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Wednesday, December 16, 2015

What do Payroll Service Providers Do and When is the Right Time to Outsource?

Outsourcing payroll is usually the
first expansion in a small business.
Q:What do payroll service providers do exactly?

A: Basic services offered include calculating payroll and tax obligations, printing and distributing checks and producing reports. Additional services can include direct deposit, payroll tax filing, issuance of W-2 forms, 401(k) deductions, and tracking of employee benefits.

Q: When is the right time to outsource payroll?

A: It could become obvious one day that the time is right. But if you’re not sure, ask yourself these questions:

  1. Are you missing payroll deposit deadlines? If your payroll tax deposits aren’t timely, late deposit penalties can be as high as 10 percent.
  2. Are you unsure about your payroll tax calculations? Your errors can be held against you, and penalties can be assessed. 
  3. Too many employees? If you have fewer than 20 employees it’s likely that you can save money by outsourcing payroll. Do the math by comparing the hours/cost of your current system and comparing it to the plans offered by a short list of service providers.
READ MORE>> Five Tips for Outsourcing Your Small Business Payroll Operations


Wednesday, December 9, 2015

2015 Refund Estimator and 2014 Federal Tax Brackets Table

Q: What is a federal income tax bracket, and how do I find mine?

A: Different levels of income are taxed at different percentages, which vary year by year, and also according to your filing status. Your particular tax bracket will tell you at what rate your income (your taxable income) will be taxed. The rate of taxation is applied only to your taxable income. You can go to a TAX BRACKET ESTIMATOR TOOL and also see a table to determine and understand your tax bracket and tax rate for 2014 and for earlier tax years by clicking on the calculator picture link.


Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

Wednesday, December 2, 2015

IRS Updates for Approaching Tax Season

Be prepared for next tax year!
All together, the IRS posted more than 40 updates in 2015.

*These are adjustments to be used for 2015 taxes, to be prepared in 2016, not what you would use to prepare your taxes now from the year that just ended.*

If you want to get a headstart for next year, this is a very good summary. If some of the changes look familiar, it's because they match up with predictions by Bloomberg BNA earlier this year! All taxpayers will see a slight bump in their standard deduction, and the personal exemption amount also goes up.

See upcoming changes in:

  • Tax brackets
  • Standard deductions
  • Itemized deductions
  • Personal exemptions

And also:

  • Family-related tax item updates
  • Education-related updates
  • Healthcare and fringe benefit updates
  • Federal estate and gift tax updates
  • Retirement updates, and more....

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!


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