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How Far Back Can the IRS Audit a Business?

IRS Audit

How Far Back Can the IRS Audit a Business?

December 5, 2022

IRS Audit

peakreliance

Accounting, Bookkeeping

Getting a notification from the IRS about an audit may completely destroy your day. How far back may you be audited by the IRS? It is only normal to be concerned about an IRS audit, especially given how long they may go. Internal Revenue Service audits typically cover a period of no more than three years, although there are several exceptions.

What is an audit?

An audit for companies usually means a financial statement audit and it is the most common type of audit. A financial audit is an objective review and evaluation of an organization’s financial statements to ensure that they are a fair and accurate portrayal of the transactions they purport to reflect. The audit might be performed internally by organization workers or externally by a Certified Public Accountant (CPA) company.

The word “audit” may make you sweat instantly, but knowing what it is and how the Internal Revenue Service (IRS) operates may help you feel a little more at ease. Some audits are minor inconveniences, while others are burdensome. When the IRS audits your company, they conduct a thorough examination of your financial records. This includes reviewing your financial statements and ensuring that they correspond with your bookkeeping.

They usually want to make sure you aren’t underreporting your income or overreporting your deductible expenses. In either situation, you are declaring a lower tax liability than you actually have.

What triggers IRS to conduct audit?

It’s impossible to predict an audit. But they’re prompted for one of these three reasons:

  1. Random choice through the IRS system,
  2. Computer screening of returns that fall outside the IRS norms,
  3. Related examination in case your tax return is connected to another taxpayer who is being audited, you may be audited because of your connection.
The different ways you can be audited

There are 3 ways in which IRS can do this:

  1. Correspondence audit: The IRS will request further information through email or regular mail. Typically, this is due to an income omission or some major miscalculation. You must pay the amount specified in the communication, contest it with a lawyer, and/or submit the relevant documentation, such as receipts for deductions or missing W2 forms.
  2. Office audit: The IRS may choose to have an in-person interview with you. You will need to visit the IRS office. It’s a good idea to have a CPA or a lawyer with you. You may wind up paying more in taxes or penalties, or you may not have to pay anything at all if you contest it.
  3. Line-by-line audit: This was selected at random. The IRS examines each line of your tax return in order to create the “norms” that will trigger future audits.
What do you need to provide?

You will get a formal request from the IRS requesting the precise records we need to view. The records that the IRS could ask for are listed below.

  • Bills
  • Canceled checks
  • Legal papers
  • Loan agreements
  • Receipts

Some electronic records generated by tax software are accepted by the IRS. In place of or in addition to other records, the IRS may seek these.

The law mandates that you maintain all the documents you used to complete your tax return for a minimum of three years from the filing date.

How far back can an audit go?

In an audit, the IRS typically considers returns filed during the last three years. However, the IRS may audit more preceding years if a significant mistake is found during the audit process. The IRS seldom conducts audits that stretch back more than six years.

Although there is no statute of limitations for some tax matters, the IRS has a six-year statute of limitations for audits. There is no time restriction for an audit, for example, if Form 3520, which is related to foreign income or inheritances or gifts exceeding $100,000, is not filed.

Consequences of an Audit

Three outcomes are possible for an audit:

  1. No change: an audit in which all the things under evaluation have been validated and there are no errors or understated returns.
  2. Agreed: a review in which the IRS suggested adjustments, and you accept and understand them.
  3. Disagreed: An audit in which the IRS has suggested adjustments, which you comprehend but with which you disagree.
A Tex Levy

A tax levy is a result of an audit and allows the IRS to lawfully collect your property to satisfy a debt, might result after an audit. Your assets may be confiscated to cover your tax bills if you owe money and fail to reply to IRS notifications CP501 or CP504 (Notice of Demand for Payment and Final Notice of Intent to Levy, respectively).

Such assets include:

  • Wages
  • Bank accounts
  • Real estate
  • Retirement income
  • Social Security
How can Peak Reliance help?

Your books should be the first thing you organize if you’re concerned about an audit. Our team at Peak Reliance specializes in assisting proprietors of small businesses that have gotten behind with their accounting. Our knowledgeable bookkeepers can assist you to organize your finances so that you are better prepared to handle any tax issues.

Once your financial records are up to date Peak Reliance will also help with filing your late taxes, determining your tax due and even advocating for you before the IRS. Check out our pricing plans or call us at +1 (718) 218-5558 for more information. You can also email us at [email protected]

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How to Prepare for a Smooth Year-End Bookkeeping and Accounting Process for Small Business Owners

Year End Bookkeeping and Accounting Checklist for Small Business Owners

How to Prepare for a Smooth Year-End Bookkeeping and Accounting Process for Small Business Owners

December 4, 2022

Year End Bookkeeping and Accounting Checklist for Small Business Owners

peakreliance

Accounting, Bookkeeping

As a small business owner, it’s important to stay organized and on top of bookkeeping and accounting processes. At the end of each year, it’s especially important to ensure that all of your financial information is up-to-date and accurate. Taking the time to properly prepare for your year-end bookkeeping and accounting process can make a huge difference in the overall success of your business. It’s a great way to ensure that your records are complete and accurate and that you’re in good financial standing with the IRS. With the right approach, you can make the most of your year-end bookkeeping and accounting process and have peace of mind that everything is in order. Read on to learn more about how to prepare for a smooth year-end bookkeeping and accounting process for small business owners.

Understanding the importance of year-end bookkeeping and accounting

Every business needs to have proper documentation of all financial transactions. Bookkeeping and accounting keep track of income and expenses so that you can properly report this information to the IRS. Your financial records are also used to create financial statements, such as balance sheets and profit and loss statements. The year-end bookkeeping and accounting process is an excellent opportunity to take a step back and look at the bigger picture. As a small business owner, you may find yourself so focused on daily operations that you may lose sight of the bigger picture. During your year-end bookkeeping and accounting process, you can take a step back and look at the bigger picture and find ways to improve how your business is run.

Gather financial documents

The first thing you’ll want to do during your year-end bookkeeping and accounting process is gathering all of the financial documents related to your business. You’ll want to gather documents such as receipts, invoices, payroll information, and tax records. Your receipts are a great place to start. Many small business owners use cash or a cash register, but keeping an accurate record of your cash flow can be tough. Having a record of your expenses is important, particularly if you plan on claiming these as deductions on your taxes. With an online accounting platform, such as Xero, you can easily record all of your receipts with the click of a button. You can even set up your receipts to be automatically uploaded to your books so you don’t have to worry about losing track of them.

Review financial statements

After you’ve gathered all of your financial documents, it’s time to review them. You’ll want to review financial statements such as your profit and loss statement, your balance sheet, and your cash flow statement. You can use these documents to gain a better understanding of how your business performed during the year. These documents can help you identify areas of your business that may require improvement. For example, if your cash flow statement indicates a significant increase in cash outflow, you may want to review your financial records to see if you can identify a reason for this. Your profit and loss statement is an excellent way to view your business’ profitability at a glance. You can use your balance sheet to get a better understanding of the company’s financial health, including assets, liabilities, and equity.

Identify any discrepancies

One of the main reasons to review your financial documents during your year-end bookkeeping and accounting process is to identify any discrepancies. If you notice any discrepancies, you want to address them as soon as possible to avoid any issues with the IRS. Why take the time to identify and address any discrepancies? Let’s break it down:

  • Your financial records are used to report your taxes. If you don’t correct an error or discrepancy, it may result in inaccurate or incorrect tax information.  
  • Your financial records are used to apply for loans. If you don’t correct an error or discrepancy, you may not be approved for a loan. 
  • Your financial records are used to apply for grants. If you don’t correct an error or discrepancy, you may not be eligible for grant funds. 
  • Your financial records are used to apply for investors. If you don’t correct an error or discrepancy, you may lose interested investors.
Prepare financial forms and reports

As you identify discrepancies and make changes to your records, you’ll want to prepare financial forms and reports. The first financial form you’ll want to prepare is a profit and loss statement. Keep in mind that even though you’re preparing your profit and loss statement at the end of the year, you want to include information from the entire year. Your profit and loss statement is great for seeing how your business performed over the entire year. You’ll also want to prepare a balance sheet and a cash flow statement. You’ll also want to prepare a list of your business expenses. This is sometimes referred to as an outflow statement. Keep in mind that for expenses, you want to record the date and the amount you spent.

Review bank reconciliations

During your year-end bookkeeping and accounting process, you’ll want to take the time to review your bank reconciliations. A bank reconciliation is simply a review of your bank statements to make sure that your records and your bank statements are in sync. You can use your bank statements to make adjustments to your records if necessary. Your bank reconciliations are an excellent way to make sure that your financial records are up to date. If there are issues with your bank reconciliations, you want to address them as soon as possible.

Update accounts

Next, you’ll want to update your accounts and categorize your financial documents. You want to make sure that your accounts are updated with your financial information so that you can easily access it at any time. Your accounts should be set up in a way that makes sense for your business. You want to make sure that your information is easy to find and easy to understand.

File taxes

The final step in your year-end bookkeeping and accounting process is to file your taxes. At this point, you should have all of your financial information, such as financial statements, withheld taxes, and income and expenses documented. You can use this information to file your taxes. If you use accounting software such as Xero, you can prepare your taxes automatically. This means you can get them out of the way early and have them filed and in the hands of the IRS before the year ends.

Prepare for next year

During your year-end bookkeeping and accounting process, you can also take the time to prepare for next year. Make sure that all of your financial information is up-to-date and accurate.  Identify areas of improvement and make changes to your business operations accordingly. Organize your financial records so that they are easy to find and understand. These are excellent steps to take to ensure that your business is in great shape for next year.

Get help from an accountant if needed

While the year-end bookkeeping and accounting process is beneficial for small business owners and entrepreneurs, it can be challenging to do it all on your own. If you feel like you would benefit from additional help, you can consider hiring an accountant. An accountant can help you gather your financial information and prepare your taxes. Hiring an accountant is an excellent way to get help with your financial records, particularly if you’re new to business ownership and accounting. An accountant can help you save time and stress and make sure that your records are accurate. They can also help you identify areas of improvement and find ways to run your business more efficiently. Overall, hiring an accountant can be a great way to get additional help during the year-end bookkeeping and accounting process and make sure your financial records are in tip-top shape. At Peak Reliance, you can rely on qualified and experienced accountants and bookkeepers to keep your finances in good standing with the IRS. Check out our pricing plans or call us at +1 (718) 218-5558 for more information. You can also email us at [email protected]

Conclusion

There is no better time than the end of the year to take a step back and reflect on your business. You can use this time to make improvements, organize your financial data, and file your taxes. The year-end bookkeeping and accounting process is an excellent time for small business owners to get ahead and stay on top of their accounting so that they can focus on running their businesses.

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When to File Your Personal and Business Taxes Separately: A Guide for Small Business Owners

When to File Your Personal and Business Taxes Separately_ A Guide for Small Business Owners

When to File Your Personal and Business Taxes Separately: A Guide for Small Business Owners

December 3, 2022

When to File Your Personal and Business Taxes Separately_ A Guide for Small Business Owners

peakreliance

Accounting, Bookkeeping, Taxes

As a small business owner, there are many decisions to make and one of the most important is when to file your personal and business taxes separately. It’s important to take the time to understand the difference between filing taxes as an individual and filing taxes as a business. Doing your taxes correctly can help you save money, protect your assets, and make the most of the deductions and credits available to you. This guide will provide you with an overview of the pros and cons of filing your personal and business taxes separately, when it is beneficial to do so, and how to go about filing them. With this information, you can make the best choice for your business and ensure you are paying the right amount of taxes.

Overview of filing personal and business taxes separately

Filing taxes is an annual process designed to collect revenue for the government and make sure that everyone pays their fair share. In order to do this, the government uses a system of withholdings and deductions to ensure that their taxes are paid, taking into account income levels, filing statuses, and dependents. The system is designed to be straightforward and easy to understand: everyone pays the same amount of tax on the same types of income in the same way, allowing for a fair and even playing field. Small business owners fall into a slightly different category, however, and their taxes are handled slightly differently. Inside a business, there are two different types of income: the income earned by the business (profit), and the income earned by the individual owners (salary). Taxes are paid on both types of income, but they are calculated and handled in different ways. Filing taxes as a business collects all the business income and calculates the amount of tax that needs to be paid on this income. This is then deducted from the amount of money available to pay the owners. Filing taxes as an individual collects all the income that the owners earn, whether it is business income or personal income. The amount of tax due on this income is then calculated and paid on this amount. The business profit is paid on a different schedule, although some businesses are required to pay quarterly to avoid incurring penalties.

Pros and cons of filing taxes separately

There are both advantages and disadvantages to filing taxes separately for your business and yourself. Filing taxes separately for your business and yourself can help protect your personal assets from your business liabilities. This can be particularly useful for small business owners who are self-employed, such as contractors or freelancers, who don’t have the same level of insurance or protection as employees. Small business owners who file taxes as a business and a personal return can also receive a larger refund since they can claim more deductions from their business income. Filing taxes as a business means that all of your business expenses are tax-deductible, including things like health insurance, advertising and marketing costs, training fees, office equipment, and travel expenses. Personal expenses, such as groceries, clothing, and home utilities, are not.

When it is beneficial to file taxes separately

There are some scenarios when it is beneficial to file your taxes as a business and your personal taxes separately. One of the most common situations in which you might want to file your taxes separately is if you have significant self-employment income, such as from contracting, freelancing, or running a side hustle. This can help protect your personal assets from your business liabilities since business deductions will come off your personal income. You also want to file your taxes separately if you are taking a home office deduction. Since this deduction is based on your personal income, you will only be able to claim it if you file a personal return. If you are claiming a significant amount of deductions, such as for childcare or medical expenses, it can be beneficial to file a separate return for business if you will be receiving a larger refund.

How to file taxes separately

There are a few ways to file taxes separately for your business and yourself, but the most common way is to use a Schedule C form. The Schedule C form is used to calculate the amount of profit your business made during the year and determine what percentage of that amount is due in income tax. If you have significant business expenses, you can also file a Schedule C-EZ form. This is a simplified version of the Schedule C form and is appropriate for businesses with very little expenses.

Deductible business expenses

Business owners can deduct a variety of expenses when calculating their taxes, such as advertising and marketing, office equipment, travel and vehicle expenses, and training and professional development fees. There are also certain personal expenses that can be deducted from business taxes if they are used for business purposes. These include utilities, health insurance premiums, home office expenses, and mileage to and from work.

Determining your filing status

Your filing status determines the amount of tax you owe, as well as whether or not you are eligible for certain tax credits. When you file taxes as a business, you are able to choose your filing status based on your individual filing status. When filing as an individual, you are able to choose between filing as single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with a dependent child.

Calculating your tax liability

The amount of tax you owe depends on a number of factors, including your taxable income and your filing status. When you file taxes as a business, you use your profit as taxable income and your allowable business expenses as deductions. Depending on your filing status and the deductions you are claiming, you will pay either a percentage of your business profit or a certain amount of money.

Claiming tax credits

Tax credits are cash payouts that the government gives back to taxpayers who have paid the appropriate amount of taxes. These credits are typically based on your income level, filing status, and number of dependents. When you file taxes as a business, you can collect some of these credits on behalf of your employees, such as the Child Tax Credit, the Child and Dependent Care Credit, or the Earned Income Credit.

Filing your taxes

The best way to ensure that you are paying the appropriate amount of taxes is to file your personal and business taxes as early as possible. The IRS recommends that taxpayers file their taxes no later than April 15, but many taxpayers are eligible to file an extension. This allows you an additional six months to file your taxes. If you are self-employed and filing your taxes as a business, you can file your taxes at any point during the year, but it is recommended that you file them as early as possible to ensure that you have all the necessary documentation.

Tax planning for small business owners

As a small business owner, you want to make sure that you are paying the appropriate amount of taxes, but you also want to make sure that you are maximizing your deductions where possible. One of the most important things that all small business owners can do is to keep good records. You will want to keep a record of all your business expenses, including mileage to and from work, office supplies, and any travel-related expenses. Keep in mind that you are only allowed to deduct the amount that is above the standard deduction. There are also certain industries that have special deduction rules and limits, so it’s important that you do your research.

Conclusion

Taxes can be complicated, especially for small business owners who have to file both their business taxes and their personal taxes separately. Having clear goals and expectations, knowing what deductions are available, and keeping good records will go a long way in helping you file your taxes successfully. Calling in an accountant for help is the best shot for you. Peak Reliance is a reliable team of professionally seasoned accountants and tax experts that can help you to file both your business and personal taxes separately. Check out our pricing plans or call us at +1 (718) 218-5558 for more information. You can also email us at [email protected]

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Bookkeeping, Business Taxes, Personal Taxes, Small Business Owners

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Accounting Bookkeeping California Taxes

Look Ahead to the Future: What Sales Tax Will Be in California in 2023? 

What Sales Tax Will Be in California in 2023

Look Ahead to the Future: What Sales Tax Will Be in California in 2023? 

December 2, 2022

What Sales Tax Will Be in California in 2023

peakreliance

Accounting, Bookkeeping, California, Taxes

California is one of the nation’s most populous states and one of the most important economic engines in the country, but it has a lot of growing pains. That’s why Peak Reliance is here to help you prepare for what lies ahead with the sales tax landscape in the Golden State in 2023. Peak Reliance is a reliable team of professionally seasoned accountants. Keep reading to get an overview of the current sales tax landscape, as well as a glimpse into what type of changes could be coming your way soon. 

What Is Sales Tax? 

If you’ve ever purchased something in California, you’ve undoubtedly paid some state sales tax. You may even have paid it twice: State sales tax is an excise tax that’s levied on the sale of goods and services. In other words, you pay it to the retailer, not the government.  

How Is Sales Tax Collected in California? 

The vast majority of states that collect sales tax use a “use tax” system, which means that the seller is responsible for collecting it and sending it to the state. In California, however, the retailer collects the tax, but they pass the cost on to the customer by charging them tax at the register. California has a “franchise tax” system, which means that the state is responsible for collecting sales tax and remitting it to the state. This is different from having “merchant-only” tax, as in other states, where the retailer does not send tax to the state. 

The Current Sales Tax Rate in California 

The California state sales tax rate is currently 7.5%. The change to this rate took effect in January 2018, when California raised its sales tax rate from 5.5% to 7.5% to “comply with a voter-approved constitutional amendment.” 

Changes to the Sales Tax Base and Rates Likely in California by 2023 

While the state sales tax rate will remain at 7.5% in California in 2023, there are a number of other factors that could change how California sales tax works in the future. In this section, we’ll explore what could change in the sales tax landscape of California in 2023, as well as how likely it is that each of these changes will occur. 

California Sales Tax Base: The sales tax base in California could expand. Currently, California only taxes certain goods, like groceries and prescriptions, and services. If California adopts a system similar to Tennessee’s, which taxes all goods, California sales tax could expand to include many more goods and services. Again, it’s unlikely to happen, but it’s something to keep an eye out for.  

California Sales Tax Rate: The current state sales tax rate in California is 7.5%. The state is unlikely to lower this rate, but it is possible that the state could increase the rate. Again, it’s unlikely and we don’t expect it to happen, but it’s worth keeping an eye out for.  

California Revenue: The adjusted gross income (AGI) threshold for California sales tax is currently $211,000. In 2023, it’s likely that California will lower the threshold, meaning that more taxpayers will be subject to sales tax. 

Other Factors: In addition to the factors listed above, there are a number of other factors that could change the sales tax landscape of California in 2023. For example, it’s possible that California will adopt a “use tax” system, which would mean that the seller would collect the tax and send it to the state. It’s also possible that California will adopt a “merchant-only” tax system, where the retailer does not have to send sales tax to the state, but the retailer collects it. Keep reading to learn more about these factors. 

Summing Up 

We’ve outlined the basics of California sales tax here, as well as some of the factors that could change the sales tax landscape in California in 2023. If you need any help with your sales taxes, Peak Reliance is there to help you. You may call us at +1 (718) 218-5558 or email at [email protected] .  

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Here’s How an IRS Audit Works – And How to Prevent It

IRS Audit

Here’s How an IRS Audit Works – And How to Prevent It

December 1, 2022

IRS Audit

peakreliance

Accounting, Bookkeeping

What is an audit?

An audit for companies usually means a financial statement audit and it is the most common type of audit. A financial audit is an objective review and evaluation of an organization’s financial statements to ensure that they are a fair and accurate portrayal of the transactions they purport to reflect. The audit might be performed internally by organization workers or externally by a Certified Public Accountant (CPA) company.

The word “audit” may make you sweat instantly, but knowing what it is and how the Internal Revenue Service (IRS) operates may help you feel a little more at ease. Some audits are minor inconveniences, while others are burdensome. When the IRS audits your company, they conduct a thorough examination of your financial records. This includes reviewing your financial statements and ensuring that they correspond with your bookkeeping.

They usually want to make sure you aren’t underreporting your income or overreporting your deductible expenses. In either situation, you are declaring a lower tax liability than you actually have.

You’ll have a clearer picture of the situation once you’re involved in the aforementioned situation. So, wipe your brow, and let’s get started.

What happens when you get audited?

There are 3 possible outcomes of an audit:

  1. They find out you don’t owe them any money and leave you alone; a hugely popular one.
  2. The IRS finds out you owe them money. So, they make you sign an official document, confirming the amount you owe and so you pay them the due amount.
  3. The IRS finds out you are liable to pay them additional tax, and you disagree with it. In this case, you’ll want the support and expertise of an expert like a bookkeeper, accountant or a CPA.

Peak Reliance has got your back with their exceptionally trained and experienced accounting professionals to cater to all your tax needs.

Depending on your argument, the IRS will either reduce the amount you owe, make you pay the full amount, or throw out the charges altogether.

What triggers an audit?

It’s impossible to predict an audit. But they’re prompted for one of these three reasons:

  1. Random choice through the IRS system,
  2. Computer screening of returns that fall outside the IRS norms,
  3. Related examination in case your tax return is connected to another taxpayer who is being audited, you may be audited because of your connection.
The different ways you can be audited

There are 3 ways in which IRS can do this:

  1. Correspondence audit: The IRS will request further information through email or regular mail. Typically, this is due to an income omission or some major miscalculation. You must either pay the amount specified in the communication, contest it with a lawyer, and/or submit the relevant documentation, such as receipts for deductions or missing W2 forms.
  2. Office audit: The IRS may choose to have an in-person interview with you. You will need to visit the IRS office. It’s a good idea to have a CPA or a lawyer with you. You may wind up paying more in taxes or penalties or not have to pay anything at all if you contest it.
  3. Line-by-line audit: This was selected at random. The IRS examines each line of your tax return in order to create the “norms” that will trigger future audits.
How to prevent an audit?

There is no guaranteed method of avoiding an audit. However, if you do the following, you may significantly lower your chances of being subjected to one.

  • Account for all of your income
    The IRS compares the income and deductions you record on your return with the information provided by others, such as employers, banks, and companies, using the information on Forms W2, 1098, and 1099. Any disparities in reported income numbers that result in underpayment of taxes are a clear red flag for the IRS. It will very certainly prompt additional inquiry.

    So, if you have a side hustle, such as consulting or freelance work, make sure to record it, even if you think you can get away with it

  • Double check your return
    Making a thoughtless mistake on your tax return is one of the simplest ways to ensure a visit from the tax man. The IRS is required to examine your case if there is any omission, miscalculation, or error on your return. Hire a bookkeeper to ensure your records are accurate and tax-ready. Peak Reliance not only prepares your books, but can also submit your taxes for you via a tax filing provider.
  • Stay consistent with your accounting method
    As a business owner, you have the option of using either cash basis or accrual accounting. If you switch back and forth between the two approaches, the IRS may suspect you’re attempting to confuse them. That is when you will be audited.

    Whatever accounting approach you use for your company, be sure it is consistent.

  • Keep it straight—employee or contractor
    When you recruit help, you must correctly designate them as employees or independent contractors. The distinction dictates which taxes must be paid, when they must be paid, and who is responsible for them.

    Employees are often compelled to withhold income taxes and pay unemployment, social security, and Medicare taxes. You do not have to withhold or pay taxes on an independent contractor’s paycheck.

How to make an audit easier

There’s always room for help in elaborated processes and for a task like an audit, help is an integral part of the journey to a successful one. Calling in an accountant for help is the best shot for you. Peak Reliance is a reliable team of professionally seasoned accountants and tax experts that can help you get out of an audit if the need arises. Our accountants can also aid you with their experience so that an audit can be avoided at all costs, but if one does come up, we will make sure to keep you prepared. Check out our pricing plans or call us at +1 (718) 218-5558 for more information. 

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How Much Are California Payroll Taxes in 2022?

How Much Are California Payroll Taxes in 2022?

How Much Are California Payroll Taxes in 2022?

November 30, 2022

How Much Are California Payroll Taxes in 2022?

peakreliance

Accounting, Bookkeeping, California, Taxes

California is one of the most expensive states in which to run a business, and that’s not going to change anytime soon. The state has a complex set of laws governing payroll taxes, and they keep getting more expensive over time. In this article, we take a look at how much employers in the state need to pay payroll taxes as of 2022. We’ll explain the details about the different tax types, how they’re calculated and their effect on your business’s bottom line. 

What is a Payroll Tax? 

The terms “payroll tax” and “payroll withholding tax” are often used interchangeably. However, these two terms actually refer to two very different things. Payroll taxes are the type of taxes employers in the U.S. are required by law to deposit into an employee’s account. This includes both state and federal payroll taxes. Federal law requires employers to withhold payroll taxes from employees’ paychecks. If an employee doesn’t have a sufficient amount of money in their account to cover a certain tax, the employer is required to cover the difference. Federal payroll taxes include: – Medicare tax – This tax applies only to employers with annual payrolls of more than $200,000. It’s a 0.9% tax on the first $200,000 of the employer’s annual payroll, plus an additional 0.9% on the excess amount. – Social Security tax – This tax applies to both employers and employees. Employers pay 6.2% on the first $127,200 of wages, and employees pay the full 12.4% on the first $127,200 of wages, plus an additional 2% on the excess amount of $33,400. – Federal income tax – Employers are required to withhold another 10% of wages paid to employees as federal income tax. 

How Are California Payroll Taxes Calculated? 

The amount of California payroll taxes you’ll have to pay depends on a number of factors. In general, the amount of taxes you have to pay will depend on the amount of wages you pay to each employee. The formula used to calculate California payroll taxes is:

  • Wages paid to employees – The total amount paid in wages for each pay period. California tax laws require that you withhold income tax from this amount.  
  • California income tax withheld – The amount of income tax withheld from each employee’s wages.  
  • Federal tax withheld – The amount of federal payroll taxes withheld from each employee’s wages. 
Who pays California Payroll Taxes? 

Federal law requires that all employers in the U.S. withhold federal payroll taxes from employees’ paychecks. However, California law requires that you also withhold state income tax from your employees’ paychecks. This state income tax is collected by the state and deposited into an account held by the employees. If you’re an employer with employees working in California, you must withhold and pay both state and federal payroll taxes. This income tax is collected by the state and deposited into an account held by the employees. If you have employees working in California, but don’t have a business headquartered there, you don’t have to pay California payroll taxes. 

Which Calculation Is Used for Which Type of Payroll Tax? 

Federal payroll taxes are calculated using the same formula as California payroll taxes. However, the tax rates and brackets change slightly each year. This means that you need to make sure you’re paying the right amount of taxes. You should use a software program to help you track your payroll taxes. If your business has more than $500,000 in annual payroll, you should also consider hiring payroll taxes for your staff. 

Who pays Additional Payroll Tax in California? 

Every business in California is required to pay a gross receipts tax. This is paid on all business sales made in the state. Business owners in the state who have employees working in California who earn more than $400,000 annually may have to pay a gross receipts tax on top of the state’s regular payroll tax. This is an additional tax, called an excise tax, levied by the state. 

Conclusion 

California has a complex set of payroll tax laws, which can make it difficult for employers to stay on top of their tax obligations. However, these laws do impact your bottom line, so it’s important to stay abreast of the latest taxes and payroll tax rules. To stay compliant, you’ll need to track your employees’ earnings and withhold the appropriate amount of taxes from their paychecks. The good news is that payroll taxes are a source of revenue for the government, so they’re worth the hassle. 

If you need help with your payroll taxes in California, Peak Reliance has the necessary experience in organizing the finances. We have experienced and qualified tax experts to assist you. Check out our pricing plans or call us at +1 (718) 218-5558 for more information. 

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The Complete Guide to Payroll Taxes in Texas for 2022

Payroll Taxes in Texas in 2022

The Complete Guide to Payroll Taxes in Texas for 2022

November 29, 2022

Payroll Taxes in Texas in 2022

peakreliance

Accounting, Bookkeeping, Taxes

Payroll taxes are a major financial burden on many small businesses who are forced to take out large loans in order to fund expenses. However, the good news is that payroll tax season is almost over. The deadline for filing your 2022 taxes has passed, and now you can focus on other business matters such as developing a marketing strategy and hiring new employees. The following guide will provide you with everything you need to know about payroll taxes in Texas for the upcoming year. 

What is Payroll Tax Season? 

Payroll taxes are one of the biggest yearly expenses for many small business owners. You are required by law to pay these taxes when you take out an employee or contractor. However, they can also be filed by an employer-employee as well as a joint employer. Payroll taxes are calculated on a percentage of your total income, usually 40% or 50%. Some employers may be required to pay more than 50% of their income in payroll taxes. The IRS publishes a list of standard deductions and other income-based deductions that most people can use to reduce their taxable income. Moreover, many employers will also reimburse employees for some or all of their payroll taxes. These are known as self-employment taxes.

Where Do Payroll Taxes Come From? 

Most payroll taxes fall under the category of income taxes, including income tax, Social Security, and Medicare taxes. However, there are also a few payroll taxes that are paid by a trust fund or other government-issued bonds. These are known as employment and occupation-based taxes and are popular with local and state governments.  

How Texas Payroll Taxes Are Determined 

Payroll taxes are calculated based on a percentage of all income received by employees, including tips, wages, overtime, and other forms of compensation. Other taxes, including property taxes, sales taxes, and income taxes, are all calculated on a percentage of income as well as total assets. If the ratio of employee income to employer income is high, then employees may experience higher stress levels and be more likely to develop disorders such as cardiovascular disease, high blood pressure, and diabetes. 

What Are the Different Types of Payroll Taxes in Texas? 

There are three main types of payroll taxes in Texas: employment and occupation-based taxes, trust fund taxes, and income taxes.

Employment and Occupation-Based Taxes: These taxes are calculated on the number of employees and their respective wages or salary. These taxes are usually paid by the employer and apply to all employees, even if they work for less than 10 hours per week.

Trust Fund Taxes: These taxes are paid by a special fund managed by the IRS. They are calculated on the total amount of bonds issued by the state or local government in which the business is located. These taxes are meant to fund public works and other projects throughout the country.

Income Taxes: This is the main source of payroll taxes in Texas. It is calculated on the total income of the employer, including income from sources within and without the employee. The IRS publishes a list of standard deductions and other income-based deductions that most people can use to reduce their taxable income. These are known as standard deductions. Moreover, many employers will also reimburse employees for some or all of their payroll taxes. These are known as net operating losses (NOLs) and are generally carried forward to future years.  

The Bottom Line 

Payroll taxes are a major financial burden on many small businesses. You are required by law to pay these taxes when you take out an employee or contractor. However, they can also be filed by an employer-employee as well as a joint employer. The deadline for filing your 2022 taxes has passed, and now you can focus on other business matters such as developing a marketing strategy and hiring new employees. 

 

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Do’s and Don’ts if You Haven’t Filed Taxes in Years

Do's and Don’ts if You Haven't Filed Taxes in Years

Do’s and Don’ts if You Haven’t Filed Taxes in Years

November 28, 2022

Do's and Don’ts if You Haven't Filed Taxes in Years

peakreliance

Accounting, Bookkeeping, Taxes

If you haven’t done a tax return in years, it could have serious repercussions and cost you money. You run the risk of forfeiting your right to a refund or owing the IRS hundreds of dollars in the form of taxes, fines, and interest.

Now, you legitimately have a tax problem.

Fortunately, you still have time to file past-due tax returns, which may help you fix some of these problems. And if you recruit a bit of help with the paperwork, it might be smoother than you’d expect. Below, we have listed some of the consequences of failing to file your taxes and some ways to present them in a timeline format for your convenience.

What will happen if you haven’t filed taxes for 10 years?

There are a few types of consequences to consider with the IRS when you haven’t filed tax returns.

IRS and Penalties

The IRS may initiate a lawsuit against you if you don’t file your taxes for a long period of time. This can entail putting a mortgage on your residence or having your assets seized. In some circumstances, you can also face criminal prosecution. It is ideal to contact a tax lawyer or other tax experts if you are concerned about any of these repercussions. With Peak Reliance and their highly qualified tax experts, you need not worry about that.

Every month your tax return is overdue, the IRS charges you a ‘failure to file’ penalty and a ‘failure to pay’ penalty totaling about 5% of the unpaid amount. However, the overall fees are limited to a maximum tax penalty of 25%, so luckily they won’t continue to rise indefinitely.

The IRS may decide to collect your salary or bank account to pay your tax debt if you haven’t filed taxes in a number of years. Wages or other sources of income may be taken as a result of this.

Additionally, the IRS may publish a notice of a federal tax lien, which may limit your future financial options. Your ability to obtain credit or take out loans may be restricted by an IRS tax lien. The government can now have a role in your transaction and will deduct the tax due from the proceeds of any sale, which can limit the amount of property/assets you can sell.

In the worst-case scenario, the IRS can impose a penalty of up to $250,000 in fines and up to five years in prison for deliberately failing to file taxes.

Other Penalties

You may have problems for a variety of additional reasons if you don’t file your taxes. You risk losing out on potential tax refunds as well as opportunities in your life where you must provide your most recent tax returns. You won’t have any tax returns to offer if you haven’t recently filed your taxes.

When you apply for a passport, for instance, you could be required to present your most recent tax records. When you apply for a mortgage, rent, or other loan, you’ll almost probably be required to provide your tax returns. When you apply for health insurance, you can also be asked for your most recent tax returns.

Your most recent federal income tax returns are also required if you are applying for financial aid on behalf of yourself or your child. Finally, the income you disclose on your tax returns is a factor in determining your retirement benefits, including Social Security and Medicare. Your future financial security may be at risk if you fail to file your tax return for several years.

The Way Out
Step 1 – Check your standing with the IRS.

The IRS frequently files a ‘Substitution for Return’ on your behalf if you fail to file your taxes. The IRS makes an estimate of what it believes you owe, but it ignores any exclusions or deductions.

The IRS will next notify you via tax notice CP3219N, often known as a ‘90-day letter’, of what it intends to file on your behalf. The IRS will submit the tax return it believes you are required to file if you don’t respond to the notice, at which point costs will start to accrue.

Step 2 – Decide if you want to pay or file your own returns

You can choose how to proceed if the IRS has filed substitute tax returns on your behalf. One choice is to just pay the tax and associated fees that the IRS estimates you owe. The IRS does give several tax relief alternatives, like an installment arrangement, if you are unable to pay the full amount due at once. This tax payment method is rather straightforward.

A tax levy will be resolved by paying the due taxes and fees, but you may not receive the tax documents you require for other purposes, such as obtaining a new mortgage loan. Additionally, you’ll probably pay more than necessary because there are no deductions on the IRS substitute filings.

You may spend far less and have the tax documents you may need for future financial decisions if you choose to file your own tax returns for the missing years.

Step 3 – Collect the numbers to complete your tax forms.

You’ll need to perform some forensic accounting to estimate your income and expenses over the years if your bookkeeping become a little sloppy during the last 10 years for which you had unfiled tax returns. If you want to outsource some of the work, a forensic accountant or a certified public accountant (CPA) can assist you with this.

·         Completing Records:

To be ready to submit, sort out all of the gaps and missing data in your financial records. To properly calculate your income and claim the most tax deductions and credits on your tax return, you need to accurately record your income and spending for each year.

·         Supporting Paperwork:

Your receipts and income statements will be included in your financial records, but keep hold of them and any further proof that may assist you to justify why you took so long to file your taxes. You might feel more at ease once you complete the clean-up procedure if you have documentation to back up your calculations and your delay.

Step 4 – File The Pending Tax Returns

You can mail the IRS your unfiled tax forms as soon as you obtain the necessary documentation because there is no deadline for doing so. Better yet, if you meet the requirements, you may still file a tax return up to three years beyond the filing date.

Keep in mind that submitting a company tax-return consists of two steps. The first step is to send the IRS the company tax forms. With the help of this form, you may formally file your taxes and inform the IRS about your income and outstanding debt.

Step 5 – Pay your taxes through whichever method

Paying the taxes you owe is the second step in filing the missing tax returns. You may easily pay your taxes with a bank draft or credit card. Of course, you will have a huge tax burden to deal with if you’re filing years’ worth of tax returns at once.

Fortunately, even though the due date has passed, the IRS is ready and able to deal with taxpayers who are unable to pay the entire amount owed in back taxes by the deadline. If you are unable to make the entire payment right away, there are various choices and installment plans you can choose from.

Some options include:

  • Setting up an installment or payment plan.

  • Pursuing an offer in compromise; a deal with the IRS to settle your tax debt for less than you owe.

  • Request a ‘Currently Not Collectible’ status to delay payment until you can afford to pay it.

  • Take out a loan to cover your tax debt.

Step 6 – Prepare for Future Taxes

Make sure the accounting software has been updated for future tax filings before you close it, after organizing your recently updated tax forms. Tracking income and spending and submitting taxes on time each year may be made simpler with a clear accounting system. Set up your company’s accounting system now to ensure that you won’t have to worry about tax problems with federal or state tax returns this year or in the future.

If you’re prepared to take on years of unfiled tax returns, you might need assistance going back over your accounting records, updating your income and spending, and making sure you’re not overpaying taxes. Peak Reliance has the necessary experience in organizing the finances. We have experienced and qualified tax experts to assist you in filing the missing returns. Check out our pricing plans  or call us at +1 (718) 218-5558 for more information.

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Estimated Taxes in Texas in 2022: How to Get Your Tax Return Done in the Most Efficient Way

Estimated Taxes in Texas in 2022: How to Get Your Tax Return Done in the Most Efficient Way

November 22, 2022

peakreliance

Accounting, Bookkeeping

With the passage of the new federal tax laws, the standard deduction has been doubled and individuals must now pay their state income taxes based on where they live. In other words, if you live in a high-tax state such as New York or California, you’ll likely owe more in taxes than under the old rules. You may also be able to deduct some of your state taxes from your federal return. Thanks to these changes, many people are now reassessing how much they spend each year on taxes and what services they can cut to lower their cost. If you’re one of those people looking to reduce your tax bill, this blog is for you! We’ll explain everything you need to know about Texas’s new tax laws in 2022 including how they will impact personal taxpayers and businesses. 

What is Estimated Taxes in Texas? 

Estimated taxes are taxes paid in advance of the actual tax return due date. This can be a good way to get your tax return done early if you live in a high-tax state such as New York or California. These states now tax residents on their income at a higher rate than before. In Texas, estimated taxes are due at the end of February, April, June, August, and October each year. Estimated taxes are commonly used by people who live in high-tax states like New York or California, who want to avoid receiving a large tax bill at the end of the year. Estimated taxes are also commonly used to pay early for a large expense like a new roof or car repair.   

How Much Does Texas Tax Earners Pay on an Estimated Tax Return? 

The average taxpayer in Texas pays about $2,115 on their annual estimated taxes. This amount can vary based on a number of factors including income, filing status, and even how quickly you get your return done. The amount you pay on your estimated taxes is based on your income and any deductions you claim on your tax return. For example, a married couple with two children earning $90,000 a year will likely pay roughly $2,115 on their annual estimated taxes.   

Who Pays Estimated Taxes in Texas? 

When it comes to paying estimated taxes in Texas, everyone is a potential taxpayer. This means that even people who don’t earn any money and don’t expect to have any income in the next year are required to pay estimated taxes. The only exceptions to this rule are people who are getting a specific type of government assistance such as the Earned Income Tax Credit. You can also exclude yourself from paying taxes if you are a sole proprietor or a partner in a partnership.   

The pros of paying estimated taxes 

  • Tax return is done a month earlier (this can be a good thing if you’re a high-tax state) 
  • Less chance of getting audited
  • Less chance of being audited if you pay early
  • You can spread out the cost
  • Low risk of your tax return being audited
  • Most people pay their taxes on time
  • You can estimate your taxes and reduce your risk of underpayment   

The cons of paying estimated taxes 

  • If you pay too much, you could end up owing more interest and penalties later on your federal and state tax returns.
  • If you don’t have enough money withheld from your paycheck, you’ll have to pay interest on that amount.
  • If you owe taxes and you’re due to pay them in October, you’ll have to extend your payment date.
  • There is a small chance that you’ll have your return audited.
  • You don’t get to take deductions on your taxes like you would on a regular return.
  • If you have to file an extension, it will take you longer to get your taxes done.   

How to Pay Estimated Taxes in Texas 

You can pay your estimated taxes by logging into your online tax account, going to your local tax office, or mailing your payment. You can also pay by check or money order. However, depending on your income, you may be able to get a lower percentage of your refund by paying this way. If you choose to pay by check or money order, you must do so by the tax due date. This can be tricky because the due date is different depending on the type of taxpayer you are.   

Which Year Should you pay Estimated Taxes in Texas? 

There are a few different ways to approach this question. You could pay estimated taxes in Texas for the year you earn the money, or you could pay for the year you spend the money. If you’re going to pay estimated taxes on your income from the year you earn it, estimate your taxes based on the new tax rates and pay your 2022 taxes in February 2023. If you’re going to spend the money from your tax return, we recommend estimating your taxes based on the current tax rate and paying them in 2023. 

Final words 

With the passage of the new federal tax laws, the standard deduction has been doubled and individuals must now pay their state income taxes based on where they live. In other words, if you live in a high-tax state such as New York or California, you’ll likely owe more in taxes than under the old rules. You may also be able to deduct some of your state taxes from your federal return. Texas is a relatively low-income state that doesn’t impose a great deal of taxes on its residents. That means your estimated taxes will likely be in the $2,000-$3,000 range based on your income. With that in mind, you may want to consider paying your estimated taxes in 2023 as this will save you from paying taxes on the money you don’t have to spend on something you don’t have. 

 

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5 Best Bookkeeping Software Tools for Small Businesses

5 Best Bookkeeping Software Tools for Small Businesses

5 Best Bookkeeping Software Tools for Small Businesses

November 21, 2022

5 Best Bookkeeping Software Tools for Small Businesses

peakreliance

Accounting, Bookkeeping

The perfect accounting software assist small business owners to conveniently track their accounts and expenses, prepare for the upcoming tax season, and stay on top of their finances. For numerous small businesses, engaging a third party to handle taxes and payroll is a more cost-effective option. But with so many options on the market today, choosing can be difficult. That’s why we’ve rounded up our top 5 accounting software for small businesses so you can instantly find the right solution.

What is Accounting & Bookkeeping Software?

An accounting/ bookkeeping software can be used to keep track of a business’s’ finances. The best options to choose from are those that offer the following:

  • Set-up accounts and make journal entries.

  • Can get linked to your company’s bank account.

  • Pay bills automatically and meet all deadlines.

  • Generate invoices & send them when due.

  • Log all payments & expenses.

  • Run reports and provide accurate data for audit.

There may be other additional functions you need depending on the nature and size of your company. You want a software that makes the work of running a business easy and spontaneous, freeing you up, as the decision maker to do other more significant things.

Who Can Benefit from Using Accounting and Bookkeeping Software?

Any business can benefit a great deal from automating their finances and using accounting and bookkeeping software. Regardless of the nature and structure of your business, there are financial procedures that can be simplified with the right software. For example, in case you need recurring invoices for a client, having a software enables you to generate specific ones in no time. These can be configured to run automatically in your bookkeeping and bookkeeping software.
Businesses of every size can, benefit from using accounting software. It can be used to incorporate data entry, track payables and receivables, handle payroll, and modernize journal entries. It’s also excellent for running reports that help you meet your short-term and long-term business goals.

Are Automated Accounting & Bookkeeping Software Secure?

Some of the most common questions circulating around about online accounting software are related to the topic of security. It is fair enough for business owners to be worried about this aspect as financials is a sensitive and confidential matter for everyone. If you are going to store your accounting information in the cloud, you need to be confident that your data is safe.

Online accounting software and accounting software are safe. The companies analyzed here take all precautions to protect their customers’ information. In numerous ways, keeping data in the cloud is more secure than storing it on your device. If your device fails or you lose your laptop or tablet, you can wipe the device storage. With cloud storage, you can access your information from anywhere, on any device.

Free Accounting & Bookkeeping Software

If you run a small business, you may need to consider the price first when it comes to choosing an appropriate bookkeeping software. If your business is in its beginning phase you may be looking out for cost-effective options or considering if there are any free options.

Good news! Many auto accounting software have free versions!

However, the thing to keep in mind is whether you’re getting the features and functionality you need with free software version. If you need basic assistance until you can afford the premium software, it is recommended to use the free version.

How Much Does Accounting & Bookkeeping Software Cost?

Accounting and bookkeeping software costs vary by product. As mentioned, there are free options with limited functionality. Many of the options we reviewed have tiered pricing, from budget options for small businesses with only a few users to enterprise-level pricing for larger organizations. Many companies offer discounts on the monthly fee if you pay annually in bulk. This is something to keep in mind if you need to limit your spending.

Accounting Software:

  1. QuickBooks Online

QuickBooks Online is a solid accounting software with quite a lot of exceptional features. It was developed to be intuitive and easy to use. The process of setting up an account is simple because of the user-friendly interface. It is laid out in an organized manner, making it easy to find whatever you are looking for. Best part is that the software doesn’t entail you to have accounting experience.

Although QuickBooks Online isn’t quite as resourceful as QuickBooks Pro, it has everything a small business needs and is cloud-based. The software is updated by the company regularly, with new features being added constantly, it is easy to share information with your accountant.

  1. Xero

Xero’s cloud-based program offers account management, billing, expense reporting, and payroll. It also integrates with thousands of other apps, so you can add more functionality as you need it. The interface is clean and user friendly. The company updates the product every 3-6 weeks based on user feedback through community forums. They also offer excellent customer service. Xero is headquartered in New Zealand but supports US customers. The software is cloud-based, so there is no need to download the program to your computer. The company targets small and medium enterprises. They facilitate importing data from other accounting systems.

  1. Zoho Books

Zoho Books is not only easy to set-up and use, but its focus on automation makes it easier to manage than most tools. Its robust features include a one-time and recurring billing, online and offline payments, banking reconciliation, automatic tax calculation, reporting, 1099 contractor management, and more.

Zoho also offers add-ons such as add users and advanced automatic scans.

With such a wide range of features, this tool has almost everything you need to manage your business finances now and in the future.

  1. FreshBooks

FreshBooks offers an easier way to generate and manage millions of bills and if this sounds at all relatable, this could be the tool for you. It offers a higher level of customization than most other accounting programs and software and requires little experience to use as well.

Freshbooks’ customizable features make it easy to send quotes, manage project budgets, automatically add late charges, customize unlimited invoices, send payment reminders, accept deposits and payments. It allows you to bill your customers in multiple currencies, languages, subscription or retainer bases. You can also integrate tax apps, filing tools, and other tools like Gusto, GSuite etc. with FreshBooks.

  1. Sage

Sage Business Cloud Accounting, like the others mentioned so far, is a cloud-based accounting software that does not require accounting knowledge to use. In fact, we recommend this as one of the best accounting solutions based on your industry, company size, and unique business needs.

Sage enables its users to:

    • Generate and track invoices, track and forecast cash flow, accept and make payments, automate admin, manage inventory, track expenses, and much more.

    • Scale with add-ons such as human resources management and estimating.

    • Augment multiple users such as employees to your account, as well as share real-time access with your accountant at no extra cost.

    • Sync information from your bank and apps such as Miro, and Gmail.

 

 

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Accounting, Bookkeeper, Bookkeeping Software, Outsource Bookkeeping

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