While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter …
Employee Theft
Employee time theft is a serious crime and occurs when an employee gets paid for time or work they did not do. If you pay a full-time employee $20 per hour, and they steal ten minutes every day, that employee …
ATTENTION ALL SALES TAX LICENSE HOLDERS
Recently the Supreme Court has voted in favor of the State of South Dakota in the Wayfair Case which might affect your business, with Supreme Court Decision and that Decision Explained. Basically the ruling states that Colorado businesses selling products …
Home Tax Deductions
Mortgage Interest – New tax law imposes a lower dollar limit on mortgage qualifying for home mortgage interest deduction. Starting this year taxpayers may only deduct interest on $750,000 of qualified residence loans. This is down from the prior limit …
529 Education Savings Accounts Plan Changes
K-12 education – 2018 changes allows distributions from 529 plans to be used to pay up to a total of $10,000 of tuition per beneficiary each year at an elementary or secondary (k-12) public, private or religious school of your …
Check Paycheck Tax Withheld – Avoid Surprises
The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns. Checking withholding amounts is important. These tax law changes include: • Increased standard deduction • Eliminated personal exemptions • Increased Child Tax Credit • Limited or discontinued certain deductions …
Business Owners May Get Tax Deduction
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 deduction is referred to as Section 199A deduction which was created by the Tax Cuts …
The Importance of Tracking Employees Time
When a business utilizes a timekeeping system, 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 labor laws. By utilizing …
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)? UI is a state pool funded by employers to pay employees who find themselves in …