Many owners of sole proprietorships, partnership, trusts and S corporations could get to deduct up to 20 percent of their qualified business income. The new tax deduction for owners is referred to as Section 199A deduction which was created by …
The Importance of Tracking Employees Time
When a business utilizes a timekeeping system for tracking employees time, they typically have fewer payroll errors. For example, time is not inflated, it’s easier to track overtime and vacation accruals, and it assists with staying in compliance of current …
Keep Your Employees Happy; Outsource Payroll
A happy staff is typically more productive. Businesses can save money by employing one productive person rather than two unproductive people. You may be wondering what you can do to keep your staff happy and productive. There are several ways, …
Keep Your UI Rate Low
Did you know that the Colorado Department of Labor and Employment (CDLE) requires all employers with at least one employee to carry Unemployment Insurance (UI)? Unemployment Insurance is a state pool funded by employers to pay employees who find themselves …
Certified Payroll Reports Are Complicated
If your company has been awarded a contract for a federally funded project, you must pay your workers at least prevailing wages (including fringe benefits) according to the Davis-Bacon Act. You will be required to pay your employees weekly and …
New Regulations for Tangible Property
Over the last two years, the Internal Revenue Service issued new final rules which go into effect for tax years beginning after 1/1/2014. These incredibly complex Regulations require you to keep much better records for Materials & Supplies, Equipment, Fixed …
Important Adjustments to Your 2014 Tax Return
Income Tax Rate Changes In 2014, taxable incomes above the following thresholds now fall into the 39.6% bracket: Married Filing Separately ($228,800), Unmarried Individuals ($406,750), Head of Household ($432,200), and Married Filing Joint Returns ($457,600). Standard Deduction Increases The …
Payroll is changing…we have the solution!
Change is sometimes concerning for business owners, but to have vitality in today’s business market it is important to go through justifiable change to not only make your business better, but to also make your workforce happier and more efficient. …
From the Affordable Care Act: New Forms For Your 1040
Several new forms will be issued to taxpayers this year from the Affordable Care Act, primarily Form 1095-A, B and C. In order to complete your 2014 return we must have all copies of Form 1095. These forms provide us …
Something Phishy
“Phishing” is defined as the attempt to gather secure information such as usernames, passwords, credit card info, etc. by posing as a trustworthy business or organization in electronic communication. A common form of taxpayer phishing we have seen lately involves …