Bookkeeper services New Jersey professional and tax tips: After the employee’s debt has been paid, the procedure for stopping the garnishment will vary depending on the type of garnishment. For federal levies, employers will receive a 668-D form, for child support the employer will receive a notice or letter from the state, and creditors will send employers a “Notice of Termination/Release of Wage Garnishment Order” for creditor garnishments. Employers should have a basic understanding of garnishments and a plan in place to respond when they occur. Consider working with a professional to ensure your plan and procedures are compliant with applicable laws based on your specific situation. Using a garnishment payment service can help you remit funds to the correct agency and help protect against undue liability and lawsuits.

Make a last-minute estimated tax payment! If you didn’t pay enough to the IRS during the year, you may have a big tax bill staring you in the face. Plus, you might owe significant interest and penalties, too. According to IRS rules, you must pay 100% of last year’s tax liability or 90% of this year’s tax or you will owe an underpayment penalty. If your adjusted gross income for 2018 was more than $150,000, you have to pay more than 110% of your 2018 tax liability to be protected from a tax year 2019 underpayment penalty. If you make an estimated payment by January 15, you can erase any penalty for the fourth quarter, but you still will owe a penalty for earlier quarters if you did not send in any estimated payments back then. But, if your income windfall arrived after August 31, 2019, you can file Form 2210: Underpayment of Estimated Tax to annualize your estimated tax liability, and possibly reduce any extra charges. A note of caution: Try not to pay too much. It’s better to owe the government a little rather than to expect a refund. Remember, the IRS doesn’t give you a dime of interest when it borrows your money.

Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.

One of the easiest ways to secure an experienced, certified, professional bookkeeping service is to use a virtual accounting service provider. In fact, you can hire an entire bookkeeping staff—including an accounting software specialist, full-charge bookkeeper and controller—all through a virtual service without having to create an internal department. And after utilizing their services, you may just find that your company couldn’t afford not to have their expertise. Find more details at Accounting services New Jersey.

In addition, you can outsource more advanced management accounting and controller functions to receive a complete “virtual accounting department”, which will certainly add to your monthly fees but could be what you need at this stage in your growth cycle. If your business is moving into a growth stage, you need to consider graduating to full accrual based accounting, with financial and management reports that help you scale. Typically you will need this level of financial management not only for yourself but for your key stake holders including banks, investors and advisors.

With an attention to detail for bookkeeping, special relationships with many software developers, and an unhealthy obsession with Merge, we can help you Create a game plan for your back office. Set up your file; Find the right tools to help you manage and grow your business. Merge Bookkeeping: Setup services are designed to save you time while getting your books set up in an easy-to-maintain manner, including training you or your staff on day-to-day operations. Discover extra info on www.mergebookkeeping.com.