Transitioning from a sole-proprietorship into an employer status is a mark of growth within your company. It is also, however, a trying time because it brings with it a lot of additional responsibilities. An employer's role for payroll processing and benefits management can be complex, and if you aren't well-versed in the processes, you can make potentially costly legal and tax-related mistakes. Here are a few things to consider about working with a payroll service instead of trying to handle it yourself.
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Most businesses do hire an accountant, but if you really want value for your money, it is a good idea to turn to a business advisory accountant or a business advisory firm for financial guidance. These professionals take finances a step further and truly do have a lot to offer. Take a look at some of the things a business advisory service can help you with.
Get help identifying financial pain points and goals.
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Tax season comes around quickly, and before you know it, it's time to file your taxes again. You may be used to using computer programs to do your taxes yourself, but that's not always the best idea. In certain circumstances, it's better to let a certified public accountant do your taxes. Here are four times when you shouldn't do your taxes yourself:
1. You run your own business.
Taxes can be especially difficult for people who are self-employed, or who run their own business.
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Are you responsible for arranging the final disposition of money of a loved one who has recently passed away? At this difficult time, it's hard to navigate the complexities of a decedent's income and who claims what. You likely also have to file final income taxes as well as an estate tax return. All this is, unfortunately, piled on top of dealing with the loss itself.
One way to help make it easier and less distressing is to understand what you'll need to do with your loved one's final income.
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Few things can incite fear quite like getting an IRS audit notice in the mail. Unfortunately, it does happen, and if you receive one, you will have to complete the audit process. For an ordinary taxpayer, this process can be daunting. If you want to minimize your risk, you need to understand the audit process. Here are a few of the most common questions people have about audits and what triggers them to help you be better prepared as you file your tax return this coming year.
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