Martin W.’s Post

Important Update on QuickBooks Payroll Handling I wanted to share an important update regarding QuickBooks Payroll that could affect managing payroll for your businesses. Starting August 2024 for new subscribers and October 1, 2024, for existing customers in select states, QuickBooks Online will change how they handle payroll taxes: Automatic Withdrawals: Payroll taxes will be withdrawn every time payroll is processed and when there’s a change in tax obligations. This includes a one-time withdrawal for federal unemployment (FUTA) taxes on the date of the change. Updated Terms of Service: The Payroll Section of the QuickBooks Terms of Service will be revised to address these changes. Affected States: AZ, CA, FL, GA, IL, KS, NC, NV, TN, TX, VA Options for Users: Continue with Automated Taxes: Users must confirm by September 30, 2024, to continue using automated tax payments and filings. Switch to Manual Tax Management: Automated taxes can be turned off in Payroll Settings, requiring manual payment and filing of payroll taxes by the deadlines. Benefits: Feel free to reach out if you have any questions or need further details. #Payroll #QuickBooks #BusinessUpdate #TaxManagement #SmallBusiness #PayrollProcessing #Bookkeeping #cfo #smallbusiness #cashflow #bookkeeping

LEARN HOW YOU MAY BE ABLE TO GET A PAYROLL TAX REFUND & A FREE $25 RESTAURANT.COM GIFT CARD CPA Scott Rulon will explain how to qualify and apply for a Payroll Tax Refund He will explain a government stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic. Established by the CARES Act, it is a refundable tax credit – that you can claim for your business. Up to $26,000 per employee Qualify with a Revenue Decline or Full or Partial Suspension of Operations due to Governmental Orders You can receive refunds even if you received PPP No upfront fees. THIS EVENT WILL BE ON ZOOM SO PLEASE REGISTER FOR THE EVENT HERE https://lnkd.in/gtRnCP9i August 30th @ 1.30 p.m PST Attendees who register & stay on the Zoom event from start to finish will receive a Free $25 Restaurant.com gift card. Certain conditions apply. Must be in US & had at least 4 W2 employees (excluding family members) during 2020 & or 2021. Have not applied for the ERC before. Had a business affected in some way by Covid 19 and/or government restrictions.

Important Update on QuickBooks Payroll Handling I wanted to share an important update regarding QuickBooks Payroll that could affect managing payroll for your businesses. Starting August 2024 for new subscribers and October 1, 2024, for existing customers in select states, QuickBooks Online will change how they handle payroll taxes: Automatic Withdrawals: Payroll taxes will be withdrawn every time payroll is processed and when there’s a change in tax obligations. This includes a one-time withdrawal for federal unemployment (FUTA) taxes on the date of the change. Updated Terms of Service: The Payroll Section of the QuickBooks Terms of Service will be revised to address these changes. Affected States: AZ, CA, FL, GA, IL, KS, NC, NV, TN, TX, VA Options for Users: Continue with Automated Taxes: Users must confirm by September 30, 2024, to continue using automated tax payments and filings. Switch to Manual Tax Management: Automated taxes can be turned off in Payroll Settings, requiring manual payment and filing of payroll taxes by the deadlines. Benefits: Feel free to reach out if you have any questions or need further details. #Payroll #QuickBooks #BusinessUpdate #TaxManagement #SmallBusiness #PayrollProcessing #Bookkeeping #cfo #smallbusiness #cashflow #bookkeeping

📊 Bookkeeping vs. Payroll Services 👋 When it comes to managing your business finances, understanding the difference between bookkeeping services and payroll services is crucial. Let’s dive into the nitty-gritty of these essential roles! 💰 📚 What is Bookkeeping?  Bookkeeping is like the heartbeat of your financial system. It involves meticulously recording every financial transaction—whether it’s an expense, revenue, or loan—into the ledger. Bookkeepers are the unsung heroes who keep your financial records organized and accurate. 📒 📝 Duties of a Bookkeeper: 1️⃣ Recording Transactions: They document every dollar that flows in and out of your business.🧾 2️⃣ Reconciliation: Bookkeepers ensure that bank statements match your records. 🌟 3️⃣ Financial Reports: They whip up balance sheets, income statements, and cash flow reports. 📈 4️⃣ Expense Tracking: They categorize and organize expenses, making sure nothing slips through the cracks. 💸 5️⃣ Accounts Receivable/Payable: Bookkeepers manage invoices, payments, and outstanding balances.💰 💸 What is Payroll? Payroll is all about paying the troops! It encompasses calculating salaries, withholding taxes, and ensuring timely payments to employees. Payroll experts are the wizards behind those direct deposits that keep your team smiling. 🌟 📋 Duties of a Payroll Expert: 1️⃣ Salary Calculations: They crunch numbers to determine net pay, factoring in taxes, benefits, and deductions. 💰 2️⃣ Tax Compliance: Payroll pros handle withholding taxes, Social Security, and Medicare contributions. 💼 3️⃣ Timely Payments: They make sure your team gets paid accurately and on schedule.⏰ 4️⃣ Record Keeping: Payroll pros maintain detailed records of employee earnings, deductions, and tax information. 🗂️ 🌟 Looking for top-notch professional bookkeeping services and payroll services in Austin, Texas? Look no further! 🤩 Austin Bookkeeping Hub is your financial ally. We offer affordable, stress-free bookkeeping solutions to keep your Austin business running smoothly. From balancing the books to ensuring happy paydays, we’ve got you covered! Contact us today at 512-730-1159 or visit our website for a free consultation. 📊💙 #BookkeepingMatters #FinancialHealth #AustinBookkeepingHub #austin #bookkeepingforsmallbusinesses #business #bookkeepingservices

5 Ways to Solve Your Personal Tax Problem For many self-employed professionals, last Wednesday was a day they dread. The day their personal tax bill falls due. Of course, if you’re sensible and well-organised, you’ll have budgeted and accrued the money so it’s there ready. In my experience, many business owners don’t think like this. You don’t want money sitting in an account earning 0% interest. You want to be investing in growth and opportunity. This is why many find themselves in a bit of a hole on 31st Jan. So what can you do? 1. Talk to HMRC A boring tip to start off with, but if you’re late on your payment, don’t put your head in the sand. Call HMRC and agree a ‘Time to Pay Plan’ with them. They’ll help you to work out an arrangement that is manageable. Don’t be scared. HMRC will help, especially if it’s your first time. 2. Defer payments Probably still in the obvious category, but review your business expenses to defer payments and free up cash for your tax-bill. It’s worth looking at your personal costs too. The golden rule is don't accrue larger interest bills by not paying credit cards etc than you will with HMRC. 3. Take out a Business Credit Card It amazes me how many business don’t have a company credit cards. It’s the simplest way of helping cash flow and if you pay your bill on time, often won’t cost you a penny. Many cards will even give you reward points or cash-back. 4. 🔥Get smart with Credit Card Payments🔥 This is where things get a lot more exciting… Business cards are great but what about payments where you can’t use your card like payroll and contractors?  These are often the biggest cost lines in a business, where freeing up cash can make the most difference. They’re also the costs that most business overlook when they need cash, seeing them as untouchable. What most businesses don’t realise is that they can use their business cards to pay your payroll costs. Yes, credit card payroll payments. All you need is a friendly payroll company to lend a helping hand (contact details above if you need one 😉) ✅ Stay in control of your own payroll no changes needed ✅ No need to change accountants. ✅ All 100% HMRC compliant. ✅ Up to 54 days payment terms. ✅ Earn reward points on all transactions to spend tax-free! 5. 🔥🔥 Tap to Pay Your Personal Tax Bill 🔥🔥 The final tip takes us to a whole new level of excitement…. What if you could use your business credit card to pay your HMRC personal tax payment? This is where you tell me that you can’t use your business card or credit card to pay your tax bill… But what if that same friendly, compliant payroll company could make this possible... 🔥 All 100% HMRC compliant. 🔥 Up to 54 days payment terms 🔥 Reward points to spend tax-free! 5 simple tips that can make a big headache disappear in a flash. ✅ ✅ ✅ And two that actually reward you tax-free! #payroll #payrollservices #tax #personaltax

Ready to get your payroll in shape? The team at Training and Beyond works with many local small businesses using Xero payroll. It allows you to manage your staff payments and compliance needs effortlessly. Here’s how: 💰 From tax calculations to KiwiSaver contributions, Xero helps you handle payroll with ease and accuracy. 📝 Connect to Inland Revenue NZ once, and let Xero take care of filing details with every pay run. 🔄 Save time and reduce errors with automated tax, superannuation, and leave calculations. Seamlessly integrate payroll data with your accounts. 📱 Empower your team with the Xero Me app or web access. Let them manage leave requests, view payslips, and more, cutting down on admin time. Reach out to our team if you’re ready to try Xero Payroll. #Bookkeeper #Bookkeeping #XeroTraining #Xero #SmallBusiness

Get Ahead with Xero Payroll Tips! 📈 With the year-end fast approaching, it's crucial to prepare for your employees’ payment summaries. Avoid the rush by submitting your Auto Super batches in advance, ensuring payments reach the super funds before the end of June for tax deductibility. It's also a great time to reconcile Xero Payroll with your General Ledger to catch any discrepancies and ensure your records are accurate ✅ Create a Payroll Activity Summary Report and compare it with your General Ledger transactions. If there are mismatches, common mistakes such as draft bill issues or duplicated transactions might be the cause. Correcting these now will save you headaches later 🔍 Stay proactive and organised to make the most of your financial year-end. These small steps now can lead to big savings and smoother operations for your business 📊 Need help with Xero? Book In https://lnkd.in/gQp8R6Jz Leave a comment below if you want more info! 💬👇 #XeroPayroll #TaxTips #YearEndPreparation #BusinessSuccess #TaxAccountingAdelaide ♻️ Repost to share with your network

QuickBooks Online Payroll has enhanced functionality related to correction of, late payment of, and backdated payment of paychecks, with fewer 'time out' blocks and greater self-control by ProAdvisors and their clients. Read more in Murph's article! ➡https://hubs.li/Q02D0L4f0