Best accounting services New York firm offers some tax advices: What are my obligations as an employer? Upon being notified of a wage garnishment court order, an employer should immediately alert the employee to the situation in writing. Depending on the garnishment, there may be a form provided for this (i.e., Form 668 for a federal levy). An employer can also draft a letter detailing the specifics of the wage garnishment order, the amount to be taken from each payment, and the length of time the wages will be garnished. Concurrently, an employer should notify their HR and/or payroll departments so they can start the wage garnishment process and ensure that payments are sent to the appropriate agency or creditor (whether the employee wishes to comply or not). Taking these actions protects the business from any legal repercussions for failing to respond to the order.

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.

Use Your Flexible Spending Account Balance: Workers who have flexible spending accounts need to use up their balances soon. These accounts have “use it or lose it” provisions in which money reverts back to an employer if not spent. While some companies provide a grace period for purchases made in the new year, others end reimbursements at the close of the calendar year.

In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track. See more details at Bookkeeping services New Jersey.

The cost of a part-time bookkeeper can vary widely. Hourly rates for internal, part-time bookkeepers average around $20/hour depending on job description and location. They typically are performing basic bookkeeping duties and will need to be supervised and managed. If you can manage your job and some of the accounting each month but need a little extra help, a part-time bookkeeper might be a good fit for your business. They can do work such as inputting receipts and tracking employee time sheets, accounts receivable and accounts payable. When hiring a part-time bookkeeper, management still needs to have someone reviewing the work of the bookkeeper.

Organized way of work : We started off as a group of people serving small business owner in their mundane processes, however, within a short period of time, we have soon organized, formalized and achieved a strong system of work which makes us different from our peers in the industry. Design and set up a chart of accounts and the entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc. Discover extra details at mergebookkeeping.com.