Top bookkeeping services New Jersey firm offers several tax guides: For most garnishments including child support, creditor garnishments, and student loans, Title III of the federal Consumer Credit Protection Act (CCPA) requires that the amount of pay garnished should be based on an employee’s “disposable earnings,” meaning the amount remaining after legally mandated deductions. Broadly speaking, disposable income is the employee’s total compensation, less mandatory deductions including federal, state, and local taxes; state unemployment insurance contributions; and Social Security taxes. This includes salaries, bonuses, and sales commissions, as well as earnings derived from retirement plans and pensions. Tips aren’t usually regarded as earnings for garnishment, but service charges are considered earnings.
Don’t shy away from a home office tax deduction! The eligibility rules for claiming a home office deduction have been loosened to allow more self-employed filers to claim this break. People who have no fixed location for their businesses can claim a home office deduction if they use the space for administrative or management activities, even if they don’t meet clients there. As always, you must use the space exclusively for business. Many taxpayers have avoided the home office tax deduction because it has been regarded as a red flag for an audit. If you legitimately qualify for the deduction, however, there should be no problem. You are entitled to write off expenses that are associated with the portion of your home where you exclusively conduct business (such as rent, utilities, insurance and housekeeping). The percentage of these costs that is deductible is based on the square footage of the office to the total area of the house. A middle-class taxpayer who uses a home office and pays $1,000 a month for a two-bedroom apartment and uses one bedroom exclusively as a home office can easily save $1,000 in taxes a year. People in higher tax brackets with greater expenses can save even more.
Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.
There is a subtext here that we haven’t yet discussed and it’s important that we do. Because while every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that really makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks. Find extra details at Accounting services New York.
Often businesses try to train an office manager or other employee with capacity to become the part time bookkeeper. While this can work and is often the least expensive option on paper, there are risks associated if the part time employee’s or office manager’s output does not measure up to standards. And the cost of oversight, usually in the owner’s time, can be significant. The current average full charge bookkeeper’s salary fluctuates between $35,000 to $55,000 per year plus benefits and overhead, depending on your location. According to GlassDoor, current listings in high cost of living cities like New York or L.A. show full charge bookkeepers salaries creeping towards $70K. In addition, you’ll need to add around 20% on top of salary for benefits and overhead including office space.
Responsible and Responsive : Our team comprises of qualified, individuals who know their job well. They are responsive enough to put your mind at ease regarding your concerns.They support you through the entire process in a professional and amiable way. Benefits: Reduce your personal liability by separating your business and personal assets; Choose to incorporate if you are considering taking your company public in the future. See additional details at mergebookkeeping.com.