Coral Springs, FL bookkeeping services: 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.
Fund IRAs and SEPs to Allowable Limits: If you participate in an employer-sponsored individual 401(k) plan, 403(b) retirement plan, or other qualified retirement plan, the deadline for contributions is Dec. 31. However, you can still fund an IRA until April 15. If you’re younger than 50 and contributed less than $6,000 for the 2019 tax year, or you’re older than 50 and have contributed less than $7,000, you have until April 15, 2020, to invest money on a tax-sheltered basis for 2020. If some or all of your income comes from self-employment, you can set up a simplified employee pension (SEP) IRA up until the due date of your tax return, including extensions, and contribute up to 25% of your self-employment income. If you have the opportunity to choose between paying income taxes or funding your retirement, it should be an easy decision. While Roth IRA contributions are not deductible, IRA and SEP contributions are fully deductible depending upon your income, filing status, and participation in an employer plan. Income within a retirement plan – whether IRA, SEP, or 401(k) – is not taxed until you withdraw it.
Use Your Flexible Spending Account Balance: Workers who have flexible spending accounts need to use up their balances soon. These accounts have “use it or lose it” provisions in which money reverts back to an employer if not spent. While some companies provide a grace period for purchases made in the new year, others end reimbursements at the close of the calendar year.
Plan for estimated taxes: As we mentioned before, seriously underpaying your taxes throughout the year can have very negative consequences. If you expect to owe at least $1,000 in taxes when you file, the IRS generally requires that you make estimated tax payments throughout the year. This is especially important for business owners or self-employed individuals who generally don’t pay income taxes on their earnings. Note that you may need to work with a tax accountant to determine how much to set aside and pay each quarter. Discover additional information on South Florida Bookkeeper.
Employers are typically notified of a wage garnishment via a court order or IRS levy. They must comply with the garnishment request, and typically start withholding and remitting payment as soon as the order is received. IRS wage garnishment and levy paperwork will walk you through the steps of completing the wage garnishment. Paperwork should also include any relevant contact information, which you should not hesitate to use if you have any questions. This is certainly one scenario where it’s in your best interest to contact many people rather than attempt to guess and create possible errors.
Moving expense to take first job: Here’s an interesting dichotomy: Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. And you get this write-off even if you don’t itemize. If you moved more than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new area, (plus parking fees and tolls) for driving your own vehicle. However, beginning in 2018, moving expenses are no longer deductible for federal taxes unless you are in the military and the move is due to military orders. Some states such as California continue to provide this tax benefit.
Learning QuickBooks fundamentals can be very challenging and requires training since it contains thousands of features to handle all types of industries and businesses. In order to fully comprehend the features, it would be advised that one not only understood the technical basics but had some experience in accounting and bookkeeping. Our accounting and bookkeeping firm has been using Quickbooks for clients for over 20 years. QuickBooks is one of the most comprehensive and widely used premier accounting software for small businesses. One of the most widely used versions of QuickBooks is QuickBooks Online which provides access for the accountant and the client at the same time. Read more information on https://bookkeepinghelpcoralsprings.com/.