Best bookkeeper services New York provider: What are my obligations as an employer? Upon being notified of a wage garnishment court order, an employer should immediately alert the employee to the situation in writing. Depending on the garnishment, there may be a form provided for this (i.e., Form 668 for a federal levy). An employer can also draft a letter detailing the specifics of the wage garnishment order, the amount to be taken from each payment, and the length of time the wages will be garnished. Concurrently, an employer should notify their HR and/or payroll departments so they can start the wage garnishment process and ensure that payments are sent to the appropriate agency or creditor (whether the employee wishes to comply or not). Taking these actions protects the business from any legal repercussions for failing to respond to the order.

Find the right tax forms! You won’t find all of them at the post office and library. Instead, you can go right to the source online. View and download a large catalog of forms and publications at the Internal Revenue Service website or have them sent to you by mail. You can search for documents as far back as 1980 by number or by date. The IRS also will direct you to sites where you can pick up state forms and publications. It’s easier to take the standard deduction, but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area. Itemizing is worth it when your qualified expenses add up to more than the 2019 standard deduction of $12,200 for singles and $24,400 for married couples filing jointly. Many deductions are well known, such as those for mortgage interest and charitable donations. You can also deduct the portion of medical expenses that exceed 7.5% percent of your adjusted gross income for 2019 (10% of AGI beginning in 2020).

Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.

Whether you want to get a business loan, answer an auditor, or simply design next year’s budget and business plan, you need the assistance of a full-charge bookkeeper. They can help ensure that each of these tasks are completed correctly, in a timely manner, and that they are accurate enough to be truly useful. Between the accounting software specialist and the full-charge bookkeeper, you will have begun to create a set of checks and balances within your business. Individual department spending will be recorded and analyzed by the bookkeeper, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets. Find more info on Bookkeeping services New York.

So your first consideration is whether you just need compliance – basic bookkeeping – or if you’re ready to graduate to full service accounting that will help you drive increased profits, improved cash flow and growth. They require very different levels of effort and expertise and as you can imagine, the cost for full service accounting is much higher. However, most businesses that make the leap see the value and experience an ROI rapidly.

Responsible and Responsive : Our team comprises of qualified, individuals who know their job well. They are responsive enough to put your mind at ease regarding your concerns.They support you through the entire process in a professional and amiable way. Benefits: Reduce your personal liability by separating your business and personal assets; Choose to incorporate if you are considering taking your company public in the future. Find more info at https://www.mergebookkeeping.com/.