Starting a business can be an exciting time but hiring employees can come with a few different obstacles. Not only is ensuring you are getting quality and reliable people ready to represent your brand important but once you take on employees there are also other requirements to complete. Reporting new hires is commonplace for many businesses but setting up payroll and determining a rate of pay fitting of the current budget is often a tricky task.
In addition, numerous other questions must be answered once a payroll process is initiated. The payroll issues which could arise will not only take away time from expanding your business but also can be difficult to remedy due to the nature of the information being discussed. For this reason, many companies outsource their payroll responsibilities, to circumvent any such occurrences.
One of the first questions to answer when considering adding employees is whether or not these individuals will be paid hourly or on salary. While some jobs are also commission-based, how employees will earn their money is ultimately going to determine how their time is spent. Those on salary may accrue PTO (paid time off), while hourly employees will simply be paid for their time spent on the job.
Next, the rate of pay becomes integral to the payroll process. Not only is this important for the employees but it will also determine how often time records need to be reported, in addition to the number of payrolls processed and checks distributed. The most common frequencies are once a month, every two weeks, or at the end of every week.Â
Certain forms are required for employees to complete to determine tax withholdings based on their pay. In addition, these set the limits as the individual(s) completing payroll will need to know exactly how much tax should be taken from an employee’s check and also paid/reported to the Internal Revenue Service (IRS). Payroll software programs can help to calculate these figures but timely payments and yearly W-2 or 1099 forms are the responsibility of business owners.
If you’re ready to start a new payroll or need help with an existing account, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing quality tax and payroll services, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have.Â
Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history of helping clients with any of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also several bookkeeping services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
Tax filing season is upon us and for many, this means turning in their returns to quickly receive a due refund. Although there have been some changes to the traditional filing limitations, specifically the standard deduction, these have now been in place for a while, and barring any immediate changes, individuals who received a refund can typically expect to get a similar amount as last year from their return.However, if withholdings have been updated or filers are subject to any event which could have an impact on their return, then the results may differ.
There are different taxable events but if this past year was similar to the one prior then expectations are a similar return can be expected. If you have paid the same amount of money throughout the year and a refund was generated last year, then a similar amount can be anticipated for a comparable return. For many who are in this situation, filing as soon as the Internal Revenue Service (IRS) begins accepting returns is common practice to quickly receive money owed. However, this year for individuals who have certain tax credits, refunds are being delayed until at least February 22, no matter the original submission date.
Taxes must be filed before the April 15 deadline unless an extension is submitted but for those anticipating a sizable refund, they typically file much sooner. Returns began to be received during the last week of January but those who have both Earned Income Tax Credits (EITC) and Additional Child Tax Credit (ACTC) can expect a delay on their money.
The EITC applies to low or moderate-income families, particularly those who have children. Used to help balance the impact of taxes on income generated throughout the year, this helps to offset an individual’s earnings. However, if someone qualifies, then their refund is delayed by law and not issued by the IRS until later on in the tax season.
Likewise, those who qualify for the ACTC are facing a similar delay. The ACTC applies to filers who have children under the age of 17 and is a credit applied for every child on the return. This 2020 tax credit is available to individuals or married couples but refunds for this particular incentive are also being delayed. Expectations are both will begin to be distributed during the last week of February, regardless of how early any filings were submitted.Â
Once you’re ready to file a return or if you need help determining exactly which status to select, or have any other tax-related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top-quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have.
 Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history of helping clients with any of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also several bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!
Owning a business involves much more than generating new ideas or finding ways to execute certain products and services. Once you have established yourself, getting everything in line to not only grow your organization but create a sustainable practice is critical. In doing so, there will be opportunities for outsourcing certain components. These decisions can be difficult for business owners who may not want to part with certain aspects of the very thing they have created but there are situations where this can be extremely beneficial.
Many outsourcing-related business ideas should be considered to potentially take your company to the next level. One of the most prevalent involves bookkeeping, which has multiple benefits when using an outside service to keep track of your financial records. Consider each of these positives associated with choosing to utilize an outside practice for your record-keeping and financial tracking needs.
Spending more money to have someone else track and record your finances may initially seem like a bad investment. However, doing so can save your business money, in addition to other quality factors. By outsourcing bookkeeping tasks, a company can save money because the amount is typically less than paying any full-time employee.
Depending on the size of your business, bookkeeping requirements may be your responsibility. Instead of having to take time away from other key factors and those ideas that initially presented the opportunity to start a company, consider letting an outside organization handle these actions to save you both time and money.
When bookkeeping methods are kept in-house, they may be biased or deviated from based on a commitment or loyalty felt for the company responsible for the person’s employment. A guaranteed way to avoid these types of conflicts would be to grant an outside agency the opportunity to run numbers and provide a quality overview without any insider influence.
In addition to being capable of providing a unique perspective, outside organizations can also keep the work completed consistently. If your bookkeeping duties are kept within the company and that person either finds new employment or leaves for any other reason, finding a replacement can require a considerable amount of work. Outside sources will likely always have someone familiar with your business and able to complete the work at any given time.
If you require bookkeeping responsibilities for your business then let the tax and accounting experts at Bloch Rothman and Associates assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have.
Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history of helping clients with any of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also several bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!
June 17, 2021
June 10, 2021