Small Business Tax Guides (US)
Billed publishes these tax articles. They cover mostly US federal rules, with some state sales-tax topics, and are grouped by what you're trying to do, with a line on what each one covers.
Tax rules and amounts can change from year to year. Check the date on each article, and ask your accountant how a rule applies to you.
Filing and paying tax
Which return to file, when it's due and paying tax during the year.
- Filing small business taxes
Which return each type of business files, when each is due, extensions, and records to have ready.
- Small business tax checklist
A year-round US tax checklist, and setting tax money aside each month.
- Filing thresholds
US filing thresholds, why filing isn't the same as owing tax, the self-employed case and filing when you don't have to.
- Cash vs. accrual accounting
The two methods side by side, who can use the cash method and keeping the method consistent, under US rules.
- Quarterly estimated tax
What estimated tax is, who must pay, the due dates, the underpayment penalty and how to work out and pay it.
- Self-employment tax
Who pays it, the rate, how Schedule SE figures it and paying it during the year.
Deductions and write-offs
What a business can deduct, and how a deduction differs from a credit.
- Business tax deductions
The ordinary and necessary standard, partly personal expenses, costs you capitalize, expenses you can't deduct and records to keep.
- Tax deductions for freelancers
Business expenses on Schedule C, self-employed adjustments on Schedule 1, and records to keep.
- Home office deduction
The regular and exclusive use tests, qualifying uses, the simplified and regular methods, and records to keep.
- Tax write-offs
Deductions and credits compared, how a deduction changes your tax, business expenses and writing off an unpaid invoice.
- Tax deduction vs. tax credit
How the IRS defines each, where each fits on a return, and a deduction and a credit of the same amount compared.
- Tax depreciation
What can be depreciated, MACRS, section 179, the special depreciation allowance, Form 4562 and selling depreciated property.
Payroll and employee forms
Taxes on wages and the forms employees fill out or receive.
- Payroll tax
The federal payroll taxes, and which share the employer and the employee each pay.
- Form W-2
Who gets a W-2, the deadlines, what the wage and tax boxes show, and correcting a W-2.
- Form W-4
What the W-4 does, what happened to withholding allowances, the steps on the form and exemption from withholding.
Contractor and partner forms
Forms for paying contractors and for partnership income.
- Form W-9
What the form is for, how to fill it out step by step, backup withholding and keeping your W-9 secure.
- Form 1099
Forms 1099-NEC, 1099-MISC and 1099-K, due dates, requesting a W-9 and what to do if you receive a 1099.
- Schedule K-1
Who gets a Schedule K-1, what to do with it, and how it differs from a 1099 and a W-9.
Sales, excise and capital gains taxes
Taxes on what you sell and on assets you sell.
- Excise tax vs. sales tax
What the IRS says an excise tax is, what a sales tax is, the differences and filing Form 720.
- Sales tax nexus
What the Supreme Court decided in Wayfair, physical presence and economic nexus, and what to check for each state.
- Capital gains tax
Capital assets, short-term and long-term gains, capital losses, selling a business and reporting.