An employer has several legal obligations to its employees when doing payroll. Our payroll solution will fit your unique needs. From time and attendance to human resources to tax reporting, our payroll specialists will provide integrated services that will help your business thrive today—and grow into the future. We provide fast accurate payroll services and tax services for small and mid sized businesses so you spend less time running payroll and more time running your business. Our payroll specialist makes managing payroll simple and effortless because we have you covered. We will deliver peace of mind by combining innovative, industry-leading technology and personalized support, and always strive to serve our customers by eliminating their payroll worries and we provide clear, straightforward payroll pricing for our all-inclusive service—without hidden fees or surprises.
Our Comprehensive Payroll Service takes care of the payroll processing for you, so that you won’t have to.
- Your payroll checks prepared and printed on-time, every-time
- All of your payroll checks are laser printed on “blank” check stock to ensure
maximum security and meet the micro encoding standards as set forth by the
Federal Reserve System.
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax
reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee’s vacation, sick days, and personal days
- Creation and filing of the required new hire reports.
- We offer a wide range of reporting capabilities to help you manage your payroll taxes and stay compliant.
- With our information hub, you can easily see all of your with-holdings for the year, from social security and health benefits to workers’ compensation and unemployment.
- Post jobs, collect applications, schedule and conduct interviews, and monitor candidates with applicant tracking.
The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. The IRS will begin accepting paper and electronic tax returns from taxpayers. For faster refunds, the IRS strongly encourages people to file their tax returns electronically and choose direct deposit as it is fast, accurate and the best way to get your refund as soon as possible. Filing electronically also flags common errors and prompts taxpayers for missing information.
The due date for 2019 federal income tax returns is April 15, 2020, for most individual taxpayers.The IRS expects to process more than 150 million individual tax returns, with most of the returns filed before the April due date. Extensions will provide taxpayers with an extra six months to file, however the taxes must be paid by the due date. Filing after the deadline can result in penalties and fines. The IRS can assess a failure to pay penalty of 25% of any unpaid tax and if the return is more than 60 days late a minimum penalty of $210 or or 100% of the tax you owe, whichever is less.
Hiring a qualified tax professional such as an Accountant is a good decision since they are familiar with the tax laws, procedures, and practices of filing taxes. An experienced tax preparer can help you take advantage of the latest changes in tax laws and loopholes resulting in savings that can go towards you as an individual or your business. Not only will hiring a tax professional help you save money, but you’ll save time as well. Making a mistake on your tax forms could be detrimental to you, and should be avoided at all costs. A tax accountant can keep track of all your deductions during the year. This way, you won’t be scrambling at the end of the year, and you’ll get all the money you’re entitled to. Deciding to hire an accountant is the first step in properly managing your finances. Don’t stress during tax season. Consider hiring an accountant instead. Call us!
You may apply for an EIN if your principal business is located in the United States or U.S. Territories.
The person applying must have a valid Taxpayer Identification Number (SSN, ITIN, EIN).
The “responsible party” is the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity. Unless the applicant is a government entity, the responsible party must be an individual (i.e., a natural person), not an entity.
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1. Adjust your tax withholding or make a tax payment.
2. Get ready for your refund.
3. Renew your Individual Tax Identification Number (ITIN).
4. Organize your tax records.
5. Get help.
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file.
The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.
A Limited Liability Company (LLC) is a business structure allowed by state statute.
Legal and tax considerations enter into selecting a business structure.
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Every year, millions of taxpayers decide to prepare their income tax returns and many business owners especially those who manage small businesses chose to do the same. What they don’t realize is that hiring business tax services West Palm Beach would benefit them greatly. Sure, as a business owner, you may find it costly to hire someone to maintain the monthly bookkeeping and tax preparation for your business.
Why Small Business Owners Should Hire a Tax Pro
For taxpayers with the simplest tax returns, an online tax system would be enough for them but as for business owners, there are many reasons why hiring a tax professional is better than doing taxes on their own. Here are the following reasons:
Taxes Are Complex – Tax situations can be complex and in addition to the complexity of it, new tax laws are enacted every year making it a bit difficult to keep up with changes and how they might affect you.
Tax Pros Help You Save Money — Experienced tax preparers know all of the deductions that you may qualify for and which items are tax-deductible.
Mistakes Can Cost You Big – You are more likely to make mistakes if you do your taxes and they can be costly. Even the simplest errors can cause a return to be inaccurate, leaving you liable for past taxes and interest. You can also face large fines and even criminal prosecution.
Save Time to Focus on Business Growth – Having an accountant can save you a lot of time to focus on growing your business. You no longer have to worry about tax deadlines and keeping updated accounting records.
Filing, recording, and keeping track of your financial data can be stressful and time-consuming. If you want a more detailed and thorough analysis and advice on tax and financial matters, contact us at Andrea Lawrence Tax Accounting. We are a business tax services West Palm Beach provider that can help you handle your complex tax situation so you don’t have to. Contact us to schedule your appointment.
If you are a business owner selling goods to customers, you are required to remit sales tax to the government and the same goes for product purchases. But how do you maintain accurate records for tax collections and payments? This is where a commercial tax accountant West Palm Beach would be beneficial to your business. To ensure that companies and individuals comply with tax laws, a tax accountant’s duty is to help individuals and companies file their federal and state income tax returns. Some tax accountants also help businesses and individuals save money in taxes by offering them tax planning advice.
Different Types of Commercial Tax
A commercial tax which is sometimes referred to as consumption tax is applicable to all or any endeavors in which business or commercial activity takes place. The methodology of commercial tax is:
- Sales-based Commercial Tax – This tax is established as a contingency resulting from the gross value of a service or product. This usually includes a percentage of the gross value added to the final sale price. This is considered to be an indirect tax considering the merchant collects the taxes from the consumer rather than the consumer paying taxes to the governing body.
- Excised-based Commercial Tax – This is applicable to a specific category or group of products or services. This means that the manufacturer may share the tax burden with its consumers. Items such as alcohol, fuel, and cigarettes are typically considered excise taxes.
- VAT-based Commercial Tax – This relies on the net value of a service or product related to production, marketing, and distribution fees incurred in its sale leading in a single, one-time payment transferred to the governing body.
- Consumption-based Commercial Tax – Both incurred on an individual basis as well as on a collective basis. This is derived from the number of purchases taking place within a respective economy. This is obtained in conjunction with the rate of purchase to an individual service or product.
If you are a business seeking the help of a certified commercial tax accountant West Palm Beach, contact Andrea Lawrence Tax Accounting today for any tax related-inquiries and services.
Depreciation Rules Businesses should know the tax rules for deducting depreciation on a certain property. This deduction can benefit eligible business taxpayers. First off, businesses should remember they can generally depreciate tangible property, except land.
Tangible property includes:
- 1) Buildings
- 2) Machinery
- 3) Vehicles
- 4) Furniture
- 5) Equipment
Here are some of the changes to business depreciation under tax reform:
1) Taxpayers can immediately expense more.
2) Businesses may choose to expense the cost of a property and deduct it in the year it is placed in service.
3) The maximum deduction increased from $500,000 to $1 million.
4) The phase-out limit increased from $2 million to $2.5 million.
5) Taxpayers may include improvements made to nonresidential property. The improvements must have been made after the date the property was first placed in service.
These improvements include:
- 1) Changes to a building’s interior
- 2) Roofs
- 3) Heating and air conditioning systems
- 4) Fire protection systems
- 5) Alarm and security systems
Improvements that do not qualify:
- 1) Enlargement of the building
- 2) Service to elevators or escalators
- 3) Internal framework of the building
What is Depreciation?
Depreciation is a “non-cash” expense that reduces the value of an asset over time. When depreciation is non-cash, this means that it is taken as an accounting entry and the amount of cash held by the business is not affected.
Business assets that can be depreciated include equipment, machinery, technology, computers, office furniture, buildings, and improvements to buildings. They include leasehold improvements to a rented property and business vehicles. Land can’t be depreciated because it appreciates instead of depreciating.
Depreciation is taken on business assets to recognize the change in the value of these assets as they age. Assets depreciate for two reasons.
That auto you bought and drove off the lot will decrease in value with every mile and the wear and tear on the engine, the tires, and other components. Assets also decrease in value because they become obsolescent—they are replaced by newer models. Last year’s car model is less valuable because there’s a newer, more desirable version on the market.
These changes apply to property placed in service in taxable years beginning after December 31, 2017.