Year-End Payroll is Complicated by New/Changed Laws for 2020

Year-end payroll isn’t only about generating a paycheck – it’s an important time to verify forms, employee information, tax changes, your accounting, and all payments, including anything your employees earned that wasn’t part of your regular pay schedule. 

For a company with one or two salaried employees, it can be a pretty straight forward process. The more complex your compensation, the more complex your year-end tasks may be. For example, bonus pay, handwritten checks, and paid time off can complicate your accounting. Especially if you haven’t processed payroll regularly, because of COVID.

This year, the COVID pandemic created more payroll changes than usual that may impact your small business, including:

• The CARES Act
• A new Form W-4
• FFCRA-qualified leave
• Social Security tax deferral
• State and local changes
• And more!

Experts recommend starting year-end payroll in October to process changes, get up to date on new laws, and give yourself extra time meet deadlines. If you’re already behind, Amador Accounting can get you caught up.

Learn more on our website or call Lisa Amador at 734-330-0907.

Is Year-End Payroll Slowing You Down?

If you’re worried about how new payroll laws will affect your business, too busy running your business to take on the accounting, or just need a hand, Amador Accounting is here for your payroll needs, including: 

• Updating payroll software, rates and elections
• Reviewing and updating PTO balances and rollovers
• Verifying wage and contribution limits
• Reporting fringe benefit information
• Verifying tax rates
• Filing forms with the IRS

We know how important accurate payroll accounting is to you and your employees. When you trust your payroll to Amador Accounting, you can rest easy knowing your records are accurate and filed on time. And when you don’t have to worry about payroll laws and forms, you can focus on what matters most to your business: its future.

Learn more on our website!

What has changed since last year?

Taxes are ever changing, and often it’s hard to keep up with what’s new and what no longer applies. 

Here are some changes to look out for:

• Late refunds- An act passed in 2015 says that the IRS cannot send out refunds until February 15^th when the Earned Income Tax Credit or the additional child tax credit is claimed on the return. 
• Deductions for Senior Medical Expenses- to claim a deduction for medical expenses, the expenses must be greater than 10% of your adjusted gross income. 
• Threshold adjustments - phase out for Traditional and Roth IRA’s will both rise $1000 in 2017 for single tax payers ($2000 for couples filing jointly). 
• Exemption amounts for the Alternative Minimum Tax rise to $54,300 for individual filers and $84,500 for married couples filing jointly who claim three or more qualifying children.

Tax specialist in Belleville and the surrounding areas

Contact Amador Accounting today! Lisa Amador is the best  tax specialist in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330- 0907 

How to Make Tax Time a Breeze with Quickbooks

Does tax time stress you out?

Are you looking for ways to make tax season easier?

Do you have a process in place that will help things go smoothly?

Have you considered hiring an enrolled agent to help you out?

At Amador Accounting, we get things done on time and on budget. If you’re worried about tax preparations … we’ve been there. Lisa Amador, who is an enrolled agent, will help you manage and organize your records so you can be on track for the end of the year. She can even help you file your taxes on your behalf.

According to Intuit Quickbooks, you can make tax time a breeze by: 

1. Knowing your W2 deadlines
2. Verifying information now to avoid headaches later
3. Checking taxes and wages before filling out forms
4. Simplifying your 1099s with the Quickbooks Wizard to help you save time and 
5. easily file your 1099-MISC forms
6. Checking your inventory to get an accurate total of cost of goods sold
7. Writing down all your possible deductions
8. Fixing any mistakes before you start tax preparation
9. Reconciling bank accounts and credit card statements 

For your business to prosper you need to be keenly aware of your financial activities. With Lisa’s help, you’ll be able to understand and project earnings faster and with ease. What are you waiting for? Get started today!

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

Why You Shouldn’t Wait till the Last Minute to Tax Prep!

Do you have a pile of receipts?

Do you keep your business transactions up to date?

Are you last-minute when it comes to filing your taxes each year?

Tax time can be a frustrating time for many people, especially if you own a business. There are so many numbers you need to keep track of as a business owner. 

At Amador Accounting, we recommend not waiting till the last minute to prepare your taxes. Being prepared can help you:

1. Avoid possible penalties.
2. Get the best refund possible.
3. Change to your accounts in a reasonable amount of time, if necessary.
4. Come up with payment in advance.
5. Avoid underestimating the time it takes to file.
6. Get all the forms you need ahead of time.
7. Expect the unexpected! Things can happen that you can’t predict.

If you’re tired of waiting till the last minute to tax prep and need help organizing your files, contact Lisa Amador, enrolled agent! Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

5 Advantages of Having a Bookkeeper for Your Small Business!

Are your books up to date and balanced?

Are you sufficiently aware of your business expenses?

Do you need help making financial decisions?

Keeping up-to-date financial records is critical for your business to be successful. Make sure you’re able to track profits and expenses. Don’t run into trouble because of overspending or failing to plan for the unexpected. Imagine having the peace of mind that comes from knowing you have enough in your account to cover both your ordinary expenses and any emergencies that may arise.

A bookkeeper:

1. Helps you know your financial situation
2. Improves decision-making
3. Makes work easier, allowing you more time to run your business
4. Safeguards your accounts, making sure you have enough money for investments and growth opportunities
5. Makes problem-solving easier when you notice potential fraudulent charges to your account

Lisa Amador understands how difficult and time consuming these tasks can be. They can cause you extra stress and long nights at the office catching up. How would you like to stop worrying about everyday business tasks and leave them to the experts? Amador Accounting can get your books in order and ready for tax season! 

Small Business Bookkeeping in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa Amador, Enrolled Agent, is the expert when it comes to small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

How We Stay Relevant For Our Clients All Year!

Do you have your day-to-day transactions under control?

Are you aware of all of your business expenses?

Do you need accounting services all year around?

Imagine how relieved you’ll feel at the end of the year when you don’t have to scramble to find your financial statements. Stacks of disorganized paperwork can be overwhelming. Lisa Amador, Enrolled Agent, can help your business get on the right track!

We can stay relevant for you all year long, offering an array of useful services including:

• Entering data
• Managing day-to-day transactions
• Customer invoicing and collections
• Credit card management
• Tracking sales tax and payroll tasks
• Providing up-to-date information to help you make decisions about hiring
• Deciding which marketing strategies are working and how profitable a project or job was or could be
• Helping make year-end and tax season easier by having all your information ready

If you need help setting short term and long term strategies to improve your business operations, you need an enrolled agent on staff. Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907