Burlington County, NJ Real Estate News

Are you a business owner or entrepreneur based in Mount Laurel, NJ? Well, congratulations on your success! However, with the success of your business comes the responsibility of filing your payroll taxes on time. Filing taxes can seem like a daunting task, especially if you're new in the business world.Step 1: Gather Your DocumentsBefore you embark on your payroll tax filing journey, make sure you have all the necessary documents in hand. These include employee timesheets, wage information, employee benefits information, and tax deductions. Failure to have the appropriate documentation can make the process more arduous.Step 2: Calculate Your Taxable WagesOnce you have all the relevant documentation, you can proceed to calculate your taxable wages. This refers to money paid to an employe...
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Running a business can be challenging and stressful, and one of the most critical aspects of managing a business is payroll. If you're a business owner or administrator in Mount Laurel, NJ, you know how important it is to make sure your employees are paid on time every pay period. That's where a payroll service can come in handy. 1. Compliance with Payroll LawsLocal, state, and federal laws surrounding payroll can be complicated, and it can be a challenge to keep up with changes, deadlines, and various forms. As a business owner, you could struggle to keep track of all these laws while running your business operations at the same time. A payroll service in Mount Laurel can help alleviate this concern. They are experts in payroll laws, and they stay up to date with all changes. This allo...
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If you run a business, you know how critical it is to stay on top of your payroll. Unfortunately, with the never-ending requirements, it can be challenging for small business owners to stay current on payroll regulations while keeping their business running smoothly. It can be not only time-consuming but also financially crippling. Suppose you're not outsourcing your payroll. In that case, you could be spending countless hours on managing your payroll accounting while risking compliance mistakes, penalties, and fines. 1. The Burdens of In-House PayrollOne of the primary reasons to outsource your payroll is to reduce the burden of in-house payroll. Running payroll accounting requires keeping track of time and attendance, deductions, benefits, taxes, and compliance. Even the slightest mis...
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Are you confused about the difference between payroll tax and income tax? As someone who has never filed taxes before, it can be overwhelming to stay on top of all the tax terms that get thrown around in the media and by the government. But understanding the differences between payroll tax and income tax is essential to ensuring you're not paying more than you owe.Payroll tax is a tax that your employer withholds from your paycheck to fund social security and Medicare programs. Depending on how much you earn, the percentage of your paycheck that goes towards payroll tax can vary from 6.2% to 7.65%. This tax is separate from your income tax, which is determined based on how much you earn in total throughout the year.Income tax is a tax on your total income, including earnings from your j...
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As a business owner, it is essential to keep your payroll taxes in check to avoid any legal repercussions such as fines, penalties, and even jail time. In Mount Laurel, NJ, especially, payroll tax compliance is crucial, considering the many legal implications of defaulting tax obligations. Types of Payroll Tax Penalties in Mount Laurel, NJ1. Late Deposit Penalties: According to the IRS, employers should deposit payroll taxes on time during every pay cycle. If you fail to deposit your taxes on time, you may face a late deposit penalty that can escalate with time.2. Late Filing Penalties: The IRS requires employers to file their payroll tax returns on time. Late filing may result in a penalty of up to 25% of the total amount owed.3. Failure to Pay Penalty: If you fail to pay your payroll ...
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If you own a business in Mount Laurel, NJ, then you know how hard it can be to keep up with all the necessary tax filings and payments that the IRS requires. Non-compliance could lead to hefty fines, penalties, and even legal action. The last thing you want is to be classified as a non-filer business. So, to ensure your business stays compliant with the IRS regulations, read on.1. Know what tax forms your business needs to file.There are many different tax forms that your business may need to file depending on your business structure and industry. You can use the IRS website to determine which tax forms your business needs to file. Be sure to consult with a tax professional if you are unsure which tax forms to file or have any questions.2. Keep accurate books and records.Keeping accurat...
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Paying taxes can be a challenging task, especially when it comes to filing payroll taxes. Making mistakes can cost you a lot, including hefty penalties and unnecessary stress. If you are a business owner in Mount Laurel, NJ filing payroll taxes for the first time or simply want to avoid committing mistakes.Top 5 Common Mistakes in Filing Payroll Taxes that you must avoid at all costs.1. Misclassifying Employees: One common mistake is classifying employees as independent contractors. It may seem like a cost-saving option, but it could lead to penalties, further costs, and liability issues. Make sure you classify your employees and contractors correctly to avoid costly legal problems.2. Late Filing and Payment: Filing payroll taxes late or missing deadlines can lead to severe penalties. M...
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By Fanta Kaba
(OnPoint Resolution LLC)
Payroll taxes are an inevitable expense for any business. However, many businesses fail to plan and budget for them appropriately, which can lead to significant problems down the line. With the end of the year drawing closer, it's time to start thinking about how you can plan for your payroll taxes in the coming year. 1. Understand Your Tax Obligations The first step in planning for your payroll taxes is to understand your obligations. This includes knowing how much to withhold from your employees' paychecks and how much you, as the employer, need to pay in taxes. You'll need to review the IRS guidelines to ensure that you're calculating these amounts correctly.2. Create a Payroll Tax Budget Once you understand your tax obligations, you'll need to create a budget for your payroll taxes....
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By Fanta Kaba
(OnPoint Resolution LLC)
As a non-filer, payroll tax can seem like an overwhelming and confusing topic. However, it is important to understand the consequences of giving a bad check towards payroll tax. The repercussions can not only be harsh but also have long-lasting effects. Whether it is due to financial hardship or simple oversight.It is essential to understand that the IRS takes tax evasion seriously. If your bad check bounces for your payroll tax, it is considered tax evasion, and the IRS will take this as a personal offense. The payroll tax is fundamental to the functioning of a business, supporting Medicare and Social Security programs. Therefore, any hindrance to this support is likely to be treated as a grave offense.The penalties for writing a bad check towards payroll tax have dire consequences. If...
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By Fanta Kaba
(OnPoint Resolution LLC)
Are you a business owner who has been struggling to keep up with payroll taxes? Perhaps you've missed a deadline or two or maybe you're not quite sure if your calculations are accurate. Whatever the case may be, it's crucial that you understand the penalties that come with inaccurate payroll tax reporting. Not only can inaccurate payroll taxes result in hefty fines, but they can also lead to unwanted audits and even legal consequences.1. What are the consequences of inaccurate payroll taxes?The first thing you need to understand is that failing to adhere to payroll tax rules can lead to serious consequences. The IRS can and will impose penalties on businesses that fail to file accurate payroll tax reports. These penalties can include fines, interest, and even criminal charges.2. How to ...
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Receiving a letter from the IRS can be a scary experience, especially if you haven't filed your taxes in a while. If you're a non-filer in Mount Laurel, NJ, and you receive a notice of levy from the IRS, it's crucial to understand what it means and what your options are. An IRS levy notice is a legal document that gives the IRS the authority to seize your assets, such as your bank account, wages, or property. The notice will typically be sent to you by certified mail, and it will inform you that the IRS intends to seize your assets to satisfy a tax debt that you owe. This can be an alarming situation, but it's important not to panic.The first thing you should do if you receive a levy notice is to review it carefully and make sure that it's accurate. Sometimes, levy notices are issued in...
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Receiving an IRS levy notice in Mount Laurel, NJ can be an overwhelming experience, especially if you are not familiar with tax laws and regulations. The thought of your assets being frozen and seized by the IRS can be scary, but understanding what the notice means and what steps you can take can help you avoid further consequences. What is an IRS Levy Notice?An IRS levy notice is sent to taxpayers who have unpaid tax liabilities. This means that the IRS can legally seize and sell any property or asset you own to pay off your outstanding tax debt. The notice will specify the type of asset that may be seized, such as bank accounts, wages, or property, and provide a deadline for you to respond. Failure to respond or pay the debt can lead to further collection efforts, such as penalties, i...
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Receiving a notice from the IRS can be a nerve-racking experience. It's never good news when you see that infamous letterhead in your mailbox. For non-filers, it's even scarier because it can come with a penalty. The IRS penalty can be steep, making it essential for you to understand how it works. What is an IRS penalty, and how does it work?When you owe the IRS money, you need to pay it back with interest. If you neglect to do so, the IRS adds a penalty for non-payment, which supplements the interest. The penalty is a percentage of the tax you owe and will continue to accrue until your debt is paid in full. The percentage can vary, depending on how long your debt has remained unpaid and how much you owe. Additionally, there's a separate penalty for not filing your tax returns on time. ...
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The thought of being penalized by the IRS is enough to make any taxpayer feel anxious. We all know when it comes to taxes, it’s always best to stay on the right side of the law. But if you're one of the many non-filers in Mount Laurel, NJ, it’s important to understand how the IRS penalty works. Non-filers can face steep penalties and even criminal charges if they don't file their taxes. As a taxpayer, the first thing to understand is that the IRS penalty for not filing taxes is separate from the penalty for not paying taxes. If you don't file your taxes, you will be subject to a failure-to-file penalty. This penalty is 5% of the unpaid taxes for each month that your return is late, up to a maximum of 25%. That means, if you owe the IRS $5,000 and you don’t file your tax return for five ...
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Are you a business owner, from Mount Laurel, NJ, and behind in filing your payroll taxes? If the answer is yes, then it's essential to understand the consequences of this delay. The IRS takes payroll tax obligations very seriously, and failure to file and pay your payroll taxes on time can attract severe penalties and fines that can put your business at risk. 1. What is payroll tax?Payroll tax refers to the taxes that employers deduct from their employees' salaries or wages. It includes the Federal Insurance Contribution Act (FICA) tax, which covers Social Security and Medicare taxes, and federal and state income tax withholding. Employers must deduct and pay these taxes on behalf of their employees.2. Consequences of not paying payroll taxes on timeIf you don't file and pay your payrol...
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The mere thought of owing money to the IRS can send shivers down the spine of many Americans. Unfortunately, if you haven't been able to pay your taxes in full, the chances are that you could owe the IRS thousands of dollars that you simply cannot afford to pay back in one lump sum. Rather than risk facing steep penalties for late payment, negotiating an IRS payment plan in Mount Laurel, NJ, is key. If you're a non-filer worried about negotiating with the IRS, don't fret. 1. Contact the IRSOne of the most significant mistakes taxpayers make is ignoring the IRS collection letters and calls. The most important thing to do is to communicate with the IRS and let them know your financial situation. Contact an IRS representative to formally request an installment agreement. The IRS has differ...
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If you've received a collection notice from the IRS in Mount Laurel, NJ, you're not alone. Millions of Americans owe back taxes, and the IRS is known for its aggressive collection tactics. But don't panic just yet. With the right strategy, you can resolve your tax debt and avoid serious consequences like wage garnishments and bank levies.  1. Open your IRS letters. Read the notice carefullyThe first thing you need to do is open your IRS letters and read the notice carefully. It will tell you why you owe the IRS money, how much you owe, and what actions the IRS may take if you don't pay. Make sure the information is accurate and complete. If there are any mistakes, contact the IRS immediately to correct them.2. Don't ignore the IRS noticeIgnoring an IRS collection notice will only make t...
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Filing taxes is not an activity that brings joy to most people, but it is an essential task that we must do. With the tax season upon us, it is crucial to avoid common tax mistakes that could affect our financial situation. Failure to avoid these errors could lead to serious repercussions such as tax audits, penalties, and even criminal charges.1. Failing to include all sources of incomeOne of the biggest mistakes taxpayers make when filing their taxes is failing to report all their sources of income. Income from freelance work, rental properties, or interest on savings accounts may go unreported. It is essential to ensure that all earned income, including freelance work, is recorded on the tax return. Failure to do so will result in an tax audit or penalties.2. Ignoring deductions and ...
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Dealing with the IRS can feel intimidating and overwhelming. One of the latest challenges you may have faced is trying to navigate the differences between an installment agreement and a payment plan. Although both options can help you manage tax liabilities over time, they are fundamentally different in their terms and implications. But don't worry; we've got you covered! In this blog post, we'll explain the differences between an IRS installment agreement and a payment plan, and what you need to know to make the best decision for your financial situation in Mount Laurel, NJ.1. What is an IRS Installment Agreement?An installment agreement is an official agreement between the IRS and a taxpayer that allows the taxpayer to pay off their tax debts in monthly payments over time. This option...
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Have you ever received a notice of an IRS audit? If so, you know that it can be a daunting experience. The thought of facing the IRS can be scary, but fear not. With proper preparation and some expert guidance, you can get through the audit process with ease. Do: Seek Professional HelpOne of the most important steps you can take if you are facing an IRS audit is to seek professional help. Having a knowledgeable tax professional on your side can help you navigate the process with ease. They can assist you in preparing for the audit, guide you through the questioning process and even represent you in front of the IRS. Make sure to look for a good tax professional and not just any tax preparer. A good tax professional will have experience in managing IRS audits and other tax issues and can...
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