How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Business Law question
Type Your Business Law Question Here...
characters left:
6 Business Lawyers are Online Now

Business Tax Laws

What is business tax?

Business tax is required in the United States for both Federal and some states. Federal tax rates on business taxes income can vary from either 15% to 35%. The state and local taxes and rules also vary from state to state, even though many business taxes are based on the Federal beliefs and definitions. Business taxable income can be differed from book income as to what can be taxed and the tax deductions.

If someone wants to file a business tax return for an S Corporation what form would they file?

The form that the business owner would need to file would be an IRS Form 1120S. The business owner should keep in mind that the S Corporation owner would file a 1120S form, the shareholders of the S Corporation would file self employment income taxes on their own 1040 Schedule C, where they also pay for Social Security and Medicare taxes and income.

In the state of New York if someone sells their business to their spouse for $1 can the spouse use the same tax number and business name?

In this case this would be considered legal in the state of New York; if the spouse has decided to use the same business then the spouse can continue to use the same tax number. This type of sale to the family member would be a normal way for many family members to do these types of transactions.

In the state of Wisconsin if someone owns an online business that ships products to the buyer with never handling the products what kind of tax laws apply to this business?

If an online seller has handled the product in the certain state that includes either a store, business office or warehouse, then the business owner must collect sales tax from each customer in that state. If the business does not handle the products in the state, then it is not required to collect the sales tax in that state. This rule came from the Quill Corp vs. North Dakota, 504 U.S 298 in 1992, where the decision was held that mail order trades did not need to collect the sales taxes for sales in the state where that business did not physically handle the product.

If someone has decided to close their corporation while they still owed business taxes and federal taxes, will the IRS give them time to pay these taxes before coming after them?

If a corporation owes business taxes, then in many cases the taxing officials can only collect from the assets of the corporation. The only exception would be that the corporation diverted the assets to the owner in order to keep them away from collection. This kind of transfer can be considered illegal and can only be recovered by the taxing officials. In this case the business owner does not have to close their corporation they can simply outline an agreement with the authorities that will allow them extra time to pay their taxes before collection. With that being said, the business owner will be responsible for any interest rates and late fees.

When dealing with the business tax laws, there are many laws that are unknown to the everyday business owner. These tax laws can vary from state to state. To find out your specific business tax laws contact the Legal Experts online where they can assist with not only a certain states business tax laws but also information on home business tax deductions, and business tax returns.
Ask a Business Law question
Type Your Business Law Question Here...
characters left:
6 Business Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21226
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21226
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18400
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8496
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3858
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)