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Business Tax Laws

In tax law there are several different types of taxes, and business tax is just one of them. Business tax will all depend on how the business is classified, be it an S Corporation, a Limited Liability Company, or a Sole Proprietorship. But how do business taxes affect these different types of businesses? Are the business tax expenses deductible for the business? Questions like these regarding business tax laws are answered below by the Experts.

What is business tax?

Business tax may also be known as company tax or corporation tax. This tax is based on the capital, income, may be imposed on types of legal entities and can range from city taxes all the way to federal taxes. The majority of countries impose business taxes on businesses within the country, on the income that was made in that county. Some countries impose business tax on all income of the businesses that are organized in that country. The company’s income is subjected to taxes in a similar manner to an individual’s income. For the most part a company’s net profits are subject to business tax.

If a business in the state of Michigan receives all their sales from overseas does the business have to file a Michigan Business Tax?

According to the United States tax law, any money that has been earned, even worldwide, has to be reported to the IRS on a corporate tax return if the corporation was formed in the United States. In regards to the Michigan Business Tax, a company is required to pay Michigan Business Tax only if the gross receipts received in Michigan are in excess of $350 thousand. If a company based in Michigan has no receipts received in the state of Michigan, then that business will not be required to pay Michigan Business Tax.

Are coupons and discounts tax deductible for a S Corporation business when filing business taxes?

The business would not deduct the cost of the coupons or discount. For business tax reporting purposes a business would only report the income received post coupon or discount. A coupon or discount, that have not been used are not deductible for the business, since the business did not incur any costs from coupons that were not turned in. An example would be a business offering a $100 off the purchase of a new set of tires, if one person comes in and purchases a set of tires that would normally cost $400, the business would only report the $300 made after the discount was redeemed.

When are business taxes deductible, the year the incurred or the year they are paid?

When business taxes are able to be used as deductions will depend upon what type of accounting method the business uses, cash or accrual. If a business is using the accounting method of cash then the business tax expense would be deducted in the year that the business tax expense was paid. If the business is using the accounting method of accrual, then the business tax expense would be deductable the year that the business tax was incurred. The cash method is the primary accounting method for many individuals and small businesses.

Business tax expenses are deductible, but when the deduction is to be made will depend on the business’s accounting method. Business tax law may at times be hard to understand, if a person doesn’t understand and may need Expert advice.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
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15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
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MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Business Tax Questions

  • I have not filed taxes, IRS & State I believe since 2006.

    I have not filed taxes, IRS & State I believe since 2006. I seem to recall that I received a few tax bills for various years. The amounts due ranged from $1,200 to $7500 or so. The reason I do not have any of my past correspondence or tax records is due to an office fire in 2011 where all my personal and business tax records were destroyed. Can you please provide me a step by step guide as to how I would go about: 1. Finding out which years I have not filed for as of yet 2. How much do I currently owe the IRS 3. finding out if there are any amnesty type programs which I may be able to take advantage of. I think I recently heard of a program called Fresh Start. Does that ring a bell?

    Thank you

  • richard I am just getting ready to start a new job and am wondering

    richard I am just getting ready to start a new job and am wondering how much to claim on my w4 so that I do not have to pay taxes at the end of the year. I am married with one child, do not own a home, and will have insurance provided through my company. our combined income at the end of the year will be around 105,000. This comes from my wie's earnings of about 44,000, mine of 52,000 and a small internet business that does about $20,000 in profit after all expenses. Any idea what I should list on my w4, and how much my bi-weekly check will come to after taxes are taken out. Im trying to make a budget or the coming year. thanks
  • How will buying real estate help reduce our tax liability?

    How will buying real estate help reduce our tax liability? Are the costs greater than the deductions/credits we will get, also depending on how much you spend? Purpose: reduce business tax liability
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