Posts Tagged small business and payroll taxes

9 Questions to Ask About Payroll Before You Open a Business

So you’re thinking about opening a small business. Finally, you have found the perfect location. You have developed a strong business plan. Your family supports your decision to become your own boss. Have you thought about everything? (more…)

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

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Are Employee Achievement Awards Taxable or Not?

Employees need to feel valued and appreciated by employers. When you give your employees achievement awards, celebrating specific milestones in safety or length of service, you’re recognizing their efforts, which, in turn, fosters your employees’ desire to excel in their jobs and continue working at your company. However, employers need to be careful in their award gift selections. (more…)

Posted in: Benefits and Health Care, Payroll, Payroll Processing, Rules, Regulations and Laws

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Assess the Danger of Payroll and Tax Errors

For thousands of Americans, the dream of being your own boss is alive and well. But of course, there are many vital aspects involved when you successfully open and operate a small business. And intense attention has to be paid to every aspect of running the business. (more…)

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

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Employers – 2015 FICA Tax Changes to Know

As a small business owner, wouldn’t it be nice if payroll taxes just stayed the same from one year to the next? You would know what’s expected of you and how to manage your company’s payroll taxes every year. Unfortunately, that’s just not the case. As of January 1, 2015, the government has made some FICA tax changes that employers need to be aware of since these changes will affect your company’s ability to accurately process your payroll. (more…)

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

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Managing Payroll for a Growing Business

If you are like most small business owners, you are looking forward to 2015 and planning for your business to grow next year. Economic indicators offer some cause for optimism, including a job market that seems to be improving. In the midst of an improving economy, maybe your business is looking to expand and hire more employees. If so, you should consider whether or not you are ready to handle the additional employees from a payroll standpoint. (more…)

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

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Did Your 1099s Get Out on Time?

Oh, those pesky deadlines. Doesn’t the government realize that you, as a small business owner or solopreneur, have a million things on your plate all the time? You know in your head that doesn’t matter, a workplace deadline for employee tax reporting has to be met. But… (more…)

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

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SPECIAL NOTE! 3 Mandatory Employee Notices Due in January

Most small business owners know that they need to distribute their business’s 2014 W-2 forms to their employees before the end of January. But did you know that you also need to supply other year-end employee notices, too?

Tax reporting deadlines in payroll matters come fast! Are you reading?Annually, you should review all requirements concerning Federal and state employee notification reports, especially those containing supplemental tax information for your employees. You should prepare and distribute any mandatory reports to your employees to help them fulfill their personal tax filing obligations. Some mandatory notices that you’re required to provide to your employees include:

  • The special accounting rule/no federal income tax withholding on personal-use auto notice. If you provide employees with a company vehicle that they can drive for personal use, in most cases, this personal use is considered a taxable fringe benefit. As an employer, you’re responsible for withholding taxes on the fair market value (FMV) of this benefit, which is determined at least once a year. If you determine the FMV based on monthly valuations, you can simplify your tax reporting by using a special accounting rule that allows you to use the value of the fringe benefit for November and December of the calendar year, and combine that valuation with the value of the first ten months (January through October) of the following year. If you used this special accounting rule in 2014 to determine FMV, or you plan to not withhold federal income tax from the value of your employee’s personal use of company vehicles in 2015, you must provide employees with a notice by February 2, 2015. For more information, refer to the IRS Employer’s Tax Guide to Fringe Benefits.
  • Charitable contributions report. If your employees make charitable contributions to national or local non-profit organizations through payroll deductions, you’re required to report to each employee the annual total of charitable contributions the individual made. Consider using box 14 of the Form W-2 to report this annual total.
  • Earned Income Tax Credit (EITC) notice. The EITC is a tax credit for low-income working families. For federal purposes, the back of Copy B of the Form W-2 includes eligibility information about the EITC for your employees that meets notification requirements. However, some states may require a separate notification (other than the Form W-2, Copy B) and have a different annual deadline for notifying your employees about the EITC. To get the word out about this tax credit, January 30, 2015 is EITC Awareness Day.

Besides mandatory employee notifications, you also should consider processing and distributing other reports that may be helpful to your employees in completing their taxes as well.

If you need help identifying all of the mandatory and optional employee notifications your small business should make, contact The Payroll Department at 317-852-2568. By engaging the services of a professional payroll services provider, we’re your experts in all things concerning your payroll.

– Ariane of The Payroll Department Blog Team

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

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A Different Perspective on Small Business Payroll Taxes

There is no question that running a small business today is tough. Every expense and additional small business taxes makes it harder to make a profit and stay in business.

But small business owners and entrepreneurs have one thing to be thankful for… most of them don’t have to pay luxury taxes. Now if you will stretch your imagination and consider Major League Baseball teams as businesses, I’d like to share a recent news bit. (more…)

Posted in: Payroll, Payroll Processing, Payroll Taxes

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Pros and Cons of Hiring Contractors vs. Employees

More and more people are leaving their full-time jobs to become freelancers or independent contractors these days. In fact, experts predict that contractors will make up half of the full-time workforce by 2020. Consequently, more companies, including small businesses, are deciding to hire freelancers instead of full- or part-time employees. (more…)

Posted in: Churches and Non-Profit Employers, Payroll, Payroll Processing

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Smart Entrepreneurs Find Ways to Eliminate Paperwork and Headaches

Since she could remember, Julia was happiest when she could steal some hours from her demanding schedule to do what she loved. That meant that, even in the wee hours of the weekend, friends and family could find her happily working away in her sewing room.

When Julia was unexpectedly downsized from her office management position in a struggling factory, she decided to finally go for her dream. She found a perfect place to open her own small business as a seamstress. Though she was thrilled that her talent was an immediate hit, Julia was also overwhelmed. Suddenly, her life was littered by stacks of fabric swatches, work orders, walk-in customers and a constantly ringing telephone. (more…)

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

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