Common Payroll Problems And How To Avoid Them

When you are managing payroll for a large company, chances are good that you come across your fair share of headaches. Payroll is a complicated system and it can be difficult to make sure that everything is running smoothly. Here are some common payroll problems that you might run across and some easy fixes. 1. Make Sure All of the Social Security Numbers Are Correct It’s easy for an employee to accidentally misstate his or her Social Security Number when applying for a job or filling out paperwork when he or she has the job in question.

Worried About An Audit? 4 Ways To Avoid An IRS Audit

The only thing worse than owing money to the IRS is being selected for an audit. This is particularly true if you aren’t sure how well your taxes were prepared in the past. If you’ve been chosen for an audit, don’t ignore the notice. That will only make things worse. If you haven’t been chosen for an audit, you might be in luck. With some careful planning, there are some steps you can take to reduce your chances of being audited.

What To Record To Get The Most Out Of Your Tax Deductions

If you are a small business owner, chances are good that tax preparation time can be especially stressful for you. You want to be able to claim as many deductions as you can, but you might make a mistake and not have the documentation to back it up should the IRS come. Here are some record-keeping tips to allow you to make sure that you have enough documentation for every deduction you take.

Tax Breaks For Your Home-Based Online Sales Business

The time and effort that you put into selling things on online auction websites is valuable. That time and effort should be rewarded. Sadly, those websites charge you fees, the gas to go out and find the things to sell costs money, and the products that you sell cost money. Wouldn’t it be nice if you could recover that lost money? Well, come tax time, you may be able to do just that.

Three Tips For Property Tax Settlements And Avoiding Overpaying

When it comes to money that you are obligated to pay by the government, you should dutifully pay taxes, but hold them accountable for charging you correctly. The last thing you would want to do is overpay on your property tax, yet studies show that upwards of 60 percent of all property valuations are too high. For this reason, you should get the help that you need by following and applying the information below.

Using Your Background Checks To Make The Best Hire

Most employers consider the background check a necessary evil – they know they need to have one to ensure that the applicant is exactly who they claim to be. After basic information is verified, these employers often ignore the rest of the information that’s available. They’re either afraid of violating a hiring law or they’re just not interested in the data. This is a significant mistake. Using the data from a background check effectively is critical to hiring the best applicant for a job.

Tax Breaks For New Parents

When you have a child, your entire focus shifts. A baby can be expensive with daily expenses, add in medical costs and day care, and you are looking at a major shift in how you handle your finances. However, you can qualify for additional tax breaks as a new parent. Here are a few that you should look into. Child Tax Credit The child tax credit is a tax credit that reduces the amount that you owe.

3 Qualifying Deductions Every Freelance Writer Needs To Know About

Being a freelance writer could easily be one of the most rewarding career paths you could ever choose. You work to build your own schedule, eliminate snarky bosses, and basically are in charge of how high your income can rise. One of the biggest and few downfalls of transitioning to a freelancing career of any kind is that you take on the burdening task of making sure you give the IRS their cut of your profits.

Income Tax Reporting For Recipients Of Life Insurance Proceeds

Life insurance is usually purchased with the intent to provide future support for one or more beneficiaries. Some life insurance policies allow policyholders to receive accelerated death benefits themselves. Any recipient of life insurance payments may be required to report a portion of the proceeds as taxable income. The payment to a beneficiary for the face amount of a life insurance policy is generally not taxable. The face amount is the sum specified in the insurance contract as payable upon death of the insured.