High quality bookkeeper services New York provider: A wage garnishment is any legal or equitable procedure where some portion of a person’s earnings is withheld by an employer for the payment of a debt. This is typically initiated through a court order or government agency action (such as an IRS levy) that requires an employer to withhold a percentage of an employee’s compensation. When notified of an order to garnish wages, an employer is legally obligated to make the appropriate deductions from an employee’s salary and direct payments to a designated agency or creditor.
Organize your records for tax time! Good organization may not cut your taxes. But there are other rewards, and some of them are financial. For many, the biggest hassle at tax time is getting all of the documentation together. This includes last year’s tax return, this year’s W-2s and 1099s, receipts and so on. How do you get started? Print out a tax checklist to help you gather all the tax documents you’ll need to complete your tax return.K eep all the information that comes in the mail in January, such as W-2s, 1099s and mortgage interest statements. Be careful not to throw out any tax-related documents, even if they don’t look very important. Collect receipts and information that you have piled up during the year. Group similar documents together, putting them in different file folders if there are enough papers. Make sure you know the price you paid for any stocks or funds you have sold. If you don’t, call your broker before you start to prepare your tax return. Know the details on income from rental properties. Don’t assume that your tax-free municipal bonds are completely free of taxes. Having this type of information at your fingertips will save you another trip through your files.
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 team also works to reduce your overall expenses. Not only do they ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself. See additional details at Bookkeeping services New York.
Many small businesses in early stages are primarily concerned with compliance – paying bills, getting paid, recording transactions, ensuring payroll accuracy and following state and federal regulations. At some point, your business will cross a threshold and you’ll begin to place more emphasis on the need for timely, accurate financial reports and intelligence. This is when you’ll need more advanced bookkeeping, accrual based accounting and management or managerial accounting to help you make data-driven decisions.
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. Read more info on www.mergebookkeeping.com.
