Taxes Archives - Palmetto Payroll Solutions

Payroll Processing Reporting Small Business Taxes

How the Latest Covid Relief Bill Impacts Small Businesses

President Joe Biden signed the first Covid relief bill of his new term on March 11, 2021. The new bill, worth $1.9 trillion dollars, is the sixth passed by Congress to address the economic impact of the COVID-19 pandemic on individuals and businesses. Named the American Rescue Plan Act (ARPA), the new bill incorporates some…

Palmetto PayrollApril 15, 2021

Accounting Small Business Taxes

Is Forming as an S-Corporation Right for Your Business?

The Internal Revenue Service (IRS) defines an S-Corporation as an organization that passes credits, deductions, income, and losses through to shareholders for federal tax filing purposes. The shareholders of S-Corps then report income and losses for the business on their personal tax return. One of the biggest benefits of forming S-Corps is that it allows…

Palmetto PayrollJanuary 31, 2021

Payroll Processing Payroll Tax Responsibilities Taxes

Employer’s Guide to Determining Payroll Taxes

As an employer, you must withhold federal income tax and Federal Insurance Contribution Act (FICA/social security) for each employee. You are also responsible for remitting Federal Unemployment Tax Act (FUTA) paid entirely by you. If your state has income tax, you will need to withhold that as well. Unless you do business in Ohio or…

Palmetto PayrollNovember 16, 2020

Small Business Taxes

Is an LLC Required to Start a Business?

If you’re considering starting a business, you may wonder if you need to initially register it as a Limited Liability Corporation (LLC). The answer to that question is no. However, forming an LLC may be beneficial to you depending on the size of your new business. Below we explore more of the benefits and drawbacks…

Palmetto PayrollOctober 16, 2020

Accounting Payroll Tax Responsibilities Small Business Taxes

Avoid These Common Small Business Tax Filing Mistakes

The actions you take now have a big impact on how much you pay or receive back as a refund when you file your small business tax return next April. At Palmetto Payroll, we typically advise small business clients to aim for breaking even with the IRS in that they neither owe nor receive a…

Palmetto PayrollOctober 1, 2020

Accounting Small Business Taxes

Accounting Problems That Stunt Your Company’s Growth

Accounting is a necessary task of all business owners. It’s also something that many don’t particularly enjoy doing. Whether you have taken on accounting tasks yourself, hired a staff accountant, or outsourced the work, it’s important to be aware of common mistakes that could hurt your bottom line. If financial mismanagement goes on for too…

Palmetto PayrollJune 30, 2020

Accounting Human Resources Small Business Taxes

How Hiring an Accountant Can Help Your Small Business Thrive

According to an October 2018 study published by the Small Business Accounting Report, small business owners already hold accountants in high regard. Most agreed with the statement that hiring an accountant was even more important than a lawyer, banker, or information technology specialist. Despite this, many small business owners don’t understand the range of services…

Palmetto PayrollMay 30, 2020

Accounting Payroll Tax Responsibilities Taxes

It’s Never Too Early to Make Next Year’s Tax Season More Efficient

Although we aren’t yet halfway through 2020, it’s not too early to prepare for filing your business tax return in 2021. The earlier you prepare and file, the less likely you are to make a costly mistake or even miss the tax filing deadline altogether. Below are several payroll tips we have offered to other…

Palmetto PayrollMay 12, 2020

Human Resources Small Business Taxes

What Employers Must Know About Deducting the Cost of Uniforms and Other Essentials

The United States Department of Labor created the Fair Labor Standards Act (FLSA) to help regulate issues that arise between employer and employee. One of these is a tax deduction to offset the cost of employee uniforms. Because the FLSA considers uniforms a primary benefit to the employer, it doesn’t allow businesses to include the…

Palmetto PayrollNovember 30, 2019

Payroll Processing Payroll Tax Responsibilities Taxes

Proven Strategies to Reduce Payroll Tax Liabilities

According to the Internal Revenue Service (IRS), just under one million businesses paid a penalty for problems related to the company's annual tax return and approximately six million paid fines related to payroll taxes. Although the issue hasn't improved much in the past three years, that doesn't mean your company needs to waste money on…

Palmetto PayrollAugust 8, 2019

Taxes