Accounting services New York professional: Under CCPA provisions, an employer cannot discipline or terminate an employee whose wages are being garnished for a solitary debt. However, federal laws and CCPA provisions do not extend protection for employees with multiple wage garnishments. Some states may provide greater protection for employees by increasing the number of garnishments that can serve as the basis for termination or by prohibiting all terminations because of garnishments, so it is important to understand any applicable state regulations that may affect your business.
File and pay on time! If you can’t finish your return on time, make sure you file Form 4868 by April 15, 2020. Form 4868 gives you a six-month extension of the filing deadline until October 15, 2020. On the form, you need to make a reasonable estimate of your tax liability for 2019 and pay any balance due with your request. Requesting an extension in a timely manner is especially important if you end up owing tax to the IRS. If you file and pay late, the IRS can slap you with a late-filing penalty of 4.5% per month of the tax owed and a late-payment penalty of 0.5% a month of the tax due. The maximum late filing penalty is 22.5% and the late-payment penalty tops out at 25%. By filing Form 4868, you stop the clock running on the costly late-filing penalty.
Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.
There is a subtext here that we haven’t yet discussed and it’s important that we do. Because while every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that really makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks. See extra info at Tax services New York.
A full-time bookkeeper handles the day to day accounting functions for your office. Keeping your books in order and up-to-date is the foundation of the financial strength of your business. Hiring a full-time bookkeeper in this situation could be the right answer for you. You can expect a full charge bookkeeper to run operations associated with paying bills, billing clients, managing time-sheets and payroll, and processing financial statements at month end. As an owner of the business, you will still need to look over the end results to guarantee accuracy.
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 more info at https://www.mergebookkeeping.com/.