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Posts Tagged payroll taxes

Employees Must Be Proactive to Determine Accurate Payroll Tax Withholding

Way back at the end of February we wrote about the new payroll tax withholding guidelinesissued by the IRS. Since that time, the IRS has issued a new Form W-4, more information, and calculators that can help in determining payroll tax amounts to be withheld. Because of the sweeping changes in other parts of the tax law, the IRS is encouraging employees to be proactive – and are even providing some tools to do that. (more…)

Posted in: Operating a Small Business, Payroll

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Employee Awards and Gifts: What is Taxable vs. Non-taxable?

Small business owners are a hard-working lot and when there are employees who are working hard alongside them, they recognize that and want to reward those efforts. Special cash and gift bonuses and awards come to mind, but that opens up a whole slew of questions because there are rules as to what is and is not taxable as income. It’s complicated for a business owner, but don’t let that keep you from rewarding valuable employees. Here’s some information that will help you make good decisions about employee perks. (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing

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IRS Issues New Withholding Guidelines for Payroll Taxes

The Internal Revenue Service (IRS) has issued the new (percentage method) payroll withholding tables for 2018 along with notification that the W-4 Form is in the process of being updated to reflect the new tax law. For the moment, no new form is required and employers should retain the existing forms for all employees. In addition to recalculating the new payroll tax deduction, there are a several other changes for employers to consider. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes, Rules, Regulations and Laws

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4 Issues to Consider Before You Hire Employees

Is your small business finally taking off to the point where you need to hire employees? While this can be an exciting next step for any entrepreneur, it can also be a nerve-wracking change. After all, you’ll be delegating some business tasks you normally do. Plus, you’ll now being taking on the role of employer. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Worried about the Changes in Payroll Taxes?

At this particular moment in time, it doesn’t matter which side you fall on for the new Tax Cuts and Jobs Act passed in late December, 2017, it will have an impact on both your personal finances and your business’s financial situation.

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Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Taxes

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Failure to Send Payroll Taxes Could Result in 5-Year Prison Term

The IRS can be tough when it comes to collecting payroll taxes. Businesses are required to withhold taxes from employee wages and pay these funds to the IRS. However, if the IRS doesn’t get this money, the penalties can mount up quickly. It doesn’t matter what your reason could be for not paying this money – even if it’s a good one. Not only will the IRS target the business owner, but they’ll also go after the check signer and any other person responsible for failing to pay the taxes. If you’re convicted, you could go to prison for up to five years.   (more…)

Posted in: Payroll, Payroll Processing, Payroll Taxes

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In Small Business, A Little Savings Makes a Big Deal

You can get online and search for ways to manage your finances as a small business owner and find thousands of ideas. Most often, you will fall into a deep abyss immersed in lots of finance words like cash flow, bottom line, profits, tax credits, and reduction of expenses. There will be talk of investing in your business and keeping a close rein on accounts receivable and accounts payable. And that’s all great advise, however there is one aspect of small business finance that doesn’t get enough attention. In fact, I think that a recent article in Entrepreneur is the first time in a l-o-n-g time that I have heard it mentioned. Know what that is?

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Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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Common Myths about Outsourcing Payroll, Part 1

Do These 3 Myths Sound Familiar to You?

Outsourcing payroll is becoming a more popular option for many small business owners. After all, employees want to get paid accurately and in a timely manner. However, many small business owners still spend hours and hours a week processing their payroll instead of spending that time on what they do best – running their businesses. (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing

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Civil Penalties for DOL Violations Increase January, 2017

In so many of our blogs we go on about the expense to small business owners when they don’t comply with reporting and deposit regulations when it comes to taxes and governmental reports and filings. It’s not because we want to scare you. It’s because we want you to see how quickly these penalties and interest can add up for one mistake – even if it is an inadvertent mistake. (more…)

Posted in: Operating a Small Business, Payroll, Rules, Regulations and Laws

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Retirement Benefits Come from Employment and Payroll

In today’s world where so many workers have lost their pensions, there is one employer who has remained steadfast in meeting their pension commitments – the United States government. As of an August, 2016 article in the USNews.com, there was still one beneficiary receiving benefits from a Civil War pensioner. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing

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