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Some Wise Ways to Spend Your Tax Refund Now that tax season is over and you have your tax refund check, how are you going to use it? Although there may be a number of things you have been wanting to purchase, it might be a good idea to invest at least a portion of…
Today is April 18, 2016 and it is Tax Day!!!! Today is the federal income tax deadline day. The last day to file income state taxes. If your business is seeking an outsourced bookkeeping solution, the experienced professionals at Orange County Bookkeeping can provide you with the expertise you are looking for. Our licensed accountants…
Tax Deductions for You! We have complied a list of the top tax deductions for the current tax season. Most of these tax deductions are items that taxpayers encounter frequently. Keep in mind, however, that this is a small list of the most important tax deductions and that…
How to Prepare for Your Tax Preparer It’s tax season again and time to meet with your tax preparer. With this in mind, included below are few simple steps to help you prepare for that meeting. This is an easy system and one that will make taxes seem less…
Bookkeeping Responsibilities and the IRS Since bookkeepers and outsourced bookkeeping services providers are generally the ones responsible for managing all of a company’s records, they are often placed in the position of having to communicate with the IRS on behalf of their employer or client. This being the case, it is important that the…
IRS Announces Payroll Tax Initiative The IRS recently announced the introduction of a new program specifically designed to help businesses with payroll tax compliance. This plan of action, called the Early Interaction Initiative, is designed to identify and notify employers who fall behind on their payroll tax obligations. Once identified, the program includes follow up…
Getting Ready to Close the Books Although many bookkeeping tasks are done all year long, there are other functions that are performed less frequently. While sending invoices, paying bills, recording transactions, filing receipts, handling payroll and analyzing inventory are carried out on a daily, weekly or monthly basis, sales and payroll tax reports and estimated…
IRS Serious About Collecting Payroll Taxes The IRS is serious about collecting all taxes but is especially aggressive when it comes to collecting payroll taxes. Not only are the penalties for payroll tax noncompliance steeper than they are for other types of taxes, but the range of accountability is much broader. The IRS assesses an…
Bookkeeping Services Providers Adjust for Sales Tax Holidays All across the country, back-to-school sales tax holidays have already taken place, are in progress now or are on the horizon. While these tax holidays offer parents of school age children significant savings on clothing, electronics and school supplies, they can be a headache for in-house bookkeepers…
Focus on Payroll Taxes Payroll taxes, also called employment taxes, are those taxes that employers are required to pay based on the compensation of their employees. They include federal and state income taxes withheld from employee paychecks, FICA (Social Security and Medicare) taxes and FUTA (federal unemployment) taxes. Because they include money that actually belongs…