Tag: business payroll

Stop Overpaying for These 4 Business Expenses: What and How ?
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Have you recently started a new business and should be making more profit than now?

While companies believe investing tons of money can lead to success, they miss out on an essential point. Entrepreneurs also need to implement strategies that cut off expenses, release debts and start making better profits. Another reason owners struggle to make gains is overpayment.

Want to know what these business expenses are to stop overpaying? Here is a list of 4 major business expenses with suggestions on how to avoid them.
- Non-Targeted Advertisement
A crucial mistake that businesses make is to spend on adverts that are not based on previous buying behavior of its users. In other words, you must know your target audience when putting out adverts on Facebook, Google Adwords, and on other platforms. If not, it will not only cost the business money but also not bring you back any return on your investments.

Further, try incorporating free advertising tools into your advertising strategy, like customized mail, blogs, guest-post, etc. Also, create a social page to connect with your client and customers for more clarity and minimal expenditure.
- Payment Processing
Businesses often require payment processing services to complete credit and debit card payments. However, we know that every service comes with a fee, so you must compare different payment processing service providers to save to the maximum.

Every quote you receive may seem low initially but with frequent and larger payments, the cost gradually increases. Furthermore, there can be hidden costs too. So, analyze these to find a cost-effective option.
- Video Conferencing
Do you use a professional video conferencing program to host remote meetings with employees and clients? You can save a lot of money by switching to free ones. Moreover, they are as good as paid ones.

However, if you are worried that free options will have a time limit on how long your meetings can stretch, think of it in a positive light. In other words, when you have a time limit, you tend to list all the important points in a short/crisp manner, thus increasing work productivity.
- Taxes
Most entrepreneurs develop a habit of overpaying taxes to avoid penalties of underpayment. However, this affects your annual profit. So, it is better to take help of an audit firm.

Not to mention, it is easier to keep track of every credit deduction, tax due, and real estate issue with expert assistance as this further causes overpaying. So avoid it by hiring professional bookkeepers or accountants.

While these are the ways you can avoid overpaying business expenses, some entrepreneurs are not able to realize they are overpaying. So here are some ways you can spot them for better money management.

4 Ways to Spot Your Overpayments for Business Services

There are many services and software available in the market. Thus, it is easy to overpay to set up the best payroll and management. To avoid this, look for these things.
- Better cost-effective methods: Use your free time searching for better options to find cost-effective methods as soon as they arrive.
- Identify the cost-cutting sections: Overview different parts of your business and search for things that take up the most time and money. These areas are the ones whose service you need to outsource.
- Bargain for the best deal: Analyze whether you should accept the first offer of a service provider or if you should instead negotiate a term in which you and your provider are both in profit.
- Economic sustainability: Paying less is nice, but you must also keep a track of the quality. It is essential to survive among competitors and maintain economic sustainability in the long run.
Entrepreneurs often get caught up in searching for more investments and in expanding horizons, but keeping a tab of all expenses are equally important. If you need professional assistance to devise cost-effective strategies, contact us today. We also help educate managers and entrepreneurs about other business areas through our blog section to reach new heights. Follow us for more!

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Reference Links:

https://www.forbes.com/sites/johnrampton/2017/12/07/10-ways-to-avoid-overpaying-for-services/?sh=2611fda71d21

https://due.com/blog/business-expenses-overpaying-for/

https://www.theplazabeachroad.com/5-business-expenses-and-how-to-avoid-overpaying-for-them/

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November 15, 2022
Never Worry about Tax Season Again, Dear Small Business Owners
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Does the upcoming tax season put a burden on your mind? Then, dear small business owners, give this blog a read. It will help you prepare for the upcoming tax season and deal with it like it’s a piece of cake.

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5 tips for driving away tax season blues

Here are 5 tips to help you deal with the tax season:
- Conduct a quarterly review of your business’s performance
The best way you can prepare yourself for the tax season is by performing quarterly reviews of your business’s financial statements. By reviewing the profit and loss statements and all the other expenses related to your business, in this manner, you will be able to make sure that everything is in proper order.

In addition, the Internal Revenue System (IRS) expects quarterly payments from small business owners who predict to owe more than $1,000 at the end of the financial year. Therefore, you can make an estimation of the year-end tax bill and pay the amount by filing Form 1040-ES.

You can pay your quarterly tax on the following dates:
1. 1. 15th April
    
    15th June
    
    15th September
    
    15th January
- Separate your personal and business-related finances
Many small business owners get into tax troubles as they record their personal costs as business expenses. Thus, it would be best if you separated them in order to avoid trouble with the IRS. If the federal agency decides to audit your business and finds out that you mingled your expenses, it will automatically start looking into your personal expenses because of the comingled money.

One good practice is having separate bank accounts and credit cards for your business and personal expenses. Moreover, it is also necessary that you run only your business-related expenses from your business account or credit card.

This will enable you to file a clean and accurate record of your business expenses when the tax season comes. In addition, your personal expenses will also remain private.
- Maintain accurate records
In order to file your tax returns correctly, it is crucial for you to maintain accurate records. This is a critical step to avoid an audit by the IRS. For example, you can pull bank statements from your business account and tally them with invoices or receipts to keep track of your income and expenses.

A common mistake that most small business owners make is that they do not record credit card points as their business’s profit. Unfortunately, these errors only crop up in the event of an audit and, therefore, should be recorded as income.

Furthermore, to maintain a clean record, experts recommend that you use basic accounting software to track your finances correctly. You see, while filing your taxes, human error is a possibility that you just cannot rule out.

So, to avoid inaccurate tax returns, you can take the help of various accounting platforms available in the market. What’s more, these software programs will easily integrate with your e-commerce store and automatically create reports. Thus, they will save your time and also reduce the chances of errors.
- Create a checklist from the previous tax season’s documents
It is a very hectic and time-consuming task to collect all your documents when the tax season comes. Thus, if you make a checklist from last year’s tax season, you already have an idea of what documents to submit in the current season.

You can keep all your tax documents in one file and tally them with what you may have missing in the current year’s documents.

Neatly organizing all your tax documents will help you keep them in order and enable you to avoid last-minute hassles. Furthermore, communicating and working together with your accountant also helps out a lot.
- Classify your business correctly
A lot of small business owners face problems when it comes to classifying their businesses correctly. If you fail to do it correctly, you can end up overpaying during the tax season.

Remember, classifying your business as a Sole Proprietor, Single Member LLC, Limited Liability Company, Limited Liability Partnership, or C or S Corporation will have different effects on your taxes. Thus, the best practice in this regard is to get a consultation from an accountant and attorney to know how to classify your business correctly.

These are a few small tips that you can take into account while preparing yourself for the tax season. Furthermore, you should consult a Certified Public Accountant (CPA) to know the tax laws in your state and also check for business tax deductions.

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Reference Links:

https://www.forbes.com/sites/forbesfinancecouncil/2020/05/12/14-tips-to-help-business-owners-navigate-tax-season/?sh=9775d1f58f40

https://www.shopify.com/in/retail/small-business-tax-tips

https://www.nationwide.com/lc/resources/small-business/articles/tips-for-small-business-taxes

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November 1, 2022
A Simple Guide on Exempt Vs. Non-Exempt Employees: Which Is Better ?
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Are you a small business owner finding it stressful to calculate your employee’s salary? Is it difficult to identify the difference between exempt and non-exempt employees?

Then here, you can find many points that can help you differentiate between them. Labor law has categorized employees into these two categories primarily to specify who is eligible for overtime pay and who is not.

To get more details, keep reading!

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What Are Exempt Employees?

It includes all those workers who are exempt from the overtime provision of the FLSA or Fair Labor Standard Act. So, they are not entitled to overtime pay. Instead, exempt employees get specified salaries and are expected to complete their tasks.

It does not matter whether they work 30 hours for it or 50. Typically, these include supervisory, executive, professional, and outside sales positions.

What Are Non-Exempt Employees?

Non-exempt employees, as the name suggests, are non-exempt from FLSA requirements. Moreover, they are protected under the law, and thus the company must pay them at least the federal minimum wage for extra hours worked.

Furthermore, this overtime pay should be one and a half times the employee’s hourly rate for each hour worked over 40 hours a week.

Comparison Between Exempt Vs. Non-Exempt Employees

Knowing the proper definition of exempt and non-exempt employees is important for entrepreneurs to set an accurate pay-out system for each kind. However, learning about their differences helps understand which one will be beneficial for the company:
- Tax Liabilities
Exempt and non-exempt employees both fall under the tax bracket according to their income level. Therefore, regardless of the types of wages taken under consideration, both are income and thus totally taxable.
- Employees Right
FLSA provisions protect non-exempt employees against all wage violations and breaches. Thus, workers under this division have the right to ask for equal wages and opportunities, a safer workplace, and a minimum wage.

On the other hand, exempt employees with more important tasks are not protected but are somehow provided with similar rights.
- Employees Benefit
Though the company treats both exempt and non-exempt employees with the same employee benefit, it is not mandatory for exempt ones. These benefits include Provident fund, Professional tax, ESI, etc.
- Overtime Implications
The labor law specified that non-exempt employees must be offered overtime hours despite working 40 hours or hours mentioned by the company. In contrast, exempt employees are not liable to complete total working hours but rather the task company gives. Also, they do not receive any overtime hours.
- Employee Pay-Out
The salary pay is different for both. Since exempt employees have specific tasks to meet daily, they should receive a salary and not an hourly wage. In contrast, as non-exempt employees have weekly hours to fulfill, they must receive hourly wages.
- Job Roles
The company mostly relies on exempted employees to manage responsibilities in administrative, managerial, technical, and other similar fields. These job roles affect the status of a company, and thus, the owners give it only to whom they can trust. Non-exempt employees, on the other hand, get non-managerial and less responsible positions.

Exempt Vs. Non-Exempt – Which Is Better?

While there are pros and cons for both exempt and non-exempt employees, it depends on a company’s requirements. For example, a company has to monitor non-exempted employees closely to reap the most productivity. On the other hand, exempt employees receive more payment regardless of their work hours.

So, make sure you take all the differences under consideration while deciding between employing exempt or non-exempt workers. Naturally, this will affect your payroll computation and the overall business profit. However, you can reach out to us if you are unsure and require HR assistance. We have a standard system to look after employee benefits, payroll, and other management areas.

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Reference Links:

https://www.monster.com/career-advice/article/whats-the-difference-between-exempt

https://blog.hubspot.com/marketing/exempt-vs-non-exempt

https://factohr.com/exempt-and-non-exempt-employee/#:~:text=Exempt%20employees%20are%20the%20ones,or%20rewarded%20by%20the%20company.

https://www.replicon.com/blog/exempt-vs-non-exempt-workers-simplify-employee-classification/

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October 18, 2022
An Ultimate Employer Guide to Understanding Payroll Deductions
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When you are running a business, apart from paying payroll taxes, you, as an employer, are also obligated to withhold some amount from your employee’s pay as payroll deductions. However, to ensure you are processing it efficiently and correctly, you need to understand the basics of payroll deductions.

Are you interested? Then read further to know about it!

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What Are the Basics of Payroll Deduction?

There are two types of deductions. One is voluntary, which you can deduct from your employee’s paycheck only if you have a written authorization certificate. Some examples of it include 401(k) and health insurance deductions. The second is mandatory by law, such as FICA and federal income taxes.

However, not all employees are liable for these deductions. In other words, independent contractors do not need to get their payments deducted.

Now, before moving into a deeper understanding of several deductions, you must understand there are two basic categories of deductions, i.e., pre-tax deductions and post-tax deductions.

What Are the Types of Deductions?

There are two basic categories of deduction under which there are several other types of applicable payroll deductions:
- Pre-Tax Deduction: The amount employers deduct from the gross salary before calculating the tax is called pre-tax deduction. This helps employee decrease their taxable income.
- Post-Tax Deductions: The amount employers deduct after calculating all the taxes are called post-tax deductions.
The salary the company calculates after considering these pre and post-tax deductions is the take-home salary of employees. Other payroll deductions further categorized under pre- and post-tax deductions are discussed below.

What Are the Mandatory and Voluntary Payroll Deductions?

As discussed, there are certain amounts that employers must deduct mandatorily as specified by law, while there are other voluntary deductions employers make to benefit their employees. The classifications are:
- Mandatory Deductions
These are standard payroll deductions that are mandatory under law and usually make up the pre-tax deductions:
- Federal Income Tax
The payroll deduction you make from an employee’s paycheck as federal income tax depends on the gross pay and the allowance stated in Form W-4. This federal income tax amount ranges from 10% to 37% of the taxable income.
- State Income Tax
All nine states have to pay income tax on employee earnings. It is either against all income at a fixed rate or contains multiple brackets. Also, your payroll system must be able to calculate state income tax depending on the area your employee lives in, their type of employment and other criteria.
- FICA or Federal Insurance Contributions Act Taxes
FICA is generally applicable to Medicare and Social Security employees. Here, Social security costs 6.2% up to $ 147,000 in 2022, while Medicare costs 1.45%. In addition, it can also include a Medicare surtax of 0.9%.

However, the surtax only applies if an employee’s wage reaches $ 200,000 ($250,000 for employees filing jointly or married). Moreover, the surtax is applicable only on the exceeding amount. Also, remember, as an employer, you are liable to withhold at least 7.65% of your employee pay, excluding Medicare Surcharge.

Voluntary Deductions

These are post-tax deductions. Some of its examples are:
- 401(k): It is a retirement plan containing employee contribution whose limit is up to $ 20,500 in 2022.
- Health Insurance Premiums: Depending on the type of health insurance a company offers, like vision, dental and medical, employees can contribute to their FSA account.
- Wage Garnishments: The government can issue a wage garnishment order if an employee has an unpaid debt. It can be in the form of student loans, child support, alimony, and credit card debts. Here the limit that needs to be garnished will depend on the type of debt.
Take the above deductions into consideration when calculating the payroll of employees. If you find it difficult, considering there are so many things to remember, you can always take the help of a professional service provider. For assistance, contact us!

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Reference Links:

https://www.forbes.com/advisor/business/what-is-a-payroll-deduction-plan/

https://www.investopedia.com/terms/p/payroll-deduction-plan.asp

https://www.nerdwallet.com/article/small-business/payroll-deductions

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October 11, 2022
Which Payroll Schedule is Right for You ?
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Business owners have to go through quite a lot to hassle to compensate their employees – deal with payroll taxes, select the best payroll schedule for their enterprise and ensure that they meet every overtime requirement.

Among these, the payroll schedule is actually a crucial aspect.

Payroll schedules determine how often and when the compensation of employees takes place. Even if you are the only employee of your company, setting up a payroll plan for yourself can go a long way to have a more predictable income and keep the bank account of your business from becoming a personal line of credit.

With that in context, let’s dive in to know which payroll schedule is right for you.

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A look at the different payroll schedules

Illustrated below are the four main types of payroll schedules:
- Weekly payroll schedule
A weekly payroll schedule features among the most popular options among employers.

Actually, 32.4% of businesses choose a weekly payroll schedule. This proves to be a popular choice because of its simplicity. A weekly payroll schedule implies that employees will receive payments on the same day every week.

Indeed, a weekly payroll schedule is much easier to manage. Employers can avoid prorating their employees’ first checks easily by using this schedule. Also, employees may prefer this schedule as they will receive payments more frequently in comparison to other payroll schedules.

However, running a weekly payroll can cost more money and time as it takes place on a weekly basis. Plus, the end of a month can get tricky from an accounting standpoint, as a given week can contain two different months.
- Bi-weekly payroll schedule
A majority of the businesses in the United States use a bi-weekly payroll schedule. In fact, 36% of businesses opt to pay employees every other week. A bi-weekly pay happens every two weeks, and that usually occurs on the same day of the week.

Some months may need an additional paycheck based on how the weeks play out. Opting for a bi-weekly schedule implies that employees receive payments 26 times every year – that’s half of a weekly pay schedule’s frequency.

You would have to process payroll less in comparison to the weekly schedule, thereby implying saving money on direct deposit fees and printing checks.

Also, it cuts down on the time that you will be spending doing payroll. That will help the HR staff to focus on other tasks. Further, there also exists less risk of error as you will be paying employees at half the frequency.

However, you must keep in mind that as paychecks are being issued every two weeks, there may be three pay periods in some months based on how the calendar lines up. This can make it difficult to manage deductions.
- Semi-monthly payroll schedule
A semi-monthly payroll schedule is less popular than a bi-weekly or weekly schedule. Around 19% of enterprises decide on paying their employees on a semi-monthly basis. Through a semi-monthly pay schedule, employees receive payments on the 15th and the last day of every month. This implies 24 paychecks per year.

The semi-monthly payroll schedule is relatively straightforward and simplistic. As the pay periods do not overlap months, the benefits and other deductions get simplified.

Also, this pay period avoids a majority of the bank holidays. Accountants prefer semi-monthly pay schedules since accruals are easier to calculate.

However, a semi-monthly payroll schedule only works for salaried employees. And it can be way more challenging while calculate overtime pay for hourly employees. In addition, new employees might need to wait longer to receive their first paycheck as the pay period is longer. This pay schedule is not recommended for individuals who may have different hours or varying compensation from pay period to pay period.
- Monthly payroll schedule
Through a monthly schedule, employees receive payments 12 times a year or once every month.

From an administrative perspective, this pay schedule is perhaps the easiest one to manage. As the monthly pay schedule has the minimum amount of pay periods, fewer costs and time are involved.

Also, benefits and other deductions are charged monthly, which makes processing payroll easier.

A monthly pay schedule is the easiest and cheapest to administer. Still, employees do not prefer this schedule. Employees may face cash flow issues and have trouble managing finances with only one paycheck every month. Plus, new hires may need to wait till the next pay period, and that can be weeks, just to get their first paycheck.
- Things to consider while choosing a payroll schedule
Listed below are certain things that you must consider prior to opting for a pay schedule:

Type of employees: The suitability of payroll schedules varies across different types of employees. Payroll for hourly employees proves to be easier with a bi-weekly or weekly pay schedule. Salaried employees having more consistent earnings will be better off with a monthly or semi-monthly pay schedule.

States’ rules and regulations: Every state is different regarding the laws of payroll frequencies. Some states make certain payroll schedules a mandate. You must check if your state needs a particular pay schedule. If in case it does, ensure to comply with that so as to avoid penalties and costly fines.

Employees’ preferences: In the end, if you still struggle to decide on the right payroll schedule, consider taking the opinions of your employees. They are actually the ones who will receive checks every pay period, so their perspective is worth taking note of.

Choosing the appropriate payroll schedule for your enterprise can be a daunting task. But it is extremely important at the same time too. Opting for the right payroll schedule can impact employee satisfaction, company culture and even retention and recruitment rates. Entrepreneurs must keep in mind the above-mentioned details while deciding on the right payroll schedule for their company.

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REFERENCE LINKS

https://www.cornerstonepeo.com/post/which-payroll-schedule-is-right-for-youhttps://blog.bernieportal.com/what-type-of-payroll-schedule-is-best-for-you

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October 4, 2022
Employee Benefits for 2023: What Should Your Business Be Doing ?
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We are already halfway through the year, and companies and their HR professionals are planning benefit strategies for 2023.

As per an employer benefits strategies survey conducted by Mercer, 53% small business houses and 70% of large company owners stated that they are planning on employee benefits program enhancements for the next year.

Owing to the tight labor market and fluctuating economic conditions, 2023 can prove to be a balancing act between ensuring that benefits are financially sustainable and helping attract and retain talent.

With all this in context, let’s take a look at what your business should be doing regarding employee benefits for 2023.

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Types of benefits that your business should offer

Illustrated below are the various benefits that your business must offer to the employees for next year:
- Childcare assistance
Childcare assistance helps support working parents who are facing increasing costs of living. On-site childcare services only make sense for bigger employers, but small and mid-sized organizations can help to subsidize the cost of childcare via pre-tax deductions or employer contributions – a way of showing commitment to working parents.
- HSA-qualified plans
These plans can be an ideal fit for some organizations as they are less expensive to employers in comparison to lower-deductible plans. Also, these are triple tax-advantaged for employees. HSAs enable employees to keep aside pre-tax income for health costs, and if they move to a different employer, the portable account follows them.
- Paid family leave
In the U.S., the law does not guarantee paid family leave. But as per a Mercer survey, more than two-thirds of employers provide this leave in some form.

A generous parental leave policy which considers both parents and accounts for fostering and adoption along with childbirth can show employees that you are concerned about supporting their home lives. Also, it can help retain and attract workers who are committed to healthy organizational culture.
- Virtual care
The virtual care benefit gained popularity during the quarantine period of COVID-19. It is still now an attractive benefit as it provides employees access to healthcare professionals who fit into their schedules and comes at a lower cost in comparison to in-person visits. Also, virtual care can make care more accessible to workers with disabilities, thereby helping to address benefit gaps.
- Medical travel reimbursement
Reimbursing medical travel costs can help benefit employees seeking other kinds of care, like visiting certain specialists or for cancer treatment which might not be available to them locally.
- Fertility assistance
Fertility assistance can be costly. But it can prove to be suitable for some organizations. It can cover support for IVF, infertility treatments, surrogacy, etc. and may promote a more inclusive and diverse workplace – that’s a win for both employees and employers.
- Work flexibility
Offering work flexibility proves to be an ideal way to care for employees and show trust in their capability to manage their own time. Even if hybrid or remote work options are inappropriate for your business, consider providing flexible start and stop times to the employees. For instance, you can offer unlimited PTO or a four-day work week which allows your employees to design their schedules conveniently.
- Mental health benefits
These benefits are in demand, given that public opinion keeps recognizing mental health as a vital part of the overall health.

Supporting mental healthcare of employees can help avoid burnout and enhance productivity in the long run. For instance, you can provide an employee assistance program (EAP) to support employees in crisis situations.

Final word

Employers are struggling when it comes to finding a balance between the challenges of the present economic environment and what they must do for talent attraction and retention in tight labor markets.

To ensure that you get a return on your investment, you as an employer should be thoughtful and specific about benefits enhancements. For that, you should have a proper understanding of the needs and values of your workforce.

As a whole, your benefits offerings for 2023 should reflect the values of your organization. Admittedly, it can be tempting for you to limit coverage to save money. But you need to keep in mind that your enterprise depends on keeping the workers productive, happy and healthy. Benefits that show respect for employees and promote a vibrant organizational culture are undoubtedly worth the investment.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”145.8px” custom_margin=”||-106px|||” custom_padding=”0px||0px|||”]REFERENCE LINK

https://www.resourcefulfinancepro.com/articles/the-top-employee-benefits-trends-for-2023/

https://hrexecutive.com/among-the-top-2023-benefits-trends-affordability-and-family-support/

https://blog.bernieportal.com/best-employee-benefits-to-offer

https://www.hrmorning.com/news/benefit-strategies-affordability-access/

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September 20, 2022

Quarterly Taxes: Which Taxes Should Your Business be Paying?

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Small business taxes are the tax amount which you need to pay to the government while running an enterprise.

The business structure you choose to go for while starting your enterprise proves to be instrumental in determining the taxes which you would pay. You can be a corporation, S corporation, sole proprietor, partnership or Limited Liability Company (LLC). The taxes will vary across these business structures.

Organizations should pay taxes on an annual basis, but several businesses should pay quarterly taxes as well. For instance, enterprises with employees should file taxes on the quarterly basis with the IRS Form 941, and those who are self-employed usually pay estimated taxes on a quarterly basis.

You can invite penalties and interest payments if you do not pay these taxes in a timely manner. Therefore, it is imperative to be aware of the obligations of your particular entity type.

In light of all this, let’s take a closer look at quarterly taxes.

What are quarterly taxes?

Quarterly taxes are estimated tax payments that are made to the IRS and filed in advance of the annual tax return. Thus instead of a single big payment, you must pay the tax in four installments in a year (every quarter). These amounts will vary and depend on your business’ estimated income for the particular year.

Now you must understand what ‘estimated’ means. It implies that you estimate or assume the amount prematurely, and they have not taken place till the time you fill out your tax return.

Who should file quarterly tax returns?

The quarterly taxes are for all those individuals expecting to owe taxes amounting to at least $1000 from their income.

For corporations, the annual tax threshold is $500. Generally, you don’t have to file quarterly taxes if your federal tax withholdings total a minimum of 90% of the amount that you would owe for the entire year.

Individuals who fall under any of these categories should file these taxes:

S corporation shareholders
Corporations
Self-employed
Partnerships
Sole proprietorship

Individuals who aren’t expected to make estimated payments of more than $1000 are exempted from filing quarterly taxes.

When are quarterly taxes due?

The payments of quarterly taxes are spread across four payment periods across a year for every corresponding business quarter. You can go through this chart to get an idea of approximate payment dates for every business quarter:

Income received between	Estimated tax due date
1st January – 31st March	15th April
1st April – 31st May	15th June
1st June – 31st August	15th September
1st September – 31st December	15th January

A step-by-step guide to paying quarterly taxes

To pay quarterly taxes, you must determine this information regarding your business – taxable income, gross income, deductions, credits and taxes for the year. You can use the IRS 1040-ES worksheet as a guide for additional information on how to calculate the estimated quarterly taxes.

Step 1: Estimate taxable income and income tax

Go through these steps to estimate the taxable income for the year:

From the expected total revenue, subtract all business expenses to calculate your income.
Deduct any above-the-line deductions like retirement savings, health savings accounts and interest on education loans.
Subtract the standard deduction, and you will get your taxable income.
Use your tax bracket for the current year that is made available via the IRS to calculate income tax.

Step 2: Calculate self-employment tax

In order to calculate self-employment tax, start by calculating net earnings for the given year. You can do so by simply deducting business expenses from the gross income.

Step 3: Divide total tax into quarterly payments

Determine your quarterly payments by first figuring out your estimated total tax. For that, simply add the estimated income tax and estimated self-employment tax. Following that, divide the estimated annual tax by four, and you will get the estimated quarterly payments which you need to pay before every quarterly due date.

Step 4: Send your quarterly payments to the IRS

There are several methods through which you can send quarterly payments to the IRS – online payments, by cash/check, with the IRS2Go app or via phone (the Electronic Federal Tax Payment Service).

You should keep in mind that an annual tax return still has to be filed. And depending on business performance, estimated taxes can be adjusted every quarter. Underpaying quarterly taxes will attract a penalty. The interest rate for underpayment by taxpayers was 5% for the first quarter of 2022.

However, this rate is subject to change every quarter. Generally, one should have paid a minimum of 90% of the tax for the current year so as to avoid this penalty. But, again, this number is also subject to change.

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Reference Link

https://www.thebalancesmb.com/all-the-taxes-your-business-must-pay-399045

https://www.credibly.com/incredibly/quarterly-taxes/

https://www.deskera.com/blog/quarterly-taxes-small-business/

https://www.synovus.com/business/resource-center/managing-your-money/small-business-tax-timeline-annual-vs-quarterly-filing#:~:text=The%20IRS%20requires%20most%20small,taxes%20and%20self%2Demployment%20taxes

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September 13, 2022

5 Reasons Why You Should Consider Shifting Your Business to Florida
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The number of employers shifting their business to Florida is increasing each day. Moreover, Florida welcomes them with open arms by providing everything they need to settle in. In fact, reports say Florida has become the top destination of employers and workers working at the traditional business hub, i.e., Silicon Valley, New York City, and Los Angeles.

However, the question is, why are so many people moving to Florida, and what are the reasons for their business relocation? Find your answer in the next section.

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What Are the Top Reasons Making Employers Shift Their Businesses to Florida?

Here are some of the best reasons why employers find Florida to be the ideal place to shift their businesses –
- Location with Great Opportunities
Florida ranks highly when finding the best environment for growing a company because of its benefitting business policy and streamlined regulatory terms. In fact, the state has an incentive structure for all businesses, from corporate headquarters to manufacturing plants and firms.

In addition, its excellent connectivity to various business hubs makes it easy for entrepreneurs to carry out operations. It has 16 international passenger service airports and multiple new transportation developments.
- Best Quality of Life
One thing that no one can deny is that Florida has the best climate, with the sun shining almost all year. This, when combined with the newly adopted work-from-home policy for workers, they get enough opportunity to enjoy sunny beach days all year round.

In addition, the state also boasts about its cultural attractions, best restaurants, and overall quality of living. Not to mention, Florida is largely invested in creating an environment for the future.
- Most Business-Friendly Tax Structure
One main reason businesses plan their relocation to Florida is its favorable tax rates. It is the only one in the nine states that do not have any tax on gifts, inheritance, and intangible personal property. Also, there is no income tax, and only 5.5% tax is applicable on corporate incomes, which is a huge game changer for businesses.

So now, when employers and workers are no longer tied to physically work in the traditional technology hubs, they are moving forward to enjoy the tax benefits.
- Florida’s Affordability
The state of Florida is experiencing a great influx in the real estate market. Moreover, the demand for new housing and office development has also increased. Thus, increasing the commercial and residential land sale prices. However, it is still lower than in many northern states and California. This adds to the benefits of an entrepreneur running a business.
- Florida is Self-investing
Regarding economic growth, Florida is working on it by investing in itself. It has improved its education system and worked immensely in the state’s infrastructure over the last decade. It has provided better funding to local schools and improved the education curriculum.

The new broadband infrastructure ensures high-speed internet connectivity among citizens. Moreover, the workforce development program has strengthened the pipeline of qualified workers.

In addition, the public and commercial airports, rail systems, and deep-water seaports indicate highly developed infrastructure. These are geared toward serving multiple industries.

The upward stat of business establishment and growth shows that the state has a winning formula for carrying a successful business. The upward trending economy, excellent quality of living, and thriving entrepreneurial ecosystem all are adding to the reasons to shift one’s business to Florida.

So, if you too plan to move your business to this state, take professional help handling business challenges and smooth transition. Book a consultation with us now. We can help you with HR support and services.

Also, if you are interested in learning more about this topic, check out our blog section. You can find updates about business, entrepreneurship, and management.

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Reference Links:

https://www.bipc.com/4-reasons-why-businesses-are-flocking-to-florida

https://mobiliticre.com/2020/11/09/9-reasons-why-you-and-your-business-should-relocate-to-florida/

https://www.forbes.com/sites/forbesbusinesscouncil/2022/06/22/three-reasons-why-my-company-is-moving-to-florida/?sh=44ea52e05e9d

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September 6, 2022
Top 3 Tax Benefits for the Residents of Florida
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When speaking of Florida, the first thing that comes into mind is its sunny weather, beach fun, and the top quality of living. But did you know they offer top tax benefits too?

The favorable tax policies benefiting both younger and older taxpayers are adding ways to make Florida the new financial hub. Not only this, but the least corporate tax rate and increased opportunity are also calling entrepreneurs to settle their business here. Read more to know about these tax policies in detail!

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What Are the 3 Primary Tax Benefits That You Can Enjoy in Florida?

Apart from offering talent and new opportunities, there is one more reason people shift to Florida, i.e., its tax benefits. Here are the details:
- Business Tax Benefits
The business-friendly tax policy followed by Florida creates a favorable environment to carry large and small-scale operations in the state. According to a recent estimate, it is seen that families and businesses are saving more than 168 million dollars through this tax benefit.

Here below are some business taxes that you either don’t have to pay for or get a tax break on it:
- Property tax on goods-in-transit and business inventories
- Sales tax on raw material procurement
- Corporate franchise tax on capital stock
- Tax benefit on insurance premium
- Corporate income tax liable on limited partnership
Florida also offers various tax exemptions to promote a healthy environment to companies that utilize clean energy. The resources exempted from tax are solar energy systems, natural gas used to produce electricity, and steam or electricity required for manufacturing.
- Inheritance and Estate Tax Benefits
Many wealthy individuals are flocking to Florida after inheriting property and wealth to enjoy no inheritance tax benefit, also called ‘death tax.’ Though back in time, Florida used to collect state estate tax as a ‘pick-up tax’, later, after the changes in the Federal tax, it resulted in the phasing out of this tax.

Now when many states are still determined to keep state death tax, the constitution of Florida prohibits imposing state death tax on its residents. In other words, residents of Florida and their heirs do not have to pay estate taxes to the government.
- No Tax on Income or Retirement Benefits
Florida is the only one in the nine states that do not charge a tax on individual income. Thus, there is no wonder it attracts so many people to reside in the state.

However, tax-free retirement benefits form one more reason for a man to reside in Florida even after retiring. Below are the incomes on which retirees do not have to pay tax in Florida:
- Social security income
- Income earned from a part-time job
- Private and public pension income
- Retirement account withdrawals
This help save thousands of dollars that you may have incurred by living in other states. Like, while the income tax is 0% in Florida, other states charge 3% to 9% tax on income. In fact, the constitution of Florida also prevents municipalities and counties from imposing income tax on local levels.

This sums up the tax benefits individuals and employers can attract by moving to Florida. However, there are much more reasons for entrepreneurs to move their business to Florida, like the diversity of talent, lower cost of operation, and reduced real estate costs. So, contact us to ensure a smooth transition if you plan to shift your business.

We can provide you with an experienced HR team that can take up any business challenge that is to come. Also, if you like, you can read more about management, business, and public relation in our blog section. It can give you more knowledge of the field.

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Reference Links:

https://www.ey.com/en_us/financial-services/changing-state-residency-tax-considerations-when-moving-to-florida

https://www.europeanbusinessreview.com/top-5-tax-benefits-of-becoming-a-florida-state-resident/

https://tributaryliving.com/5-financial-benefits-of-making-the-move-to-florida/

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August 23, 2022
5 Key Things to Know About Before Moving Your Business to South Florida
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Are you planning to move your business to South Florida? Well, the migration of many large multinational companies to South Florida is full-on in play due to the adoption of the new work-from-home policy. On top of this, the affordable tax and friendly business environment serve as a real magnet.

Companies are no longer tied to larger hubs like New York City and Silicon Valley to conduct their business. They can work in the new technology hotspot while enjoying its sunny climate. However, to ensure you are making an informed decision, know about the 5 important things about Florida!

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Important Things to Consider Before Moving the Business to South Florida?

Over the last decade, Florida has noticed a high influx of population, which doubles the overall growth rate of the US population. Moreover, after the emergence of the work-from-home policy now, business and their employees understand it is possible to carry out their work virtually from any part of the world.

So, companies to enjoy the business advantage of South Florida are moving their operation. However, before doing so, consider these 5 things covering the positives and negatives of locating a business in South Florida.
- Welcoming Business Environment
South Florida promotes a welcoming business environment. Their tax rates are highly reasonable, including 5.5% corporate income tax, no estate/ inheritance/ gift tax, and no personal income tax. Additionally, there are multiple tourist cities and centers in the state, thus having enough opportunity for earning business revenue.

Apart from this, the low cost of living in Florida increases your spending power per dollar, thus boosting your sale due to low goods and service costs. Not to mention, South Florida has amazing weather, i.e., warm and appealing around the year.
- Affordable Office Rent
Even though there has been a huge influx of companies in the state, it has still managed to keep the rent for commercial and industrial establishments less. Thus, companies are able to save millions of dollars they would have spent on rent.
- Increasing Corporate Presence
Florida is building itself into a business powerhouse by giving companies the required comfort to move and limiting the potential risks. Corporations are also interested in moving to this state because of easy access to talent.

This state hosts several top universities and provides an abundant skilled workforce and an affordable cost of living. On top of this, pioneering companies showing successful relocation rate is giving businesses the required confidence.
- Possible Isolation
Many established business centers fear losing the competitive edge and the amount of productivity over the rate race for sunny Florida. However, an important thing to consider here is even when they relocate, they still maintain their presence in the origin city.
- Culture Shock
There is a possibility of experiencing a dramatic difference in the behavior and practice of the new state. Also, the politics and standard of politeness may affect the working environment for a while. However, with patience, one will be able to overcome it easily.

The traffic in this state has worsened by increased tourism and the abundance of stadiums or sports arenas. Some also complain that the weather is humid and unpredictable, but it solely depends on one’s comfort.

Overall, South Florida has many things to offer to businesses that can help them flourish. This is why Florida is becoming a hotspot for financial success. However, one must always be aware of its attached downsides.

So, read this piece and if you plan to move your business to South Florida, take the help of an off-site HR team. It will ensure a smooth transition. Contact us for professional assistance. We can help overcome your every business challenge. Also, check out our blogs if you are interested in similar topics.

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Reference Links:

https://soooboca.com/moving-your-business-to-boca-raton/

https://stantoniplaw.com/moving-business-to-florida/?utm_source=rss&utm_medium=rss&utm_campaign=moving-business-to-florida

https://www.ioptimizerealty.com/blog/pros-cons-business-move-to-florida

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August 9, 2022

Tag: business payroll

4 Ways to Spot Your Overpayments for Business Services

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5 tips for driving away tax season blues

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What Are Exempt Employees?

What Are Non-Exempt Employees?

Comparison Between Exempt Vs. Non-Exempt Employees

Exempt Vs. Non-Exempt – Which Is Better?

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What Are the Basics of Payroll Deduction?

What Are the Types of Deductions?

What Are the Mandatory and Voluntary Payroll Deductions?

Voluntary Deductions

Reference Links:

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A look at the different payroll schedules

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Types of benefits that your business should offer

Final word

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What are quarterly taxes?

Who should file quarterly tax returns?

When are quarterly taxes due?

A step-by-step guide to paying quarterly taxes

Step 1: Estimate taxable income and income tax

Step 2: Calculate self-employment tax

Step 3: Divide total tax into quarterly payments

Step 4: Send your quarterly payments to the IRS

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What Are the Top Reasons Making Employers Shift Their Businesses to Florida?

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What Are the 3 Primary Tax Benefits That You Can Enjoy in Florida?

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Important Things to Consider Before Moving the Business to South Florida?

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