Category Archives: Tax Return

Save Money On Payroll Processing With These Brilliant Strategies

Whether your company does payroll processing internally or on behalf of third parties, here are some strategies on how to save money on payroll processing. On the surface, payroll processing seems very simple, especially with the payroll processing software that does the math for you. But paying your workforce and even yourself is much more complicated than writing checks. Payroll processing takes time and for small business owners, time is money.

Strategies to Save Money on Payroll Processing

Data Verification

Not verifying the demographics of employees can be one of the most expensive mistakes that business owners make, and it is also one of the easiest to avoid. Make sure all W-2 or 1099 data is accurate and complete before filing it with the state and federal tax agencies, and make sure the information is updated every year.

The Use of direct deposit

Encouraging employees to use direct deposit is another money-saving strategy, and it is not difficult either. Direct deposit reduces stress, checks fraud and the loss of checks. When you use direct deposit, there is no having to cancel payments or reprint checks which can significantly be cost savings for employers.

Avoid all penalties

Processing payroll has so many components: tax payments, deductions from Social Security, contractor designations vs employees etc., which can trip small business owners and result in substantial fines. Many employers choose to outsource payroll processing services. The experience of processors is particularly valuable for companies with multiple office locations. A payroll provider can help you navigate, review and monitor the state’s specific legal requirements, especially for small businesses that can operate in more than one state. More explained here: http://www.multilinkconsulting.com/entrepreneurs-find-hiring-a-payroll-service-brings-perks/

Time

It is tempting to think that the best way to save money on payroll processing is to do it yourself. To find out work with your accountant to determine exactly what services you will need to process the payroll correctly and how long it will take to run the payroll. Then, consider the stress of doing it when you try to build and manage your own business. It does not matter if you employ one or thousands, the business owner must ensure that the payroll is managed accurately and on time. There are many rules and regulations and variations to the rules to learn and keep up as a small business owner. This means just one more thing to do in the middle of a long list of responsibilities.

Investigate outsourcing opportunities

Several regional and national companies specialize in payroll processing, and many banks offer payroll support to business account holders. You can even find small accountants and payroll companies in your community. Vet all possible outsourcing opportunities to ensure that processors have a strong track record as well as the responsibilities and other current protections.

The costs

If you think you might want to outsource, use the payroll task inventory to compare the costs of each provider. Select a processor that agrees to block your basic payroll processing costs per employee for at least a year or more. This helps to project expenses and negotiate rates. Also, make sure all potential costs are disclosed in advance so you do not get surprised when you request a new report or service that was not part of your original service package. These steps will help you maintain your payroll costs over time so you can plan and budget better to remain profitable.

Before discovering how to save money in payroll processing, describe your specific needs using the aforementioned checklist, your accountant can help you make sure you have not forgotten anything. Saving money on …

Filing Tax Returns

Tax returns are basically report/statements which are mostly filled and filed with some government agencies consisting of information that are used in calculating the income and other taxes. These include procedures of which an annual report of earnings and incomes are used by the tax agencies to estimate obligation for tax.

This procedure can be done through the paper and online method of which you have access to the report details of taxable earnings, and earning starting gains. This process helps in claiming tax allowances and tax to be allocated based on yearly earnings and income made.

The purpose of filing tax return is basically to view income records and that the right tax has been allocated based one’s income. The tax agency ensures and checks high value processes and releases a notable view which may be served if it’s discovered that you are spending more than what you’ve declared to be your earnings to be.

Although most people are willing to file this return but get discouraged thinking that the process is too complex, but due to recent development in the tax industry it can be filed both offline and online. Filing online includes the use of internet whereby you have a profile in which you have access to the tax database and make your filings online.

On the other hand, filing offline includes the use of paper filings whereby one is made to make a file filing with data entries made with the use of a pen and file printouts. The processes involved in the two filing processes are discussed below.

Offline tax return filing

Log on to the tax agency website; this is a platform in which one has access to the tax agency website. This is a website built by the tax agencies so as to enable tax payers log on to the tax agency website.

Getting the applicable file; this step includes downloading the applicable return files of which contains the necessary data and input which are necessary for the successful filing of tax return forms. These forms contain empty sections of which the data’s are input.

Print the form this step includes the printing of this form which has been downloaded from the tax agency website.

Filling the form offline; after making a full filling of the file downloaded make a thorough cross checking and generate an XML file which you save on your desktop.

Log on to the task agency website and register, if not registered, you will have access to the portal using then User I.D and Password.

Go to E-File on the website and click on income tax return and upload the saved file on the desktop and submit.

Online tax return filing

This process is almost similar to the offline process, the only additional procedure after the registration and login into the portal is to go E-File and click on income tax return which follows by filling all necessary details and submission. In case you want professionals to handle your tax return, there are some websites like taxreturn247.com.au that offers these services. You can make use of their services where you are sure that your tax returns are handled by specialists.

Filing Income tax return helps a lot at most times of getting loan, acquiring a valued insurance cover, travelling internationally and demanding for refund.…