How to Determine Payroll Tax Using a Mobile App

H&R Block Mobile – iOS, Android

The H&R Block Mobile app makes it easier to file your taxes, by connecting you directly to tax professionals. Basically, the app lets you upload your documents and send them to a tax pro. It can create a personalized checklist of required documents, and lets you view tax returns from previous years. If you need to schedule a face-to-face meeting with an H&R agent, the app can also help you find the closest office in your area. Additionally, the app lets you check the status of your federal tax return, and estimate the amount of your return with a built-in calculator.

H&R Block 1040EZ – iPad

While the H&R Block Mobile app focuses on connecting you with tax professionals, H&R 1040EZ instead helps you e-file your taxes independently. To use the app, you snap photos of the necessary documents, then file the information. It’s free to prepare your taxes, but e-filing costs $9.99. The app checks for mistakes so you can correct errors and omissions, and customer service agents are available for live support if you need it. Additionally, with the 1040EZ app, you can easily view prior tax returns if you’ve used H&R Block before.

TurboTax – iPad

TurboTax for iPad walks you through the process of filing your taxes. Here, again, you snap a photo of your tax documents; the app then coaches you through every step of the filing process, double-checking to ensure that you have entered all information correctly. TurboTax also checks for deductions and credits, and once your return arrives, it gets stored in the TurboTax Cloud. If you have questions, you can request assistance from a live agent right within the app. TurboTax is free to download, but it costs $29.99 for federal tax return filing and an additional $36.99 per state for state tax filing.

TaxCaster – iOS, Android, Windows Phone

The lightweight TaxCaster app helps you estimate your tax refund on the fly. Just enter the basic information about your lifestyle and business, and TaxCaster will estimate what you owe, and how much you can expect to get back. The app uses the same tax calculator you’ll find in the desktop version of TurboTax to provide the estimates before you even file your taxes. Based on the information you provide, it can also recommend a product to help you complete the filing process.

Shoeboxed – iOS, Android

With Shoeboxed, keeping your receipts, bills and other financial documents organized is as easy as snapping a photo. Once you upload your document via the Shoeboxed app, it automatically extracts the important information, such as vendor, date, total and payment type. This creates a fully searchable digital database of your transactions. For small business owners, Shoeboxed will pay off in a major way at tax time. The app can save you time and money; managing paper documents yourself is time consuming, and hiring someone else to do it is expensive.

Evernote – iOS, Android, Windows Phone

More than just a robust note-taking tool, Evernote also offers a way to manage the documents you’ll need to file your taxes. Because Evernote lets you easily store and organize images, you can scan in your receipts and then trash them. And because the app can read printed text, it’s easy to search for a specific receipt. You have a few options for getting your receipts into Evernote. First, there’s the pricey ScanSnap scanner, made by the Evernote developer, which directly scans in high-quality images and automatically uploads them to your Evernote account. For a cheaper solution, try the DocScanner app for iOS and Android, which you can use to “scan” in receipts by snapping a photo with your smartphone or tablet.

IDonatedIt – iOS, Android

Charitable donations are tax-deductible expenses. They reduce your taxable income and ultimately lower your tax bill. But tracking your donations throughout the year can be a chore. A mobile app called iDonatedIt streamlines the process by helping you document your donations quickly and easily. Just open the app when you donate a non-cash item to charity to track the donation date, the charity you donated to and the fair-market value of the item. By tax day, you will have a complete and permanent record of donated items that meets IRS compliance requirements. You can also attach photos of donated items and email the detailed donation report to yourself or your accountant.

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A Virtual Assistant Bookkeeper Is Gold For Your Business

I want to share a story with you that I know will ring true for many of you that produce a shoe box full of receipts and pay big dollars for the CPA to make sense of the contents in the box.

To be truthful I was using the shoe box accounting systems where friends would laugh as I opened the box carefully and shut it quickly to squeeze yet another receipt in.

The box was full to the brim and I had made my way in for my appointment with the CPA and faced him with a large pad of paper in front of him as I tried to recall events, dates and different expenses I was trying to write off. Then the Accountant took off his glasses looked me straight in the eye and said “I am only as good as the information you give me!”

“Just imagine in this room if I had the tax department sitting around the table would your stories satisfy him?”

This truth hit me straight between the eyes I can still remember the sinking feeling when I thought that my poor record keeping would get me into hot water sooner or later and I virtually became obsessed about finding a virtual assistant to help get my house into order.

Tips to Get Your Started:

It’s always hard starting anything new but to be prepared to spend only an hour a day to tackle this task, as it will overwhelm you.

Definitely do not do this task late at night or you will find you can’t sleep.

Go purchase either a filing cabinet or do what I did and buy color-coded concertina boxes so you can easily find the year that you’re looking for.

Clear the kitchen or office desk and first sort out in year then date order.

What I did is look for a virtual assistant bookkeeper and found much more than I bargained for she is she is a qualified CPA and she journals all of my receipts straight away directly onto QuickBooks and for the Australian clients MYOB.

We now have clients all around the world with many like how I was and they either started out with good intentions but just either got busy or lost the enthusiasm for book work and started to fall behind.

A good bookkeeper will save you money two ways as there will be less for the CPA to do, the cost of a virtual assistant bookkeeper is thirds of the cost of an accountant. The records will be kept beautifully and will stand the scrutiny of the tax office.

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Where to Find Pay Stub Templates For Your New Business

How to Find a Payroll Check Stub Template

In business it is well known that one of the most important elements to running a successful business is paying your employees. Each company that has employees are responsible for tracking the work being performed and subsequently on compensating these employees timely and consistently. As an entrepreneur or business owner, it is your duty to make sure that everything is taken care of when it comes to your payroll operations.

Today we are going to go over a few ways that you can find payroll check stub templates. You can use these templates to independently take care of your own payroll (which will essentially save you and the business money in the long run).

Use search engines

The first (and easiest/quickest) route that you can take when looking for a paystub template is to simply search on the Internet. Search engines such as Google and Bing are amazing resources, which also encompass a plethora of other sources and websites as well. There are a variety of websites and programs (downloadable) that you can utilize and choose at your discretion.

Microsoft Office Accounting templates

If you have an intermediate/expert knowledge of using Microsoft Office programs, then you can simply create your own payroll check stubs. Microsoft Office Accounting is a program that many businesses (independent, small, and medium) utilize on a daily basis. The templates are very easy to use, edit, and even customize to your liking. Microsoft Office programs do cost money, however, the investment in the end will be well worth it if you compare the expenses of doing it on your own to how much you would spend for a third party to do the same exact thing.

Ask small businesses in your area

Being able to go out in your neighborhood and ask for advice from other business owners is pretty common. Although some may be your competition (respectively) when it comes to simple things such as payroll templates, this is not something that would be considered a threat. In addition to asking a business owner that you know, this also fosters a great community environment as well.

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Learn to Love Payroll Production: Payroll Solutions for PEOs

Payroll is one of the most arduous of business processes. When you multiply that by the client load managed by PEOs, you’ve got an ulcer-producing mess that takes an inordinate amount of time.

Having a turnkey payroll software solution designed specifically for PEOs is like having an extra set of eyes and hands to manage the payroll process for each client. Applying this technology improves your clients’ satisfaction and directly impacts their employee satisfaction, as well. Perhaps even more importantly, it streamlines your workflows, allowing you to take on even more clients simultaneously – a plus for your business growth strategy.

What key criteria should you consider when searching for an integrated payroll solutions provider?

Payroll solutions for PEOs

Finding the right payroll software for PEOs can solve some of the most common payroll glitches and even change the course of operations for your business clients. Look for platforms that meet these requirements:

Keeping payroll adaptive and compliant

The best payroll solutions for PEOs and ASOs stay abreast of legislative changes at every level of government. Time tracking and employee-friendly dashboard features should translate well on any digital handheld device. The software should easily support the non-traditional employee workforce, including part-time, contract staff, and telecommuters.

Payroll as corporate strategy influencer

Normal payroll functions are considered a reactive process. The employee works, payroll is run, and a paycheck is generated. But the best payroll solution for PEOs includes dashboards and customizable reports that can inform strategic decisions that impact the bottom line. For example, running and then analyzing a report that tracks overtime spikes can be a red flag for project managers on a construction project.

Payroll software improves accuracy

The best payroll software programs for PEOs actually improve payroll accuracy by preventing mistakes before they happen. The practical application of this benefit means the software can spot data inconsistencies or missing data and report it back to the PEO as a red flag before it’s sent to the benefits carrier or before payroll is run. This streamlines a manual process that has traditionally been one of the biggest headaches in the PEO industry.

Integrated payroll, time tracking, and benefits

If your PEO has multiple systems across payroll, HR, time tracking and benefits, chances are you’re wasting valuable time and increasing your chances of error. Finding payroll and benefits software with Electronic Data Interchange (EDI) and Application Programming Interfaces (APIs) improves multi-system interoperability across platforms. Using this kind of payroll powerhouse will significantly speed up your workflow and increase your efficiency.

UX-savvy Interface

Creating a comfortable user experience (UX) will go a long way toward improving enrollment compliance and accuracy. Allowing employees to enroll themselves in the system is a huge time saver for your PEO team. An intuitive process will also save training time and reduce one-on-one questions from enrollees. Additionally, a good software program will stop the employee if they fail to fill out a critical portion of the tracking and enrollment form.

Key to the platform will be the versatility to flex with your business growth, while offering customized reporting. An integrated, comprehensive payroll software should be one of the most business-critical goals of today’s sophisticated PEO.

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Need for a Statutory Compliance and Payroll Management Service

Running a business is not all about trading your product or service with the client, getting paid for it, calculating the profits and the losses, balance sheets etc. The business also has to be compliant with the statutory laws that govern the business. These laws are prepared by the state as well as the central government and have been made mandatory for the businesses to be compliant with it. Now for each business, the statutory laws may differ but the business owners need to find out the laws that govern their business and be compliant with it to avoid any legal penalty.

According to a research, it was found that the business owners consider it as a burden as statutory compliance at the end of the day does not add on any benefit to their core business. Since as a mandate, the businesses have to be compliant with the statutory laws, most of them hire a statutory compliance service.

A statutory compliance service helps a business with the following tasks

• Taking care of the Income Tax, Provident funds, ESIC, Professional Tax, LWF etc. of the employees
• Keeping a track of the various statutory dues and paying them on time
• Maintenance of various statutory registering as a mandate in various laws governing the business
• Calculation of the returns and submission on time to avoid penalties
• Compilation as well as collation of various documents required for the purpose of pension, provident fund, nomination, transfer etc.
• Preparing challans as and when required

As an extension of the statutory compliances, the business also has to be compliant with the payroll process. Having a separate department in the office with a dedicated team of accountants can be a costly affair, especially for a small-scale company. The economical and easy management alternative is web payroll. Following are some of the advantages of the web payroll for employees:-

• It is a web-based self-service portal that can be easily accessed by the employees of the company
• Since it is hosted on a dedicated server, therefore, is available readily, 24X7. Updates happen on real time basis in the software
• The tax computation happens immediately as you fill various details in the tax sheet
• No need to run after an accountant to understand the tax saving process as a self-explanatory tax saving sheet is also enclosed in the web payroll
• Easy ticketing system for online payroll query resolution

There is a separate admin access available for the web payroll. Following are some of the benefits that the admin can enjoy:-

• Access to various MIS reports
• Deal with employee login issues by resetting the password
• Keep a track of the employee attendance and share it with the HR department
• Keep a track of any ongoing loan for the current employee
• Access to the cost center, employee grade, employee status, employee location and update it as and when required
• Audit of the various actions performed in the web payroll software

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