenue Service (IRS) offers a 118-page publication on e-filing employment taxes! If you want to skip the long read and get the basics, here Jean Scheid will tell you how to do it. Learn the methods the IRS accepts and how you can participate.
It’s quite easy to get in the habit of not recording financial records when you’re swept into the day-to-day running of your business, thus making the steps for filing business taxes messy. Completing all the essential steps for filling taxes makes tax time a dream instead of a nightmare.