LedgerBench

Every individual and all types of businesses- irrespective of size and nature of the business wants to save money. Tax deductions can help you save money for your business. We all know, taxes are complicated for small businesses. As a small business, we are already figuring out ways to improve product or service, improve customer experience, increase revenue and cut on costs. Focusing on small business tax deductions are equally important to save yourself money.  What is a tax deduction? A tax deduction or tax write-off is an expense that you can deduct from your taxable income. A tax deduction allows you to pay smaller tax bills. By deducting an expense on your tax return, you’re lowering your business taxable income and thus tax liability. You can invest more money to grow your small business that you owe to the IRS every year.  Following are the most common tax deductions for small business: Car and truck expenses: Most small businesses use a car, ...

We know a bookkeeper’s job is to record daily business transactions, produce invoices, chase payments, process payroll and get the small business ready for tax deadlines. Bookkeepers ensure that all of a company's expenses, incomes and transactions are recorded in the company’s books and reconcile the financial accounts on a monthly basis. Bookkeeping Service can wear many hats for a small business. Nowadays, bookkeepers use business accounting software to do their work. These are just a few things we think are done for small businesses but in a broader perspective there are other things as well. Let’s take a closer look: Day to day management of accounts: A bookkeeper records transactions on a daily basis. They record all purchases and expenses of the business by using software. This way they can easily keep track of cash flow and save their data entry time. Maintain Up-to-date and accurate records: A bookkeeper makes sure all your data is up-to-date and accurate. ...

Outsourcing Payroll Services  offers an attractive and valuable alternative to small business accounting services . If chosen wisely, outsourcing payroll can be a less expensive, simplified way of paying your employees, filing your taxes, and performing a host of other duties offered by the third party. As you know, payroll is a complex and stressful task while managing so many other business activities. Managing payroll is an important aspect of your business. Small businesses often lack resources, time and money to handle in-house payroll. Payroll is not just about making sure your employees receive salaries on time but also paying government taxes to state, local and federal. Your documents must be filed on time and correctly. What is payroll outsourcing? In the market, there are payroll specialists  who can handle the payroll processing on behalf of you. These outsourcing payroll service providers do everything from calculating pay and deductions to transferring money...

Have you as of late gotten charge notice from the IRS and are panicked some solution for it? All things considered, you have gone to the correct spot for every one of your questions. Not all duty sees by the IRS are identified with audits. The notification letter given by IRS will have all the purposes behind the contact and give you directions how to deal with it. What is a Tax Audit Support ? A Tax audit is an assessment of your expense form by the Internal income Services (IRS) to check if your conclusions and Income charge are exact. Purposes behind your warning by IRS: You changed your arrival You have a funds to be paid They have to check your character They require extra data You are due bigger or littler discount A warning expressing there will be delay in preparing your arrival Presently when you know the purpose behind the notification, we should get moving on more data. In the event that you get a notification expressing your duties are be...

Payroll Reconciliation means verifying all your employees are paid correctly. It also means, all taxes are paid and reported accurately.  Regardless of your business, payroll reconciliation involves different accounts such as: Retirement Medicare Federal taxes State taxes Insurance Deductions Social Security Withholdings Let’s take an example here: Your employee earned $2000 during the pay period but received $1500 as the rest of the money was disbursed appropriately on the above accounts. Here, payroll services reconciliation would entail verification of all the accounts involved with the transaction agreed upon.  Payroll reconciliation: While formulating payroll, accountants must make sure their calculations are correct. Prior to submitting payroll, the accountant audits for entry errors and makes adjustments as necessary. Ensure that the entries are posted to the right accounts.  Validating transactions: After the completion of payroll, CPA wou...