Top accounting services New Jersey provider offers some tax tricks: 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.
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.
Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.
A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding. Bookkeepers also reconcile bank statements to internal accounts and even help out during an internal or IRS audit. Find extra info at Tax services New York.
So your first consideration is whether you just need compliance – basic bookkeeping – or if you’re ready to graduate to full service accounting that will help you drive increased profits, improved cash flow and growth. They require very different levels of effort and expertise and as you can imagine, the cost for full service accounting is much higher. However, most businesses that make the leap see the value and experience an ROI rapidly.
With an attention to detail for bookkeeping, special relationships with many software developers, and an unhealthy obsession with Merge, we can help you Create a game plan for your back office. Set up your file; Find the right tools to help you manage and grow your business. Merge Bookkeeping: Setup services are designed to save you time while getting your books set up in an easy-to-maintain manner, including training you or your staff on day-to-day operations. Discover more details at mergebookkeeping.com.