Elevated Bookkeeping & Accounting’s Post

January 2025 is just around the corner! Let’s wrap up Q4 strong by staying on top of crucial deadlines like early filings and deposits. January 15, 2025 ⚠️ Monthly Deposit for December Payroll Taxes: Deposit payroll taxes for wages paid in December 2024, if on a monthly deposit schedule. January 31, 2025 ⚠️ Quarterly Payroll Tax Filing: File Form 941 for Q4 (October - December 2024) to report federal income tax withheld and FICA taxes. ⚠️ FUTA Tax Deposit (Quarterly): If your FUTA tax liability for Q4 exceeds $500, make your FUTA deposit. ⚠️ Form W-2 & W-3 Distribution: Distribute W-2s to employees and file with the Social Security Administration. ♦️ Bottom Line Accounting can help your business avoid penalties, and prepare for a smooth year-end with our payroll and bookkeeping services! You can book an online free consultation  or call us to make an appointment (510) 200- 5152 https://lnkd.in/gGGC8HUQ #BottomLineAccounting #ActNow #Bookkeeping #AccountingServices #BusinessBoost #AccountingExperts #SuccessStory #AccountingHelp #SmallBusinessSuccess #BusinessRelief #AccountingSolutions #FinancialOrganization #OrganizeYourFinances #FinancialPlanning #FinanceTips #MoneyManagement #FinanceGoals #Budgeting #FinancialHealth #FinancialFreedom #SmartFinance #OrganizeAndThrive #OrganizeToOptimize #DocumentManagement #FinancialReview #Payroll #PayrollTips #DecemberAccounting

6. Reconcile Payroll Totals with Financial Records Steps: Compare the total payroll amounts reported on pay stubs with the company’s financial records (e.g., bank statements and accounting ledgers). Check that all taxes and withholdings were correctly remitted to the IRS and other tax authorities. Example: Total Payroll for January: $100,000 Total Federal Income Tax Withheld: $15,000 Total Social Security Withheld: $6,200 Total Medicare Withheld: $1,450 Audit Check: Compare the total payroll tax withholdings and payments made to the IRS with the amounts shown on the company’s bank statements and accounting system. #Payrollauditprocess

🎉 Excited to Share Key Learnings on Income and Payroll Taxes! 💼 As I continue to grow my expertise in accounting and taxes, today’s class on Income and Payroll Taxes has been incredibly insightful. Here are my key takeaways: 3 things I didn’t know previously: 🤔 Tax Bracket Nuances : The way tax brackets apply differently for individuals and corporations was an eye-opener. 💡 Payroll Tax Structure : The full structure of payroll taxes, especially FICA (Social Security and Medicare), was more complex than I initially realized. 📊 State and Local Tax Obligations : I discovered how state and local taxes play a crucial role in payroll tax management, extending beyond federal obligations. 🌍 I’m excited to apply this knowledge in my current role, helping businesses make informed decisions, maintain compliance, and optimize their tax positions. Continuous learning is key to offering the best support to clients and achieving professional growth! 📚 Skill ArbitrageJyotica SharmaHarika UppalaAbhijeet TiwariChinaza Ukadike #IncomeTax #PayrollTax #Accounting #TaxCompliance #ProfessionalDevelopment #ContinuousLearning #TaxStrategy #CareerGrowth

The end of the year is the perfect time to ensure your tax forms are organized, especially if you have employees or independent contractors. Staying ahead of deadlines can save you stress and keep your business running smoothly into the new year. Key Tax Forms to Know Here are a few essential forms small business owners need to file: ✅W-2 Forms: For employees, reporting wages and taxes withheld. ✅1099-NEC: For independent contractors, reporting nonemployee compensation. ✅941/940 Forms: For payroll tax reporting and federal unemployment taxes. Important Deadlines to Note January 31, 2025: Deadline to distribute W-2 and 1099-NEC forms. February 28, 2025: Deadline for paper filing 1099 forms with the IRS (March 31 for e-filing). Staying organized now will make tax season much easier! 💬 Have questions? Drop them below, and don’t forget to save this post for reference! #Payroll #TaxDeadlines #ContractorPayments #SmallBusinessTaxes #BusinessBookkeeping #BusinessAccounting #SmallBusinessFinance

Reconciling payroll tax liabilities with quarterly reports is an important task for any business to ensure accurate tax filings and avoid potential penalties. As an accountant, Always make sure that all payroll tax liabilities are reconciled with quarterly reports and accurately recorded in your books. This helps you avoid any surprises during tax season and ensure compliance with federal and state tax laws. How confident are you that your payroll tax liabilities have been accurately reconciled with quarterly reports? #PayrollTaxLiabilities #QuarterlyReports #TaxFiling

Don't miss these year-end reminders and tax filing deadlines for your business. Read key deadlines for payroll reporting, 1099 rules, Local tax reporting, and electronic filing on our blog. https://hubs.ly/Q02-xwLR0

Do you tackle taxes at the end of the year? Top of the new year? 🙄 Would you be surprised if we told you that it's a task that should be done throughout the year? 🤔 Whether you're new to business or you've been moving along for a few years, tax planning is a must-do task that is necessary to address every month, if not every payroll period. Susie is here to give you more direction and help. 🔊Turn up the volume and listen in! CarefreeBookkeeping.com , Susie Jose #carefreebookkeeping #taxplanning #taxplan #smallbusinessaccounting

Payroll taxes—something every entrepreneur encounters but few talk about! Here’s the deal: staying compliant isn’t just about avoiding penalties, it’s about empowering your business for sustainable growth. A solid payroll system can save time, money, and unnecessary stress. Are you keeping up with tax law changes or leveraging payroll software? Let’s discuss how entrepreneurs can simplify this process! #PayrollTips #BusinessGrowth”

Today’s lesson on *Income and Payroll Taxes* was an insightful dive into areas that I didn’t know much about before! Here are three elements I learned and three key takeaways from the session: ### **Three Things I Didn’t Know Previously:** 1. **The complexity of payroll tax calculations**: Understanding the nuances between various withholding rates for different employee statuses. 2. **The differences in income tax brackets**: How various income tax brackets apply to individual taxpayers and the implications of progressive taxation. 3. **Tax exemptions and deductions**: Exploring the wide range of tax exemptions available to employees and businesses, which can significantly reduce tax burdens. ### **Three Key Takeaways:** 1. **The importance of accurate payroll management**: Properly calculating and withholding taxes is crucial to avoiding penalties and ensuring compliance. 2. **Understanding tax liabilities**: Knowing how income tax brackets work helps in planning finances better for both individuals and businesses. 3. **Staying informed about tax regulations**: The tax code is constantly evolving, and staying updated is essential for long-term financial health and strategic decision-making. ### **Application in My Professional Journey:** - **Career Development**: I’ll apply this knowledge to help companies streamline their payroll processes and ensure tax compliance. - **Client Advisory**: As a future finance professional, this understanding will allow me to offer valuable advice to clients regarding tax efficiency and savings. - **Continuous Learning**: I plan to keep enhancing my expertise in tax law to stay ahead of any changes and better serve my future employers or clients. I am grateful for today’s session and look forward to applying these insights in my career! Thank you Priyanka Sinnarkar and Chidimma Nwosu-Okoli for the amazing learning opportunity. 🙏 #Taxation #IncomeTax #PayrollTax #Finance #ProfessionalDevelopment #LearningJourney #TaxCompliance #CareerGrowth

📚 Small Business Tax Essentials: Are You Ready for Year-End? 📚 As the year wraps up, it’s time to focus on your end-of-year tax forms—a crucial step to keep your business on track. Here’s a quick guide to the forms you may need: 🔹 1099-NEC: For contractors you’ve paid $600+ 🔹 W-2: For employees on payroll 🔹 Schedule C: If you’re a sole proprietor reporting income and expenses 🔹 Form 940/941: For businesses with payroll ✨ Why it’s important: Filing accurately and on time can help you avoid penalties and start the new year with peace of mind. At Number Nirvana, we believe in empowering small business owners with the knowledge and tools to make tax season manageable. Need guidance? Let’s chat about how we can help you file confidently and plan for 2025! 💡 #TaxEducation #SmallBusinessTips #YearEndTaxes #NumberNirvana #BookkeepingMadeSimple