Have Your Taxes Handled by Professionals

Tax planning is important to the stability and wellbeing of any small business, and having a professional on board that is well-versed in both tax codes and the inner workings of payroll can help to eliminate any setbacks that could arise in the future. Many small businesses claim that they could prepare their taxes by themselves in order to save money, but a single unfortunate mistake could cost a business more than it would have cost to hire someone for the job in the first place. Keep in mind the following advantages to see if a qualified tax professional outweighs the overall expense.

Having a qualified tax service prepare your tax returns helps to ease the burden due to the fact that they can be so astoundingly intricate and complex. Itemizing deductions in a small business means that a slew of forms have to be completed, all requiring various amounts of information. This can become a somewhat time-consuming process, and the risk of making a mistake increases with each form that needs to be filed.

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Mistakes in Payroll for Employees Working Overtime

While payroll can be a tricky practice at times, it is on occasion required that an employee work overtime, and these additional hours must be paid as well as their regular work hours. A number of employment laws can be broken if the calculations are done incorrectly, and payroll is already a complex enough task, let alone adding overtime to the mix! This is why Padgett offers professional payroll services to ensure that all payroll and tax duties are done properly and in a timely manner.

Calculating payroll for overtime is very common, yet countless businesses make significant slip-ups due to poor payroll management. Here are several common mistakes that are made when businesses do payroll that involves overtime.

Improper record keeping is the first culprit of managing payroll. Having a reliable system is important so you can make sure that any overtime payments are not missed or forgotten. Paper record keeping or punch card payroll systems can fail if the system is not backed up and undocumented overtime hours will not be unaccounted for.

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