High quality bookkeeping services New York professional offers several tax guides
Top bookkeeper services New York professional: A wage garnishment is any legal or equitable procedure where some portion of a person’s earnings is withheld by an employer for the payment of a debt. This is typically initiated through a court order or government agency action (such as an IRS levy) that requires an employer to withhold a percentage of an employee’s compensation. When notified of an order to garnish wages, an employer is legally obligated to make the appropriate deductions from an employee’s salary and direct payments to a designated agency or creditor.
Find the right tax forms! You won’t find all of them at the post office and library. Instead, you can go right to the source online. View and download a large catalog of forms and publications at the Internal Revenue Service website or have them sent to you by mail. You can search for documents as far back as 1980 by number or by date. The IRS also will direct you to sites where you can pick up state forms and publications. It’s easier to take the standard deduction, but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area. Itemizing is worth it when your qualified expenses add up to more than the 2019 standard deduction of $12,200 for singles and $24,400 for married couples filing jointly. Many deductions are well known, such as those for mortgage interest and charitable donations. You can also deduct the portion of medical expenses that exceed 7.5% percent of your adjusted gross income for 2019 (10% of AGI beginning in 2020).
Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.
The team also works to reduce your overall expenses. Not only do they ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself. Discover more details on Accounting services New York.
Another benefit of moving your bookkeeping to outsourcing is that you might be able to change the role of an existing employee e.g. the part time bookkeeper, and move her to a revenue generating role instead of an expense. Free up your good employees to help you focus on growth! There are major differences between the three types of bookkeepers and what each can offer your business. Figure out which works for your business and start tackling the problems, or potential problems, with your books.
Merge Bookkeeping is not just a company. It is a team of professionals willing to put the best of their services to use. How we started off? Established By professional with the 15 years for Accounting and Bookkeeping experiences. Since its inception, the company has continuously worked harder to share the preparation burdens of its clients. Study and evaluate your software and accounting needs. Find additional info at mergebookkeeping.com.