Understanding Payroll Taxes

shutterstock_324599615Tax season has returned and with it comes a variety of questions about the impact of taxes on payroll. Padgett Payroll Services® employs only the best experts in our field. Our goal is not only to offer payroll solutions for your company, but to help you save money in the process. That is why we put together this quick guide to tax deductions and management for businesses of all sizes: because payroll taxes aren’t the only thing you can deduct this spring! Continue reading

The IRS Wants to be Friends

shutterstock_216930013Believe it or not, the Internal Revenue Service does not want to audit your company. It’s a time-consuming, costly process that generally results in dissatisfaction all around. The IRS has actually become very consumer-friendly in recent years, connecting with business owners through YouTube, Twitter and even through resources on their own website. The IRS has a comprehensive database of resources companies can use absolutely free of charge to file tax documents properly. Continue reading

Avoid Costly Payroll Mistakes with These Tips

shutterstock_311043284Many businesses set themselves up to fail – and they don’t even know it. Financial errors and payroll mistakes can cost a business more than just a penalty fee; companies have been shut down for failing to properly address federal and state laws regarding payroll. The IRS does not mess around when it comes to payroll taxes – and neither should you. Get your books in order with the following payroll tips to build a successful company on a solid financial platform: Continue reading

5 Hiring & Employment Mistakes Small Businesses Make

Small business owners know a unique set of challenges await them in the financial world. Special rules and regulations are in place for businesses with less than a certain number of employees, and different tax brackets further classify companies into categories, each with their own rules and stipulations. It is a lonely world with stiff penalties for breaking the rules. Avoid fines by reviewing these mistakes small businesses frequently make. Continue reading

7 Costly Payroll Mistakes Businesses Make

Too many honest small businesses are penalized for infractions they never knew they committed to begin with. Tax codes are full of asterisks, small print and details most people are simply not trained to navigate alongside the usual responsibilities of managing a business. A CEO’s first priority (next to running a company smoothly) is the customer. Customer relationships are time-consuming and demand a great deal of attention from a successful management team. With so much happening behind the scenes, it’s no wonder these costly payroll mistakes slip by unnoticed. Continue reading

Payroll Processing Specialists: A Small Business’ Best Friend

Small businesses face many unique payroll problems that frequently fall on already overworked H.R. departments or leave payroll administrators to fend for themselves in a big world of tax codes, regulations and stiff penalties for missed deadlines. The IRS doesn’t mess around when it comes to your company’s payroll or tax services. Fortunately, Padgett Payroll Services® utilizes experts with years of experience to take the stress of payroll services out of your hands, allowing your employees to focus on what matters most: your customers. So, why is a Padgett payroll processing specialist your company’s best resource? The answers might surprise you. Continue reading

Quick Guide of Tax and Payroll Terminology

Tax preparation is a skill that can be acquired with a great deal of effort and education on the part of an accountant or payroll manager. However, most small business owners don’t have time to study the basics of tax preparation, much less obtain the skills and expertise necessary to properly handle payroll taxes. This quick guide from the payroll processors at Padgett Business Services® makes it easy for the busiest of small business owners and their employees to navigate common terminology in the tax or payroll industry: Continue reading

Top Business Tax Filing Blunders and Penalties

The costly mistake of filing your taxes incorrectly with the IRS is one no business owner wants to make. From penalties and interest to the cost of tax audit, the consequences of a notice, rejection or tax audit can be detrimental to the business. If you are in a bind with the IRS, you may have made a common yet costly mistake. Here are some common tax form blunders: Continue reading

Dirty Tips: Which Small Business Tax Law Do These Break?

Tips are very common in the restaurant and bar industry, but they are common in other industries as well. When was the last time you tipped someone outside of the food service business? Was it a hotel staff member, your VIP valet service, your masseuse or manicurist? It could have also been a moving company employee or your local tire repair shop technician.

As a payroll specialist for small business owners, we want to warn you that you should be aware that you are held to a more strict law regarding tips because the IRS requires the total amount of tips equaling more than eight-percent of all gross income for each employee must be reported during income tax season. Form 8027 helps the IRS to see the correlation of reported tips and gross income receipts.

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