• Outsource Small Business Payroll

    Why YOU should outsource your small business payroll

    Payroll management can pose challenges for small businesses, and this is a well-known fact. In a recent survey conducted by Deloitte, it was revealed that 45% of small businesses opt for outsourcing payroll to avoid errors. But what exactly does outsourcing payroll entail? And how can it benefit your small business? Allow us to guide…

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  • Accounting for Restaurants

    ACCOUNTING FOR RESTAURANTS   Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing the daily operations of the business rather than on the accounting and tax…

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  • Defer Payroll Tax

    Defer Payroll Taxes? Here’s What It Means.

      The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump issued a memo regarding deferring payroll tax obligations on August 8, 2020.  This memorandum directs the Treasury Secretary to defer the withholding on employee FICA and Medicare, and the employer deposit and…

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  • 401(k) contribution limit increases

    401(k) contribution limit increases   The contribution limit for any employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans increases from $6,000 to $6,500. The limitation regarding SIMPLE…

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  • Flexible Spending Accounts (FSA) and Small Business

    Open An Flexible Spending Account (FSA) For Your Small Business   Did you know, a small business can set up a Flexible Spending Account for individual employees’ medical expenses. FSA plans are established and offered through an employer for the benefit of the employees. These funds are not subject to federal income or Social Securty…

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  • Tax Withholding Estimator

    Double Check Your Paychecks With This Tax Withholding Estimator   All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover the amount…

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  • Filing a 1099-Misc Form

    What You Should Know About Filing A 1099-MISC Form   If you recieve payments as a trade or business from other people or entities, that payment amount is reported to you and the IRS if they total a certain amount for the given tax year. Not all 1099 forms are the same. 1099-MISC is a…

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