High quality accounting services New York firm: What are my obligations as an employer? Upon being notified of a wage garnishment court order, an employer should immediately alert the employee to the situation in writing. Depending on the garnishment, there may be a form provided for this (i.e., Form 668 for a federal levy). An employer can also draft a letter detailing the specifics of the wage garnishment order, the amount to be taken from each payment, and the length of time the wages will be garnished. Concurrently, an employer should notify their HR and/or payroll departments so they can start the wage garnishment process and ensure that payments are sent to the appropriate agency or creditor (whether the employee wishes to comply or not). Taking these actions protects the business from any legal repercussions for failing to respond to the order.
Contribute to retirement accounts! If you haven’t already funded your retirement account for 2019, do so by April 15, 2020. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. If you have a Keogh or SEP and you get a filing extension to October 15, 2020, you can wait until then to put 2019 contributions into those accounts. To start tax-free compounding as quickly as possible, however, don’t dawdle in making contributions. Making a deductible contribution will help you lower your tax bill this year. Plus, your contributions will compound tax-deferred. It’s hard to find a better deal.
Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.
In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and suggested a bookkeeping service to help keep your company’s books and finances on track. Discover extra info on Bookkeeping services New York.
In addition, you can outsource more advanced management accounting and controller functions to receive a complete “virtual accounting department”, which will certainly add to your monthly fees but could be what you need at this stage in your growth cycle. If your business is moving into a growth stage, you need to consider graduating to full accrual based accounting, with financial and management reports that help you scale. Typically you will need this level of financial management not only for yourself but for your key stake holders including banks, investors and advisors.
Caring for your accounting and bookkeeping shouldn’t come at the expense of running your business. If you’re a small business owner who’s overwhelmed or just need Professional help in managing your finances, consider outsourced accounting and bookkeeping services from Merge Bookkeeping. We share your burdens : We take the load of preparing your company books and other related necessary yet menial tasks off your shoulders. You can keep working towards making your profile bigger and better. Find additional info at www.mergebookkeeping.com.