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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 Lawyer

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Law Pro, Attorney
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11688690
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Recent Tax Questions

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