Choose a subject. Try and avoid general questions and topics. For example, "General Partnership Taxes" is a better topic than "Business Taxes."
Find research material. Depending on what kind of paper you're writing, online sources may or may not be allowed. Some papers will require you to use sources specifically from the campus library. Start your research in books, magazines and newspapers. For each source, note the name and date of the publication, as well as the author and title of the article.
Thoroughly vet the credentials of any online sources you use. Trust .edu and .gov domains over .com and .org domains.
Outline your term paper. Write your thesis first, which should strongly state what you believe about your subject and how you intend to prove it. Then break down the rest of your term paper by topic and subtopic. Make sure everything flows well and makes logical sense from beginning to end. Be sure to have a section that addresses opposing views.
Mine your sources. Look for quotes and specific pieces of information you can use in your paper. If you're diligent the first time around, you should only need to do this once.
Write your paper's first draft. Allow yourself to write quickly and make mistakes the first time around. Instead of getting stuck with writer's block, just skip sections you have trouble writing, then come back to them when you're already in the flow of writing. When you're finished, you should have a complete but very rough paper.
Let the paper sit for a day or two. Come back to it with a fresh set of eyes. Read through your paper critically and make edits. Check for grammar, spelling and continuity of ideas. When you're finished, consider setting it down for another couple of days before coming back to give your paper the final approval.