Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
An accounting system is how a business plans its operating budget and tracks its expenditures and receivables, or income. An accounting system also may handle payroll, taxes and other business accounts, including workers' compensation, health-care coverage and other benefits. Functions of accounting can be handled in house or contracted out to a certified public accountant. …
Continue reading How Does a Small Business Fail With Lack of a Proper Accounting System?
Dealing with taxes is a fact of life for small business owners. Annual expenditures for taxes for most owners are likely their largest outlay each year, exceeding rent or mortgage payments, marketing costs, and vehicle expenses (the only possible larger expenditure is payroll). Beyond payments to the government for all of the taxes you pay—income …
Continue reading 11 Things You May Not Know about Small Business Taxes
Among your responsibilities as an employer is the requirement to collect, report, and pay payroll taxes as required by federal and state laws. If you are a corporate officer or other "responsible party," as defined by the IRS, you may be personally liable for payroll taxes not reported or deposited as required. If your business …
Continue reading What Are the Penalties for Unpaid Payroll Taxes?
What Is Bookkeeping? Bookkeeping is vital for all small and big sizes of businesses. For small businesses, the procedure of bookkeeping that is more and more significant. Without the correct knowledge of bookkeeping, a small business that can be quickly unsuccessful. However, the business can become even more fruitful if the whole things are going …
Continue reading Why We Need an Effective Bookkeeping Service for Business of All Sizes?
1. Carefully set up your payroll system and update it regularly Take the time to input correct employee information, tax withholding amounts and payment information. By doing this, you'll avoid paying the wrong amount to employees and stay away from errors in the long run. 2. Pay your employees on timeIf you want to keep …
You cannot employ any full-time employees and have a solo 401(k).Individual 401(k) plans allow you to start taking deductions after you turn 59.5 years old. In 2019, an employee can contribute up to $19,000 in one year, assuming you're under 50 years old. Annual or maintenance fees for solo 401(k) plans usually run between $20 …
Continue reading Self-Employed 401(k) Plans: Frequently Asked Questions
In the beginning stages of managing your startup, the nitty-gritty of finances might be the last thing you want to think about, but letting financial planning fall by the wayside is a troubling habit for new business owners. The pressures of success and profitability can weigh down a new business. But no matter your level …
Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small. These include things like hiring the right people, building a brand and so on. However, there are some that are unique to small businesses, …
Continue reading 5 Biggest Challenges Facing Your Small Business
In your everyday life, bad habits can cause problems. You might do things poorly or waste time. You might not do the best work that you can do. The same is true for your business’s bookkeeping. Your bad habits can cause bookkeeping problems. You will do bookkeeping poorly and possibly have financial issues. You need …
For many, paying employees cash seems like the easiest way to handle things. However, while it may seem easier, in the long run if you get caught by the IRS, it's going to be difficult to deal with. Although it is not illegal to pay employees and contractors in cash, there are a variety of …
Continue reading Getting Paid Under The Table: Is It Illegal to Pay Employees Cash?
Velisa Bookkeeping Services LLC 