Fortune Business Consulting

Tag: Small business owner

  • W-2 and 1099 Deadlines for Business – Important Dates & Penalties

    W-2 and 1099 Deadlines for Business – Important Dates & Penalties

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    Does your company work with contractual workers too? Are you looking for a ‘W-2 and 1099 deadlines’ for your business? 

    Companies hiring non-employees/contract workers or employees must provide them with complete tax information. They must provide the necessary W-2 form to their employees and 1099 forms to contractual employees. 

    This article throws light on the deadlines of these forms, and the penalties you might face if you do not file them within the same.

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    What Does a W-2 Form Include?

    This form evaluates an employee’s compensation for the previous tax year (January 1st to December 31st). W-2 Form consists of:

    • Total compensation for an employee
    • Social Security wages
    • Medicare wages
    • Number of tips
    • Certain amounts were withheld for social security, medicare, and federal and local, and state taxes for that year.

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    Apart from these the form also consists of information regarding:

    • An employee’s contribution to retirement plans sponsored by employers
    • Information on pension plans
    • Employer-sponsored health plans and coverages
    • Moving expense reimbursements
    • Certain qualified adoption expenses

    Therefore, keeping all these in mind if you find an employee in your organization who earned compensation during the taxable year, you need to definitely file a W-2 form.

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    What Does a 1099 Form Include?

    1099 form is meant for non-employees and there are many Internal Revenue Service tax reporting forms under the 1099 section. 

    Here below is when you must use this non-employee compensation form:

    • You must use this form when you are paying freelance employees, professionals, contractors, and independent workers.
    • In addition, you need to furnish this form if your organization has made payments to any business or an individual of a certain amount for services they provided to your organization during that particular year.

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    What Are the Deadlines for W-2 and 1099 Forms?

    Here are the due dates for filing these forms:

    • Whether you are filing it through electronic mode or by paper, you must provide your workers/employees with their W-2 forms and file them with the Internal Revenue Service by 31st January. 
    • However, if you made a payment to the freelancers and the independent professionals in the previous year, you need to furnish Form 1099-NEC to them and Internal Revenue Service by 31st January.
    • Similarly, if you require issuing a 1099 form to someone to evaluate other income payments, awards, or prizes, you must provide a copy of this form to the person by 31st January again.
    • Moreover, organizations still have time until February 2023 to file the same with Indian Revenue Service if they file via paper.
    • If they file through an electronic mode of payment, they have time till the 31st of March for that financial year.

    Now, let us find out if we can file an extension.

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    How to File a W-2 or a 1099 Extension?

    In case you are unable to meet the January 31st due date for both of these forms, you have the provision of filing an extension application. Here is what you can do:

    • Your company can request a 30-day extension period to file these forms where you need to submit a proper extension application by 31st January.
    • There is no provision for getting an automatic extension and you can also not file an extension through electronic mode.
    • You need to mention the exact reason for the extension. Further, the application must have a signature of an authorized person in your company.
    • You must properly include the name of the payer, address, and tax ID details. Also, mention the type of return as well.

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    What Are the Consequences of Not Filing W2 and 1099 Forms?

    Eventually, if you fail to file these forms within the deadline or if you are filing incorrect or incomplete forms, you will have to pay heavy fines. Penalties and fines depend on the days you are late to file them and are imposed on each form. 

    It includes $50 if you file within 30 days before the due date, $110 if more than 30 days but before August 1 and $280 if after that. However, if the form was not filed intentionally this fine increases to $560 for each form. 

    Refer to the above information to understand the requirement of W2 and 1099 forms in a business. Also, know the deadline to file the same and more. Following the deadline will relieve you of high penalties. Besides, you can contact us for HR solution that is in case you are a start-up and still learning how the business work. If you wish to know more about it, please explore our blog section too.

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    Reference Links:

    https://www.thebalancemoney.com/late-filing-penalties-for-w-2-forms-and-1099-misc-forms-397948

    https://www.rocketlawyer.com/business-and-contracts/business-operations/small-business-taxes/legal-guide/small-business-tax-alert-issue-w-2s-and-1099s-before-the-deadline

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Know All About 1099 Employees and Should You Hire Them ?

    Know All About 1099 Employees and Should You Hire Them ?

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    In simple terms, 1099 employees are self-employed or independent workers working in a company as freelancers. With the revolution in communication and workplace mobilization, it has become increasingly smooth to connect with clients and deliver work online. 

    Thus, many businesses are considering hiring 1099 employees to increase work flexibility and productivity. In case, you also are considering hiring a 1099 employee, here are all the things you should know.

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    Who Is a 1099 Employee?

    A 1099 employee is an independent worker who needs to report the income to the IRS by filling out a 1099 tax form. They mainly include freelancers, independent contractors and consultants and are actually non-payroll workers of a company. 

    When a company hires a self-employed worker, it is treated the same as a contractor signing a contract with a business. As a result, the individual and the company must work together to complete the task at an agreed rate. 

    What Are the Different Categories of 1099 Employees?

    The following are the different categories of 1099 employees that provide services to the general public as an independent contractor:

    • Dentists
    • Doctors
    • Real Estate Agents
    • Veterinarians
    • Contractors
    • Accountants 
    • Lawyers

    What Are the Advantages of Hiring 1099 Employees?

    The following are the benefits companies can enjoy by hiring 1099 employees over W2 workers:

    • Lower Business Expense

    If companies recruit 1099 employees, they do not have to pay taxes to the government on behalf of the independent worker. Moreover, there is no requirement to provide health insurance, unemployment insurance, employee compensation or others. 

    In addition, owners do not even have to give the self-employed any sick leave or retirement benefits. As a result, companies can save 30% of their cost on human capital and other business expenses.

    • Better Market Agility

    When working with independent workers, companies can get better market agility. In addition, unlike full-time employees working for the organization for years, management has the option of ending the working relationship with freelancers. 

    Thus, companies can approach new independent workers with current market knowledge to take up the task as the market changes.

    • Access to Talented Human Resource

    In search of full-time employers, companies often miss out on the opportunity to work with talented professionals. This is because a high chunk of people opts to work independently. They like to have a flexible work schedule, the ability to pick ones they want to work with and get the freedom to set their rates. 

    Thus, by hiring 1099 employees, management also gets the chance to build a working relationship with this talent pool.

    What Are the Risks of Hiring 1099 Employees?

    While there are many benefits of hiring 1099 employees, there are a few risks involved, too. They are:

    Misclassification: Though initially, 1099 employees will be working as independent workers, gradually their relationship with the company may change over time. So, it is best to review the status of the contract every 2 to 3 months to avoid misclassification.

    Penalties and Fines: If authorities find that your company misclassifies workers, it can attract huge penalties, fines, back taxes and even lawsuits. 

    Worksite Injuries: If the independent contractors you hire do not have insurance coverage, your company may be liable for his/her recovery.

    Should You Hire a 1099 Employee or W-2 Employee?

    Companies need to be agile, competitive and fast in the current business environment. Moreover, this is only possible when you hire 1099 employees along with full-time employees. First, however, you must understand how to work with independent contractors without creating risks to benefit from it. 

    To sum up, if you find a balance and do not cut corners with the IRS, then employing 1099 workers can benefit you. To gain more knowledge relating to business or management, you can check out our blog section. 

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    Reference Links:

    https://velocityglobal.com/blog/5-things-know-hiring-1099-employee/#:~:text=A%201099%20employee%20is%20an,a%20contract%20with%20a%20business.

    https://employersresource.com/business-compliance/what-is-a-1099-employee/

    https://www.stoketalent.com/blog/what-is-a-1099-employee/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Stop Overpaying for These 4 Business Expenses: What and How ?

    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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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Never Worry about Tax Season Again, Dear Small Business Owners

    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. 15th April
                2. 15th June
                3. 15th September
                4. 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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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • A Simple Guide on Exempt Vs. Non-Exempt Employees: Which Is Better ?

    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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    Contact Us

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  • An Ultimate Employer Guide to Understanding Payroll Deductions

    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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  • Which Payroll Schedule is Right for You ?

    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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  • Quarterly Taxes: Which Taxes Should Your Business be Paying?

    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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  • Top 3 Tax Benefits for the Residents of Florida

    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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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • A Detailed Guide to the Perfect Quarterly Audit Checklist for Every Business Owner

    A Detailed Guide to the Perfect Quarterly Audit Checklist for Every Business Owner

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    An internal audit measures an organization’s compliance with internal and external standards. With an internal audit checklist, a small-business owner can regularly validate a firm’s compliance with its procedures and policies. 

    The results of an internal audit flag potential noncompliance problems so that a company takes corrective action without the involvement of regulators. Entrepreneurs must note that their company does not require an audit committee or department to conduct an internal audit.

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    Audit checklist for business owners

    Listed below is an audit checklist for businesses:

    Operations Audit

    • Promotion and advertising
    • Production
    • Sales and marketing

    Management Audit

    • Personnel
    • Basic planning

    Financial Audit

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    The first checklist that an organization requires is a list of the business functions that should be audited. Then, they must audit its management function. This is to make sure that the firm’s business plans are strategic and sound. Next, a firm must audit its operations to ensure that employees follow consistent processes to maximize performance. Finally, to guard against fraud, the organization audits the financial practices. 

    Management must repeat the audit process periodically to make sure that compliance continues.

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    A detailed insight into the audit checklist

    Given below is a detailed insight into the audit checklist:

    • Operations Audit: To measure performance

    An operations audit measures the performance of a business’s core function. The items on an operations audit’s checklist cover an assessment of the firm’s on-time service and goods delivery. 

    To elaborate, it implies whether a firm features sufficient contracts with its vendors, how it trains new employees, how it validates the effectiveness of training and maintains customer relationships, and so forth.

    Additionally, an auditor looks into the effectiveness of an organization’s sales staff. It also gauges that the staff periodically updates their knowledge about competitors, markets, and related technology.

    • Management Audit: To validate an organization’s strategic plan 

    Management audit validates the strategic plan and structure of an organization. The auditor reviews the objectives and goals to ensure that the firm’s framework supports the goals. Similarly, the goals of every individual employee must be in line with the company’s overall goals. Additionally, the auditor analyses the company’s organizational charts and ensures that managers are accountable to the business owner and that employees are accountable for their performance.

    • Financial and Regulatory Audit: To evaluate the organization’s financial performance

    Financial audit emphasizes regulatory requirements like tax filings and corporate governance. 

    An auditor verifies that the organization has secured the necessary permits and licenses to conduct business. He/she inspects an organization’s accounts. This is to make sure that the personal accounts and records are not commingled with business accounts and records. Also, it ensures that the accounting system comprises accurate information which is backed by source documents.

    This type of audit also verifies that an organization calculates the wages of every employee accurately. In addition, it confirms that a firm makes the statutorily necessary payments for insurance and taxes and offers assured fringe benefits.

    An audit checklist is basically a document developed during the audit planning stage. Essentially it is a list of tasks that should be completed as part of the audit. A majority of auditing software programs feature several standard audit checklist templates that can be utilized for various audits. 

    Business owners must note that if their enterprise lacks proper risk management, payroll, or HR infrastructure, they can face problems developing a quarterly audit checklist. For that matter, individuals can opt for us to manage these important areas. Additionally, they can go through our blogs if they are willing to know more about what we are up to.

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    Reference Links:

    https://www.smartcapitalmind.com/what-is-an-audit-checklist.htm

    https://www.webharvest.gov/peth04/20041105092604/http:/sba.gov/library/pubs/eb-5.pdf

    https://www.auditboard.com/blog/audit-checklist-how-to-conduct-an-audit-step-by-step/

    https://smallbusiness.chron.com/checklist-internal-audit-company-16152.html

    https://smallbusiness.chron.com/prepare-checklist-audit-13465.html

    https://www.auditboard.com/blog/audit-checklist-how-to-conduct-an-audit-step-by-step/

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