Thanksgiving Day is just around the corner. Let us remind ourselves that such special day is not just about turkey, stuffing, gravy, sweet potato, cranberry sauce, and other traditional delectables. As the celebration itself implies, it is a day to express your gratitude to people who had played a significant role in your life. For business owners, do not forget to be thankful for your employees. One way to show that is by paying them on time.
Here at Dollars & Cents Taxing and Accounting Services LLC, we understand how confusing and exhausting processing the payroll is. Thus, we list down some helpful payroll tips to make the experience easier for you:
- Collect all the necessary information from your employees and workers.
Necessary information includes proof of identification, social security numbers, and other relevant documents, such as tax records and benefits information.
- Make sure that the details of employees and workers are accurate.
Regularly make a double check of each of your employees’ and workers’ pertinent details—personal information, tax file number, employment period, and pay details. You should also make sure that they are up to date.
- Be organized.
Store all documents in one place. You never know when you are going to need them. There are also some states that require businesses to keep some records for a particular period of time.
- Be knowledgeable about payroll tax laws applicable to your business type.
For tax purposes, there are legislations that provide for requirements every business must comply with to avoid penalties. These requirements are according to the type of the business. Furthermore, you should also be aware that tax rates change every year. So, you must keep abreast with payroll tax changes.
- Keep a second business bank account.
Spending withheld tax deposits can make business owners personally liable. In order to avoid this horrific situation, keep a second business bank account to separate payroll taxes from the general business funds.
- Make all your payroll tax deposits on time.
Withheld tax deposits from payroll checks must be remitted to the government agencies concerned on a given schedule. If you do not make your deposits on time, you can be fined up to 100%.
- Seek professional help.
Unless your small business is an accounting company, do not attempt to handle payroll on your own. Hire an expert to do it for you. Thousands of dollars are at risk if you make a wrong move.
Tim Ferris once said, “Focus on being productive instead of busy.” The same holds true for your payroll problems. Instead of worrying about it yourself, hire a professional who can do the job properly. In that way, you can spend your time on other equally important matters.
Dollars & Cents Tax and Accounting Services LLC offers cost-effective and high-quality accounting services, like solving your payroll dilemmas. To learn more about our services, feel free to contact us at 888-365-2368 or you can visit our website at http://dactaxact.com/tax-services.