Bookkeeper services New York firm and tax advices

Accounting services New York provider: The maximum amount of wages garnished varies depending on the garnishment, but they range from 15 percent of disposable earnings for student loans to as much as 65 percent of disposable earnings for child support (if the employee is at least 12 weeks in arrears). In states that have enacted laws differing from federal wage garnishment requirements, employers must comply with state laws demanding a lesser garnishment. And because state laws differ (North Carolina, South Carolina, Pennsylvania, and Texas generally prohibit wage garnishment for consumer debts altogether), employers should ascertain what’s required of them by state law before proceeding with garnishment. No matter how high the debt, employees will always be allowed to keep a certain percentage of their paycheck for general living expenses.

For 2019, the maximum IRA contribution you can make is $6,000 ($7,000 if you are age 50 or older by the end of the year). For self-employed persons, the maximum annual addition to SEPs and Keoghs for 2019 is $56,000. Although choosing to contribute to a Roth IRA instead of a traditional IRA will not cut your 2019 tax bill—Roth contributions are not deductible—it could be the better choice because all withdrawals from a Roth can be tax-free in retirement. Withdrawals from a traditional IRA are fully taxable in retirement. To contribute the full $6,000 ($7,000 if you are age 50 or older by the end of 2019) to a Roth IRA, you must earn $122,000 or less a year if you are single or $193,000 if you’re married and file a joint return. The amount you save for making a contribution will vary. If you are in the 25% tax bracket and make a deductible IRA contribution of $6,000, you will save $1,500 in taxes the first year. Over time, future contributions will save you thousands, depending on your contribution, income tax bracket, and the number of years you keep the money invested.

Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.

Whether you want to get a business loan, answer an auditor, or simply design next year’s budget and business plan, you need the assistance of a full-charge bookkeeper. They can help ensure that each of these tasks are completed correctly, in a timely manner, and that they are accurate enough to be truly useful. Between the accounting software specialist and the full-charge bookkeeper, you will have begun to create a set of checks and balances within your business. Individual department spending will be recorded and analyzed by the bookkeeper, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets. Read extra info on Bookkeeping services New Jersey.

A full-time bookkeeper handles the day to day accounting functions for your office. Keeping your books in order and up-to-date is the foundation of the financial strength of your business. Hiring a full-time bookkeeper in this situation could be the right answer for you. You can expect a full charge bookkeeper to run operations associated with paying bills, billing clients, managing time-sheets and payroll, and processing financial statements at month end. As an owner of the business, you will still need to look over the end results to guarantee accuracy.

Merge Bookkeeping is not just a company. It is a team of professionals willing to put the best of their services to use. How we started off? Established By professional with the 15 years for Accounting and Bookkeeping experiences. Since its inception, the company has continuously worked harder to share the preparation burdens of its clients. Study and evaluate your software and accounting needs. Find additional info at https://www.mergebookkeeping.com/.