Employees can choose to withhold an extra amount if they feel like the withholding won’t be enough to cover their tax bill. We can help them decide how much they want to withhold and help them do it.
The benefits of the tax planning and preparation services we provide ensure that you are being taxed fairly and are not assigned any unnecessary tax burdens. There is no reason to pay more than your fair share.
Whether you are going to want to accelerate or defer expenses in a given year is going to depend primarily on your business outlook. For instance, if you had a bad year but expect your profit to pick back up, then you’ll want to defer expenses so that you can take the deduction at that time.
In addition to seeing that employees are paid, payroll service companies can also take care of benefits administration by managing both employer and employee contributions to various programs such as health and pension plans.
Tax Quiz: Q: Which president started the practice of releasing his tax returns? A) President Kennedy; B) President Nixon; C) President Truman; D) President Eisenhower. A: "B"
EA stands for Enrolled Agent. This is a certification by the IRS that an accountant is qualified to practice before them. To get this certification, one must pass an IRS test. You cannot act as a Power of Attorney for the IRS unless you are an EA or some other certified person such as a CPA or an attorney.
Did you know that the best way to avoid tax penalties is to know the IRS rules surrounding these? Ask a professional tax preparer how you can avoid owing the IRS more money though tax penalties.
If any of your employees have garnishments for child support, alimony or bankruptcy, you may have to spend extra time cutting third party checks on payday. This is just one more way our service can save you time and effort.
Data from the IRS states that it takes almost 20 hours to accomplish an average tax return including deductions. Your tax expert can help you save time and focus on more important matters.
A cash flow statement is an important piece of a company’s paperwork for accounting purposes. Judging a business’s future prospects calls for some consideration and comparison of the business’s cash-generating potential and cash needs over both the short and the long terms.
Can professional payroll services handle voluntary payroll deductions? Yes. Professional payroll systems can design solutions for many types of voluntary payroll deductions including retirement plans, stock purchases, and life insurance premiums – and systems can handle different types of deductions for each employee.
Tax Trivia: As a point of reference: the number of words in Atlas Shrugged is 645,000 and the Bible has about 700,000 words. The number of words in the Federal Tax Code: 3,700,000.
The employees at your small company will expect their checks' direct deposit to be available. The service saves time for employees and is provided to 96 percent of all workers in the U.S. Any outside payroll services provider can set up a direct deposit system at your company.
A humorous quote by Rob Knauerhase: “Isn't it appropriate that the month of the tax begins with April Fool's Day and ends with cries of 'May Day!'?”
Do you enjoy watching the Academy Awards? If so, you can thank an accountant. Every year a team of CPAs spends more than 1500 hours hand-tallying the secret ballots of the members of the Academy of Motion Picture Arts and Sciences to bring you that big night.
The third category of payroll service companies are Section 3504 agents, also called professional employer organizations (“PEOs”). A PEO purports to take over as employer for designated employees. A PEO prepares payroll tax returns using its EIN, and signs and files the returns.
For business owners, every single second counts. You can always trust a tax preparation and planning professional to help you with taxes so you save as much as 20 hours-- time that can be spent on more important concerns.
Certified Public Accountants, or CPA’s, need to meet many requirements to earn certification. In addition to a college degree in accounting or a related field, CPA’s must pass a certification exam and work under an active CPA for a set number of hours.
Did you know that income tax in the U.S. started because of the American Civil War? The war lasted for four years and in order to collect funds for the war, the Revenue Act of 1861 was introduced.
Being recognized as an Enrolled Agent is the highest credential the IRS awards and maintaining this requires adhering to their rigid ethical standards and completing a minimum number of continuing education courses every two years.
Tax code allows for companies to depreciate equipment as it ages. Accountants use mathematical models to estimate how much each company should put on their tax return.
As an owner, you will still retain control over payroll particulars as you will be able to log in and monitor the system at your convenience to easily track time off, sick days, and expense account submissions.
Personal income taxes are the biggest portion of total federal revenue. Coming in second is Social Security and Medicare payroll taxes. The rest is made up of corporate taxes and other sources.
Every year, the tax laws are adjusted and changed, which can make it really hard to keep track of everything. Fortunately, tax accountants make it their job to keep on top of everything to help you find the maximum amount of deductions.
Are you ready to completely turn over your payroll processing to us so you no longer have to think about it? If so, we can fully automate the process, leaving very little for you to do in preparation of each pay cycle.
When you hand your payroll duties over to us, you can give yourself peace of mind that the job is done right. Payroll can be an aggravating task, so letting us handle it can take a load off your mind.
Is your business going through a down period? A qualified tax planning and preparation service has the skills to help minimize the financial impact of your taxes.
Outsourcing the payroll needs for your company means that you don't have to worry about constantly upgrading payroll software. A third party payroll services company will always have the latest features available in payroll software, which can help when it comes to tax tables and payroll reports.
One of the things the tax code is famous for is its complexity. Imagine having to go through more than 70,000 pages just to understand how the system works! No wonder many people hire tax preparation and planning experts!
Hiring an accountant to handle your personal or business taxes can help you to avoid potential penalties. According to the IRS, 1 out of 5 people wait until April 8 or later to begin their tax returns. The IRS charges interest for late payments in addition to a penalty for filing late.
It’s important to remember that few things make small business employees edgier than constant issues with their paychecks. When you can’t afford for morale to take a hit, it’s a good idea to outsource your payroll services to a professional.
Did you know? If you work from home and have a home office, you can earn a deduction for some of your expenses — like a portion of your utilities or internet (that equals the amount used for said work).
Do you know that any income which a Non-resident happens to earn from outside the United States is not considered as taxable income? All sources of income for residents are taxable as per the existing Federal Laws.
When dealing with tax matters, even the slightest mistake could cost you money. That’s why more and more people are opting for the smarter option, and that is to hire a tax preparation and planning expert.
Preparing your own taxes can be incredibly stressful, not to mention incredibly confusing. Fortunately, instead of trying to power through everything on your own, you can go to a tax accountant and make taxes much less of a pain in the neck.
Business owners always look at the bigger picture. That entails carefully analyzing one’s tax options while still being aware of more encompassing business strategies. Your tax preparer and planner will help you have the right perspective.
Did you know that state and federal financial and regulatory laws are always changing? This is why more and more companies are hiring a business accounting service, as they are better equipped than a traditional bookkeeper to know and keep up with all of the changing laws and regulations.
Are multiple employee shifts causing payroll issues? Professional payroll services can help to reduce time and money associated with multiple employee shift payroll systems – and payroll services can also offer direct deposit solutions for all shift schedules and times.
If you are a small business owner, an accountant is one of the best friends you can have. His or her extensive professional knowledge, combined with a strict code of ethics, make an accountant someone you can trust.
Depending on what state you’re officed in, you may be required to report to both state and federal tax offices. We’re prepared to handle this paperwork for you, regardless of where you are.
While we are quite comfortable with bills, coins, checks, and debit and credit cards for financial transactions, there was a time when shells, grain, basalt, rocks, and livestock was the means of transaction. Can you imagine carrying a gaggle of geese in your wallet?
While the end of the year can be a slow season for some businesses, other companies may find it’s the busiest time of the year. Working with a payroll service will ensure that you don’t have to take time out of your overloaded schedule to ensure employees get their W-2s by the deadline.
There are around 540 billionaires in America with a combined net worth of $2.399 trillion. The state which has the most millionaires is California, which also has the highest density of millionaires with 772.555 millionaire households.
One of the things a business owner must do is anticipate growth and personnel requirements in the future. While increased employees might be a burden on someone processing your payroll in-house, a payroll service can just as easily do more than they’re already doing.
Did you know that not all tax-deductible contributions need to be made by December 31 of a given year? There are some contributions that can be made up until April 15. Talk with your tax preparer about which deductions qualify.
Shift workers who receive shift differential pay are easily handled with our payroll services. We are able to flag those employees or departments who receive these funds, and accurately track their time and salary adjustments.
”The income tax created more criminals than any other single act of government.” - Barry Goldwater, American Politician, Businessman and Author. He is best known as the Republican Party's nominee for President of the United States in the 1964 election.
What are the most common deductions for small businesses and their owners? According to a recent survey, they include the expenses associated with equipment and machinery, home mortgage interest, home office deduction, and bonus depreciation.
Won't be able to meet your filing deadline? We can request a tax extension for you. However, you should be ready to pay the estimated tax in order to avoid interest and penalties on the amount you will owe.
Estimated tax is the method used to pay Social Security and Medicare taxes and income tax for the self employed, because you do not have an employer withholding these taxes for you. Check with an accountant to be sure you're estimating and paying the proper amount.
Throughout its history, pop culture has been used to help inform people about filing their tax returns. Among the examples is a song by popular composer, Irving Berlin, called, "I Paid My Income Tax Today."
A business establishment having less than twenty-five employees shall come under the small business health care tax credit. It should also have paid the health premiums of at least half of its employees.
Working with a payroll service means less paperwork, more order, and less misplacing of key documents. All information is kept in one location, overseen by a dedicated individual or team responsible for your company’s key payroll data. No more confusion or misunderstandings.
In a way, you can consider our enrolled agents to be treasure hunters. Our professionals love dealing with taxes, and it’s the drive to find money-saving bits of the tax law buried in the myriad of tax code that can help you, often in unexpected finds.
It’s important to remember that the IRS has set very specific deadlines for providing W-2s and 1099s to employees and contractors. If you’re concerned that there’s already too much going on at that time of year to meet the deadlines, we’re always here for you.
Throughout its history, pop culture has been used to help inform people about filing their tax returns. Among the examples is a song by popular composer, Irving Berlin, called, "I Paid My Income Tax Today."
A business establishment having less than twenty-five employees shall come under the small business health care tax credit. It should also have paid the health premiums of at least half of its employees.
Working with a payroll service means less paperwork, more order, and less misplacing of key documents. All information is kept in one location, overseen by a dedicated individual or team responsible for your company’s key payroll data. No more confusion or misunderstandings.
Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.
Just a few of the many ways a professional payroll service can help businesses small and large to save on finances includes: no need for the latest payroll software, penalties due to tax errors are eliminated, plus labor costs associated with payroll chores are significantly reduced.
Personal situations change every year. People are a little older, family structures change, income increases (or decreases) and other variables can all affect tax responsibilities. An experienced tax preparer and planner helps you understand the impact of these.
In a way, you can consider our enrolled agents to be treasure hunters. Our professionals love dealing with taxes, and it’s the drive to find money-saving bits of the tax law buried in the myriad of tax code that can help you, often in unexpected finds.
It’s important to remember that the IRS has set very specific deadlines for providing W-2s and 1099s to employees and contractors. If you’re concerned that there’s already too much going on at that time of year to meet the deadlines, we’re always here for you.
Throughout its history, pop culture has been used to help inform people about filing their tax returns. Among the examples is a song by popular composer, Irving Berlin, called, "I Paid My Income Tax Today."
In addition to handling payroll and any personnel issues related to payroll, we are also an information resource. If you have questions related to these processes, we are available to answer them and help you understand every aspect of this part of your business.
Do you know all of the deductions, credits, and other tax breaks for which you may be eligible? Because the limits and eligibility requirements are constantly changing, it takes a tax professional to know just what you can deduct.
Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.
Just a few of the many ways a professional payroll service can help businesses small and large to save on finances includes: no need for the latest payroll software, penalties due to tax errors are eliminated, plus labor costs associated with payroll chores are significantly reduced.
Personal situations change every year. People are a little older, family structures change, income increases (or decreases) and other variables can all affect tax responsibilities. An experienced tax preparer and planner helps you understand the impact of these.
In a way, you can consider our enrolled agents to be treasure hunters. Our professionals love dealing with taxes, and it’s the drive to find money-saving bits of the tax law buried in the myriad of tax code that can help you, often in unexpected finds.
A payroll service can help eliminate any unnecessary security risks associated with your payroll process. Payroll services provide an accurate service, while also ensuring the highest level of confidentiality for your employees.
Tax Quiz: Q: How many states have no income tax? A) None; B) 5; C) 7; D) 10. A: "C." The states without an income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
Do you know anything about accounting software and different accounting systems? An accountant can choose an accounting system that can produce reports that will help your company and keep track of expenses and revenues.
In addition to handling payroll and any personnel issues related to payroll, we are also an information resource. If you have questions related to these processes, we are available to answer them and help you understand every aspect of this part of your business.
Do you know all of the deductions, credits, and other tax breaks for which you may be eligible? Because the limits and eligibility requirements are constantly changing, it takes a tax professional to know just what you can deduct.
Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.
We recognize that the end of the year can be an especially busy time for businesses in any industry. If there’s just not time to also worry about sending W-2s to employees by the deadline, it may be time to begin working with a payroll service.
Working with us is a money-saving investment. Not only are we skilled in tax preparation, we also know more about tax laws than a layperson, so we can find the legitimate tax savings that a non-professional can't.
Enrolled agents (or EAs) can be thought of as the tax professionals of the nation. While other types of accountants may assist businesses with taxes, an EA's only focus is on tax law as it relates to individuals and businesses.
A payroll service can help eliminate any unnecessary security risks associated with your payroll process. Payroll services provide an accurate service, while also ensuring the highest level of confidentiality for your employees.
Tax Quiz: Q: How many states have no income tax? A) None; B) 5; C) 7; D) 10. A: "C." The states without an income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
Do you know anything about accounting software and different accounting systems? An accountant can choose an accounting system that can produce reports that will help your company and keep track of expenses and revenues.
In the late seventeenth century, England taxed the number of windows on a house. To avoid taxes, people built houses without windows, or closed the existing ones. After people began to suffer health problems, the tax was finally repealed in 1851.
We recognize that the end of the year can be an especially busy time for businesses in any industry. If there’s just not time to also worry about sending W-2s to employees by the deadline, it may be time to begin working with a payroll service.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Dedicated tax accountants will show you all the options and their impact.
What to do if employees are under wage garnishments? Use a professional payroll service to take care of the details so you won’t have to. Payroll systems include wage garnishment solutions that will save time and reduce paperwork.
In the late seventeenth century, England taxed the number of windows on a house. To avoid taxes, people built houses without windows, or closed the existing ones. After people began to suffer health problems, the tax was finally repealed in 1851.
We recognize that the end of the year can be an especially busy time for businesses in any industry. If there’s just not time to also worry about sending W-2s to employees by the deadline, it may be time to begin working with a payroll service.
Working with us is a money-saving investment. Not only are we skilled in tax preparation, we also know more about tax laws than a layperson, so we can find the legitimate tax savings that a non-professional can't.
Enrolled agents (or EAs) can be thought of as the tax professionals of the nation. While other types of accountants may assist businesses with taxes, an EA's only focus is on tax law as it relates to individuals and businesses.
According to the IRS, “An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.”
Unfortunately, errors with the payroll can be notoriously difficult to find and resolve after the check’s been cut. Let’s talk about how we can help you save time by ensuring your payroll checks are always right the first time.
Do you have better things to do than fill out and file your taxes? We thought so. Instead of spending valuable time on this chore, turn it over to our team of professionals.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Dedicated tax accountants will show you all the options and their impact.
What to do if employees are under wage garnishments? Use a professional payroll service to take care of the details so you won’t have to. Payroll systems include wage garnishment solutions that will save time and reduce paperwork.
In the late seventeenth century, England taxed the number of windows on a house. To avoid taxes, people built houses without windows, or closed the existing ones. After people began to suffer health problems, the tax was finally repealed in 1851.
A profit and loss statement helps small business owners maintain a good handle on their monthly budgets. This information is valuable when determining your payroll taxes, and it can help you find ways to reduce certain business expenses as well.
Which ancient civilization revered the tax professional as the noblest man in society? A) Greece; B) Rome; C) Egypt. A: "A." The Greeks believed the liberty or despotism of a society could be measured by its system of taxes.
According to the IRS, “An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.”
Unfortunately, errors with the payroll can be notoriously difficult to find and resolve after the check’s been cut. Let’s talk about how we can help you save time by ensuring your payroll checks are always right the first time.
Do you have better things to do than fill out and file your taxes? We thought so. Instead of spending valuable time on this chore, turn it over to our team of professionals.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Dedicated tax accountants will show you all the options and their impact.
In addition to keeping you informed with accurate information on hours worked, employees are able to track their vacation and sick leave accrual. Access to this information eliminates others from having to take time and provide it.
We have the expertise to advise entrepreneurs regarding their business and its tax planning needs. Talk to one of our professionals about the form your business should take before setting up shop.
Close to 85% of small business owners surveyed by the National Small Business Association (NSBA) use an accountant to help with their taxes. The remaining 15% either do the taxes themselves or a member of their staff handles the chore.
A profit and loss statement helps small business owners maintain a good handle on their monthly budgets. This information is valuable when determining your payroll taxes, and it can help you find ways to reduce certain business expenses as well.
Which ancient civilization revered the tax professional as the noblest man in society? A) Greece; B) Rome; C) Egypt. A: "A." The Greeks believed the liberty or despotism of a society could be measured by its system of taxes.
According to the IRS, “An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.”
Tax Quiz: Q: What tax led to the Boston Tea Party? A) Tea; B) Stamp; C) Sugar; D) Coffee. A: "B," the Stamp Act, levied on American Colonists, was a tax on every single piece of paper used, however small.
If you’ve been considering using tax preparation software as a way to save money this tax season, it may not help as much as you think. Remember, your software can only tell you about the deductions and credits available, not necessarily those you qualify for.
In addition to keeping you informed with accurate information on hours worked, employees are able to track their vacation and sick leave accrual. Access to this information eliminates others from having to take time and provide it.
We have the expertise to advise entrepreneurs regarding their business and its tax planning needs. Talk to one of our professionals about the form your business should take before setting up shop.
Close to 85% of small business owners surveyed by the National Small Business Association (NSBA) use an accountant to help with their taxes. The remaining 15% either do the taxes themselves or a member of their staff handles the chore.
A profit and loss statement helps small business owners maintain a good handle on their monthly budgets. This information is valuable when determining your payroll taxes, and it can help you find ways to reduce certain business expenses as well.