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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?
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?
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 …
The phrase "keeping the books" refers to maintaining the general ledger, the main accounting record for your business if you use double-entry bookkeeping. It's the primary tool that allows you to keep track of all transactions and sort them into subcategories so you—and your accountant—can find a comprehensive, interlocking record of your business finances all …
Continue reading Constructing the General Ledger for Your Small Business
Although taxes are a fact of life, especially for a small business owner, there are ways to maximize your deductions so that more of your hard-earned money winds up in your pocket, and not with the IRS. The good news is that figuring out business tax deductions is pretty straightforward. However, because of important changes …
Continue reading Save money with a small business tax deductions checklist
It's time to visit your books to make sure your business is adhering to newly implemented laws and regulations. The new year is a time for resolutions and fresh starts. It also represents the beginning of a new fiscal and tax year, meaning it’s time to visit your books to make sure you and any …
Continue reading 3 Crucial Small Business Payroll and HR Updates for 2019
On Nov. 15, the IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will be used to prepare tax year 2019 returns in 2020. Many amounts are increasing for inflation in 2019. The …
Continue reading Inflation-adjusted items and tax tables for 2019 tax year are released
Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the Tax Cuts and Jobs Act, P.L. 115-97, the IRS issued relief from the penalty for underpayment of estimated income tax to individual taxpayers who have …
Continue reading Some individual taxpayers get relief from underpayment penalty
The IRS on Thursday explained how taxpayers who may be eligible for the Sec. 36B premium tax credit or who may have to pay the Sec. 5000A shared-responsibility payment should determine their status now that the law known as the Tax Cuts and Jobs Act, P.L. 115-97, has reduced the personal exemption deduction under Sec. …
Continue reading How the suspension of personal exemptions affects health-care-related provisions
Not only can workers’ compensation help protect injured workers from having to pay expensive medical bills, it can potentially prevent them from suing their employer to recoup their medical expenses.A recent poll conducted by Insureon and Manta found that of the more than 900 small business owners surveyed who have employees, 26 percent do not …
Continue reading 1 Out of Every 4 Small Businesses with Employees Lacks Workers’ Comp Coverage
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