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.

What Business Expenses Should I Be Keeping Track of To Write Them Off?

Want to save money on your taxes?

Have you been spending a lot of money on business improvements?

What business expenses should you track to be able to write off at the end of the year?

We’ll tell you everything you need to know to prepare yourself for next year’s tax filing! At Amador Accounting, we want you to save money at the end of the year. Avoid stressing out later and prepare your records now! 

Here’s a partial list of expenses you should be keeping track of, including:

1. Mileage – This is important if you provide services elsewhere, rather than in an office setting.
2. Travel expenses – If you travel a lot for business you’ll want to keep track of gas and oil, repairs, rental fees, tolls, parking fees, insurance premiums, etc.
3. Self-improvement expenses – You may be able to deduct the cost of any kind of training program such as seminars, manuals, books, classes, etc. 
4. Home office deductions – If you work out of a home office you may qualify for a home office deduction including writing off the cost of maintaining your work space.
5. New office equipment – Equipment that is used to solely run your business can be deducted.
6. Startup costs – If this is the first year of your business, you can deduct up to $5,000 in expenses, an additional $5,000 of legal, filing, and accounting fees may be deducted if your business is structured as a partnership or corporation. amounts over $5,000/$10,000 can be amortized.
7.  Health insurance – If you’re self-employed, you may be able to deduct your insurance premiums.

Looking for More Information?

Schedule a free consultation with Lisa Amador, Tax Consultant! She’ll walk you through the entire process and will be able to customize a plan that fits your needs. Do you need help with tax preparation? She can help you organize your files and help prepare you for tax season.

Tax Consultant in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa’s a tax consultant specializing in small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa 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

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

Seeking Better Business Performance? An Enrolled Agent Can Help You!

Are you aware of all your business expenses?

Is your accounting process as effective as it could be?

Do you need help keeping your business records accurate and up to date?

Outsourcing your accounting to a skilled outside company can help keep your business successful and protect you from:

1. Financial statement fraud
2. Failing to manage accounts payable
3. Cash flow drying up from late or overlooked invoices and slow-paying or non-paying customers
4. Substandard record keeping, resulting in potential tax liability

Lisa Amador is a skilled enrolled agent who is dedicated to providing accurate and affordable accounting services. Give yourself peace of mind knowing that your finances are in the right hands. She’s got your best interests in mind!

For your business to prosper and be successful you need to be keenly aware of your financial records. Amador Accounting can help you manage and organize your records so you can make better decisions now and in the future. 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