Best bookkeeping services New York company: After the employee’s debt has been paid, the procedure for stopping the garnishment will vary depending on the type of garnishment. For federal levies, employers will receive a 668-D form, for child support the employer will receive a notice or letter from the state, and creditors will send employers a “Notice of Termination/Release of Wage Garnishment Order” for creditor garnishments. Employers should have a basic understanding of garnishments and a plan in place to respond when they occur. Consider working with a professional to ensure your plan and procedures are compliant with applicable laws based on your specific situation. Using a garnishment payment service can help you remit funds to the correct agency and help protect against undue liability and lawsuits.

Contribute to retirement accounts! If you haven’t already funded your retirement account for 2019, do so by April 15, 2020. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. If you have a Keogh or SEP and you get a filing extension to October 15, 2020, you can wait until then to put 2019 contributions into those accounts. To start tax-free compounding as quickly as possible, however, don’t dawdle in making contributions. Making a deductible contribution will help you lower your tax bill this year. Plus, your contributions will compound tax-deferred. It’s hard to find a better deal.

Avoid Taxes on an RMD with a Charitable Donation: Seniors who have a traditional 401(k) or IRA must take a required minimum distribution each year once they reach age 70 1/2. Those who don’t need this money for living expenses may want to consider having it sent directly to a charity as a qualified charitable distribution. “It’s basically a check issued from the IRA and made out to the charity,” Zollars says. This prevents the money from becoming taxable income and could help reduce the amount of Social Security retirement benefits that are deemed taxable, too.

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management. The first prong is created by the accounting software specialist. He or she creates your accounting data file so that it’s tailored to the specific needs of you and your business. He or she will ensure that you have access to the software and reports you need. Find extra info at Tax services New York.

The costs a small business or nonprofit incurs for bookkeeping will depend upon many variables. Company size and lifecycle, number of monthly transactions, number of employees and how payroll is processed, number of expense accounts, credit cards, invoices to send out, bills to pay, number of balances sheets to reconcile, etc. In addition to these basic bookkeeping activities, your costs will be impacted by how your accounting systems, policies and procedures, and reporting needs are set up and administered.

With an attention to detail for bookkeeping, special relationships with many software developers, and an unhealthy obsession with Merge, we can help you Create a game plan for your back office. Set up your file; Find the right tools to help you manage and grow your business. Merge Bookkeeping: Setup services are designed to save you time while getting your books set up in an easy-to-maintain manner, including training you or your staff on day-to-day operations. Discover additional info on www.mergebookkeeping.com.