High quality tax services New York provider gives some tax guides: Under CCPA provisions, an employer cannot discipline or terminate an employee whose wages are being garnished for a solitary debt. However, federal laws and CCPA provisions do not extend protection for employees with multiple wage garnishments. Some states may provide greater protection for employees by increasing the number of garnishments that can serve as the basis for termination or by prohibiting all terminations because of garnishments, so it is important to understand any applicable state regulations that may affect your business.

File and pay on time! If you can’t finish your return on time, make sure you file Form 4868 by April 15, 2020. Form 4868 gives you a six-month extension of the filing deadline until October 15, 2020. On the form, you need to make a reasonable estimate of your tax liability for 2019 and pay any balance due with your request. Requesting an extension in a timely manner is especially important if you end up owing tax to the IRS. If you file and pay late, the IRS can slap you with a late-filing penalty of 4.5% per month of the tax owed and a late-payment penalty of 0.5% a month of the tax due. The maximum late filing penalty is 22.5% and the late-payment penalty tops out at 25%. By filing Form 4868, you stop the clock running on the costly late-filing penalty.

Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.

The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval. Lastly, a controller issues monthly financial reports highlighting any critical issues that you need to understand and possibly address. Read extra info on Bookkeeping services New Jersey.

Often businesses try to train an office manager or other employee with capacity to become the part time bookkeeper. While this can work and is often the least expensive option on paper, there are risks associated if the part time employee’s or office manager’s output does not measure up to standards. And the cost of oversight, usually in the owner’s time, can be significant. The current average full charge bookkeeper’s salary fluctuates between $35,000 to $55,000 per year plus benefits and overhead, depending on your location. According to GlassDoor, current listings in high cost of living cities like New York or L.A. show full charge bookkeepers salaries creeping towards $70K. In addition, you’ll need to add around 20% on top of salary for benefits and overhead including office space.

Merge Bookkeeping is not just a company. It is a team of professionals willing to put the best of their services to use. How we started off? Established By professional with the 15 years for Accounting and Bookkeeping experiences. Since its inception, the company has continuously worked harder to share the preparation burdens of its clients. Study and evaluate your software and accounting needs. See extra info on https://www.mergebookkeeping.com/.