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I work with sole proprietors and small business owners with 1 - 5 employees. But, a lot of small businesses have more than five employees. You will need to find a larger payroll service professional for larger small business companies. Read on to learn about how to pick the right payroll service. Table of contentsAsk for recommendations from other associates.Ask the right questions to the payroll company.Ask for their credit rating and how they keep their business files secure.Ask any questions you have about the contract. Ask for recommendations from other associates. Many people use payroll services, so asking around will give you some direction on who to talk to. Check to see if they have reviews on Yelp or Google My Business. You can even review to see if there is any news about the company by googling them. Ask for referrals from the payroll company to speak with them directly. Speak directly with the owner of the payroll company. If they are reluctant, you may want to go elsewhere. Ask your bookkeeper for recommendations. Many bookkeepers may have affiliates with payroll companies. They may be able to give you a good deal. Ask the right questions to the payroll company. Verify that the service providers will submit the quarterly, monthly, and yearly reports for you electronically or by mail. Gathering this information from the tax offices is vital. But, what’s even more vital is that they submit the reports promptly because you would be at fault, not them. Related topics: Bookkeeping ServicesA QuickBooks Online Payroll ReviewHow to tell your Valued Customers you need to Increase RatesHow to Create a Well-Organized Small Business Bookkeeping Binder3 Benefits of Reconciling Your Credit Card Statements Ask for their credit rating and how they keep their business files secure. Check their credit ratings. If they can check your credit, you can check theirs as Visit the post for more information. #sabrinasadminservices https://lnkd.in/eZVDGYR

I work with sole proprietors and small business owners with 1 - 5 employees. But, a lot of small businesses have more than five employees. You will need to find a larger payroll service professional for larger small business companies. Read on to learn about how to pick the right payroll service. Table of contentsAsk for recommendations from other associates.Ask the right questions to the payroll company. Ask for their credit rating and how they keep their business files secure. Ask any questions you have about the contract. Ask for recommendations from other associates. Many people use payroll services, so asking around will give you some direction on who to talk to. Check to see if they have reviews on Yelp or Google My Business. You can even review to see if there is any news about the company by googling them. Ask for referrals from the payroll company to speak with them directly. Speak directly with the owner of the payroll company. If they are reluctant, you may want to go elsewhere. Ask your bookkeeper for recommendations. Many bookkeepers may have affiliates with payroll companies. They may be able to give you a good deal. Ask the right questions to the payroll company. Verify that the service providers will submit the quarterly, monthly, and yearly reports for you electronically or by mail. Gathering this information from the tax offices is vital. But, what’s even more vital is that they submit the reports promptly because you would be at fault, not them. Related topics: Bookkeeping ServicesA QuickBooks Online Payroll ReviewHow to tell your Valued Customers you need to Increase RatesHow to Create a Well-Organized Small Business Bookkeeping Binder3 Benefits of Reconciling Your Credit Card Statements Ask for their credit rating and how they keep their business files secure. Check their credit ratings. If they can check your credit, you can check theirs as well. Visit the post for more details. #sabrinasadminservices https://lnkd.in/gEEg4vYy

I work with sole proprietors and small business owners with 1 - 5 employees. But, a lot of small businesses have more than five employees. You will need to find a larger payroll service professional for larger small business companies. Read on to learn about how to pick the right payroll service. Table of contentsAsk for recommendations from other associates.Ask the right questions to the payroll company.Ask for their credit rating and how they keep their business files secure.Ask any questions you have about the contract. Ask for recommendations from other associates. Many people use payroll services, so asking around will give you some direction on who to talk to. Check to see if they have reviews on Yelp or Google My Business. You can even review to see if there is any news about the company by googling them. Ask for referrals from the payroll company to speak with them directly. Speak directly with the owner of the payroll company. If they are reluctant, you may want to go elsewhere. Ask your bookkeeper for recommendations. Many bookkeepers may have affiliates with payroll companies. They may be able to give you a good deal. Ask the right questions to the payroll company. Verify that the service providers will submit the quarterly, monthly, and yearly reports for you electronically or by mail. Gathering this information from the tax offices is vital. But, what’s even more vital is that they submit the reports promptly because you would be at fault, not them. Related topics: Bookkeeping ServicesA QuickBooks Online Payroll ReviewHow to tell your Valued Customers you need to Increase RatesHow to Create a Well-Organized Small Business Bookkeeping Binder3 Benefits of Reconciling Your Credit Card Statements Ask for their credit rating and how they keep their business files secure. Check their credit ratings. If they can check your credit, you can check theirs as well. Visit the post for more details. #sabrinasadminservices https://lnkd.in/gEEg4vYy

Solo Practice Blog: Cash Flow, preliminary thoughts Today my payroll was due. The typical small business owner/lawyer actions on payroll day: EVERY ONE GET THEIR BILLING TO THEIR CLERKS ASAP. I go through this bi-weekly struggle, it is painful every time. In 2024 I decided that things were going to be different. I wanted to ensure that I would have to regular flow of money into my general account to make sure that it would not have to be a full court press on the bi-weekly due date. I decided to submit daily legal aid bills, to send regular invoices and updates to clients to ensure a daily stream of incoming revenue. So far it has been 6 weeks, and today for the first time when payroll was due, I sent my law partner this message: "So let me get this straight. Payroll was due today. And the money was just....there...? In our bank account? And we could do other things today and not hunt for money?" Here are some starting points on this topic, because I know I will be writing alot more about it: 1. Daily dockets. It is so important to log what you are doing every day, whether it is billable or not billable. You need to keep track of this. 2. Talk about money and accounts owing with your clients as comfortably as you would talk about their case with them. Send them regular invoices. 3. Develop a system where you bill regularly, whether it is submitting a legal aid bill or drawing from Trust. This doesn't all have to be done in one day. Set up a system that alerts you when you get to a certain number of hours for drawing bills: I have committed to submitting bills when I am in the 6-8 hour range. I want to do it frequently, so I can maintain a certain balance in my general account, and so payroll day doesn't feel so stretched. 4. If I don't submit my cash bills every day for draw, I make them ready for when I know we are going to be doing Trust billing. That way payroll day is not a whirlwind of billing and invoicing, and we can do one Trust draw (our bookkeeper is grateful). 5. Legal Aid needs daily attention and bill submission. Even if it is a small bill. Legal Aid billing is tedious, exhausting, and time-consuming. If you don't keep on top of all of the bills, you will forget them, and regrettably forfeit those small amounts just because you have forgotten them. The flow of cash from Legal Aid into your account keep your business pushing forward. And you won't leave cash on the table by forgetting to bill your accounts. 6. I ask my clerk to ask me for my dockets and for my bills for submission. She keeps me accountable. It relieves her stress too. Please accept this grain of salt with my advice: This is my best case scenario advice. I will have payroll weeks this year when I am feeling the financial stress of the deadline. I will also have payroll weeks this year when I am in trial or on vacation and relying on my previous weeks' draws to cover the amount. This is part of the ebbs and flows of small business.

How to Report Payroll Taxes Employers typically use the following IRS forms to report money withheld from employees’ paychecks for federal requirements. They can be submitted electronically or by mail: Form 940 – Used to report annual FUTA tax. Form 941 – Used to report income taxes, Social Security tax, and Medicare tax withholdings quarterly. Form 944 – Used instead of Form 941 by small employers whose annual liability for Social Security, Medicare, and withheld federal income taxes is $1,000 or less. These forms may be submitted electronically or by mail. The IRS requires employers to deposit federal payroll and income taxes through electronic funds transfer using the Electronic Federal Tax Payment System® (EFTPS). State and local regulations and forms vary. Employers must follow their jurisdiction’s rules for reporting employee withholdings and submitting payments to the proper agencies. Who should handle reporting and depositing payroll taxes for your company? It’s important to make sure someone has the knowledge, attention to detail, and time to do it accurately. Small businesses often outsource payroll reporting to an accountant, bookkeeper, or a payroll management company. In larger companies, payroll is usually a function of HR or the finance department. Keep Learning: What is Payroll? Tips for Controlling Payroll Taxes If you want to minimize your payroll tax obligations, discuss your situation with an accountant or other tax professional. Two things to consider that might potentially help reign in payroll tax responsibilities include: Hire independent contractors (ICs) – ICs are not considered employees, and therefore, your business does not have to withhold, pay, or deposit payroll taxes. Be careful to stick to the guidelines established for IC status to avoid the IRS and state coming to you for back payment of employer taxes. Elect S Corp status – C Corporations and LLCs can elect to be taxed as S Corporations, as long as they meet IRS S Corporation qualification requirements. S Corporations are structured as pass-through business entities, which means profits and losses are passed through to the company’s owners/shareholders. S Corporation owners who work in the business are employees, so only income from their wages and salaries are subject to FICA taxes, thus lowering the individuals’ Social Security and Medicare tax burden. While the business owners’ remaining income from the S Corp’s profit distributions is subject to income tax, it is not subject to payroll taxes.

Preliminary bulk billing data released this week shows a 2.1% rise in bulk billing as much as March. This comes after the federal government tripled the motivation payment for GPs to bulk bill concession-card holders and kids under 16 for many consultations. The latest data confirms the December-quarter data, which shows the increased bulk billing incentive, announced within the 2023 budget, arrested the decline in bulk billing brought on by the just about decade-long freeze in rebates under the previous government. The decline in bulk billing rates was affecting access to care. About 1.2 million people missed out on or delayed seeing a GP in 2022–23about double the speed in 2021–22. This negates the promise of Medicare: that Australians shouldn’t face financial barriers to accessing care. But progress on bulk billing rates is being undermined by changes to state government tax rules. About one-quarter of state government tax revenue comes from payroll tax. States have been looking around to extend tax revenue from any source and have tightened their payroll tax rules. An increase in a practice’s payroll tax reduces its profits. Clinics will seek to make up the shortfall in revenue by other means – and this might include reducing the variety of patients they bulk bill. Read more: Medicare turns 40: since 1984 our health needs have modified however the system hasn’t. 3 reforms to update it What’s the change to state payroll taxes? Payroll tax law is complex but essentially it says anything that appears or smells like an worker payment is subject to payroll tax. But what if the connection between the practice and the GP is a contractual one? What if the GP is a “contractor” and pays the clinic a share of fees but is just not really an worker? It was thought such cases were exempt from payroll tax. But in March 2023, this perception was shown to be a misunderstanding of the law. The New South Wales Court of Appeal ruled that where a practice has a “fee-sharing arrangement”, payments to those GPs are chargeable for payroll tax. In the NSW case, this meant the practice billed the patient on a GP’s behalf. The practice paid 70% of the fee to the GP and retained 30%. Tax was payable on the 70%. GPs in the identical practice who billed patients directly and paid 30% to the practice weren’t throughout the scope of the case. To date, general practices had assumed contractual payments weren’t liable to payroll tax and so at the moment are facing latest ongoing costs and, in lots of cases, large back payments as well. Bulk billing rates have been declining until recently. Stephen Barnes/Shutterstock Some states have indicated they may make clear the law in the final practices’ favour, specifying what contractual arrangements may escape any payroll tax obligation. Some state revenue officesakin to Queensland, have issued public rulings to