About This Chapter
Advising Business Taxpayers - Chapter Summary
Follow along with our expert instructors to review information related to advising business taxpayers. The chapter's lessons break down basic tax advising concepts, including comingling, business taxpayer obligations, business record classification, deductions, credits and more. By the end of the chapter, you should be able to:
- Identify several business taxpayer obligations
- Define the concepts of comingling and related party activity
- Select a business entity and business accounting method
- Acknowledge the tax implication of business asset transfers
- Summarize the business cycle
- Recognize different types of business records and employee classifications
- Understand business tax planning considerations regarding deductions, compliance and credits
We've designed these lessons to be simple, memorable and concise, so you can quickly complete the chapter and remember what you study. Our instructors are available to answer any questions you may have, and you can access the chapter at any time that fits your schedule. Your course dashboard keeps track of your progress throughout the chapter, and the material can be revisited as many times as needed.
1. Business Records Classification & Categories
Successful businesses have a records management system in place to keep their records current and accessible. Learn about the different categories of business records and how they are classified.
2. Selecting a Business Entity: Tax Benefits & Detriments
In this lesson, we will review the tax considerations when establishing a business entity, including sole proprietorship, partnerships, corporations, and limited liability companies.
3. Comingling in Business: Avoidance & Best Practices
What is comingling in business? Is it really all that bad? Find out in this lesson as we define comingling as well as the ways by which you can avoid it.
4. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
5. Types of Employee Classification
We'll discuss four main types of employees: full-time, part-time, on-call and intern. We'll also define 'independent contractor' and discuss the difference between independent contractors and employees.
6. Tax Planning for Businesses: Deductions, Credits & Compliance
In this lesson, we will explore how planning for taxes by taking advantage of deductions and credits can reduce a business' tax bill. We will also briefly discuss how these strategies may require additional compliance under the Affordable Care Act.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards