Advantages of Using Online Payroll Services

When it comes to running a successful company, few things are more important than keeping your payroll taxes accurate and up to date. At 1800Accountant it is our job to ensure that this aspect of your business is always completed on time and without error.

Our premium service provides a complete payroll solution for any small-business owner, regardless of the products or services they sell. We handle all sizes of companies, from the entrepreneur just starting out to the seasoned mid level corporation expanding its horizons. We have a program tailored to fit everyone’s needs.

If your small business has employees, a major concern will be ensuring that they are paid in a timely and accurate fashion. An online payroll service allows you to manage payroll yourself without the need to hire a third-party service. According to the TopTen Reviews website, things to look for in an online payroll service include price, the availability of support and the ability to maintain payroll compliance.

Speed

With an online payroll service, you can pull up information or perform calculations quickly. According to PCMag.com, once you set up the online system, it takes just a few minutes to initiate a payroll run. Your main task is to simply enter the number of hours worked per week for each employee and the system will do the rest.

Accuracy

If you attempt to perform payroll tasks manually, you run the risk of human error when making calculations. An online payroll system does the calculating for you, so you can keep mistakes to a minimum. You just need to be certain that you have set up your payroll correctly initially and that you enter the correct hours worked.

Reduced Labor Costs

Online payroll eliminates the need to hire an outside payroll service or to assign the task to one of your employees, which can help reduce expenses. By performing the weekly updates yourself, you are cutting back on labor costs while taking little time from your other functions. As a business owner, any way of reducing costs can have a big impact on your bottom line.

Convenience

An online payroll system allows you to manage your payroll at your convenience. You can enter information at the last minute before you need to meet your payroll if necessary. You also have information at your disposal whenever your need it and you won't have to wait for a third party to respond to any questions.

Keeping Up With Regulations

According to the Top Ten Reviews website, a major complaint of business owners is that keeping up with changing government regulations makes managing payroll difficult. With an online payroll service, your system is updated as any changes occur, so you won’t need to worry about violating any tax rules. You won’t have to depend on a third party to keep you up-to-date.

To read the full article : Advantages of Using Online Payroll Services

Benefits of having a non-profit

When it comes to establishing a non-profit organization, there are a variety of factors to think about that could be very beneficial to a person who owns one. In general, non-profits enjoy unique benefits that other business structures are not eligible for. These advantages can make the process of setting up a non-profit more appealing.

A non-profit organization, sometimes called a non-profit corporation in some cases, is considered a legal entity that does not bring in financial earnings in the form of profits. Instead, they accept financial contributions. Many non-profits are charitable organizations that raise money to go toward a particular cause or effort. Certain organizations should meet the requirements of Section 501(c)(3) of the U.S. Internal Revenue Code to qualify for this status. These types of non-profit organizations are eligible for an exemption on paying corporate income taxes at the federal level. If it meets certain requirements, the organization may also be exempt from having to pay similar taxes at the state and local levels.

Non-profits are generally eligible to receive grants and donations from a variety of sources. Most non-profits can solicit for financial contributions from private individuals. They can also receive funding from a number of government agencies at all levels, and private foundations can provide grants to these organizations as well. If the mission of a non-profit is considered extremely significant, it may be eligible for substantial funding.

These entities also offer limited liability to their founders or owners. This means that all individuals involved in a non-profit are not personally liable for any debt that the organization incurs. A not-for-profit entity offers a business structure that is separate from an individual’s personal assets. Incorporating such a business also makes it formal and credible to attract potential contributors to it. In addition, non-profits enjoy perpetual existence, meaning a non-profit can continue to exist if something happens to its directors. Finally, tax-exempt organizations can also take advantage of reduced postage rates on bulk mailings.

To determine if establishing a non-profit is right for you, contact 1800Accountant today at 1-888-749-0117 or at www.1800accountant.com.

Questions to ponder as an entrepreneur

If you enter the entrepreneurial phase where you get the desire to open up your own business, you should ask yourself some telling questions before deciding to move forward with your business plan. Here are some questions to give some serious thought to:

1) Do I have a feasible business idea and plan?
The key to establishing a business that has a good chance to succeed is to start with a feasible business idea and plan of action. Will you sell a product or service? Will you have a non-profit? What kinds of costs will you incur? What group of people is most likely to represent your potential base of customers? How will you provide these products or services? Not only should you have a well-developed idea, but also you should have a step-by-step plan in writing of how the business will function.

2. Does running a business fit my lifestyle?
Being passionate about an idea for a business doesn’t automatically mean it will go well with your way of life. If you have a job already, consider how much time you’ll have to dedicate to maintaining a business. If you prefer staying up late, would doing business at night work for your company? If traveling just isn’t your thing, will your work require frequent travel? Define the specific responsibilities you will have every day and decide how you will get these things done and the time it will take to do them.

3. How will my business take shape, and how will it be funded?
Will you be the only one in the business? Will you work with a sibling or spouse? Will you have employees? This should be determined by estimating how many people it will take to accomplish your day-to-day tasks. This will also aid you in deciding whether to work out of a home office or to have a physical business location. Another important element to consider is how you will get money to fund the company. You could use personal financing, take out a loan, find investors, or try crowdfunding. The general look of your business will take shape by making these decisions.

4. What tax obligations will I face working as a small business owner?
As far as taxes are concerned, the business structures that exist include a C corporation, an S corporation, an LLC, a partnership, and a sole proprietorship. Each of these business structures comes with different tax-filing requirements. To minimize your taxes and protect your personal assets, consider an LLC or a corporation. For a more simple business structure, consider a sole proprietorship or a partnership. No matter what your business structure is, you’ll typically be on the hook for unique tax-filing obligations compared to handling your personal taxes. These include quarterly taxes, which are filed throughout the year. Be aware of these unique tax requirements prior to launching a business. Analyze your options and pick the most appropriate business structure for you.

Tax benefits for hiring people with disabilities

There are millions of individuals with disabilities in the United States, and many have difficulty finding jobs for various reasons. To help break down the barriers between employers and prospective employees with disabilities, the IRS offers a few tax benefits to businesses that hire these individuals.

The Disabled Access Credit is a tax credit for businesses aimed at making their places of work more accessible. This non-refundable credit is for expenses that a business incurs during the process of making a facility accessible. Eligible businesses are those that made $1 million or less in revenue or had a maximum of 30 full-time employees in the year for which the credit is being claimed. The credit can be claimed for each year in which the business spends money on accessibility modifications. One example of a change a business could make involves adding a ramp to the front of a building.

Another benefit is the architectural barrier removal tax deduction. This tax break encourages businesses to eliminate any potential architectural or transportation-related barriers that could hinder employees with disabilities and the elderly. Businesses may claim a tax deduction of up to $15,000 per year for qualified expenses associated with making changes or improvements to a work location. Generally speaking, there are no size requirements for businesses to claim these expenses as a write-off. It can be claimed by notating any costs as a separate expense on the income tax return for a business. This deduction can be claimed with the Disabled Access Credit for businesses in the same tax year, as long as these expenses are directly related to assisting employees with disabilities. In addition, the deduction has to be equal to the difference between the total expenses a business incurs and the amount of the tax credit it is claiming.

Finally, the Work Opportunity Tax Credit offers a third tax-saving opportunity for employers who hire the disabled. This WOTC gives businesses a credit of up to 40 percent of the first $6,000 the business pays in wages to a first-year employee. These new employees must be part of a “targeted group,” a term used by the IRS that refers to certain groups of individual, including those with disabilities. In order to claim the credit, the employee of a business must work for a minimum of 120 hours or 90 days. The credit can be claimed on Form 5884: Work Opportunity Credit.

Learn more about tax credits and deductions that will reduce your tax liability by working with the tax pros at 1800Accountant. Call 1-888-749-0117 or visit www.1800accountant.com.

Client Spotlight: Gary and Wanda Mullins – Mason Dixon Historical Artifacts, LLC

Gary Mullins loves history. His biggest passions are the Civil War and World War II. Instead of only considering this passion a hobby, he decided to turn it into a small business that he and his wife, Wanda, now run.

Located in Morgantown, West Virginia, the couple owns Mason Dixon Historical Artifacts, LLC. They established the web-based company in November of 2012 and operate it from the comfort of their own home.

“As I looked into the future of retirement, I thought to myself, ‘I really like history,’” Gary Mullins said. “What better way could I do something than buying artifacts and reselling them? I saw this as a fun thing to do to collect and make a couple of bucks at it.”

The items the business offers are primarily from the colonial era, the Civil War, World War I, and World War II. They include antique firearms, wartime helmets, armbands, badges, flags, banners, artwork, and coins. He first buys them at auctions and then resells them. He currently has about 175 pieces in stock.

According to Mullins, World War II is the most popular era for artifacts these days. He also said it’s not how old an item is that determines its value. Instead, it’s usually based on its availability on the market.

“It’s all about the demand,” he said.

Mullins, 57, said his father started a janitorial supply business in 1974, which he now runs as a full-time gig. Wanda works full-time for a pharmaceutical company.

As for his artifacts business, his primary customers tend to be men between the ages of 30 and 60.

“The younger kids just aren’t taught history the way we used to be taught,” he said.

As for marketing efforts, Mullins has a website for the business and also hands out business cards.

He said he has picked the brain of an Air Force veteran to help him determine which items are real and which ones could be fake.

“I am not going to sell junk,” he said. “If it’s not real, I don’t bother with it. If I even suspect it’s fake, I don’t put it in my collection. The more experienced I get, the better off I’ll be.”

Mullins talked about how much confidence a person must have in their abilities to create a small business.

“It takes a lot of guts,” he said. “Some doors are dark, and sometimes you’ve got to step in them. You’ve got to want to take that chance. You’re going to win some and lose some. Start small and don’t go in way over your head.”

Mullins and his wife are clients of 1800Accountant. He said they’ve been very impressed working with 1800Accountant, and they know their business finances are in good hands.

“I want to make sure my taxes are done right, so it was an easy decision to go with 1800Accountant,” he said. “It’s very easy to talk to them whenever I need them.”