Running a small business in Carrollton, GA, is no small feat. Between managing customers, keeping up with inventory, and juggling a million other tasks, it’s easy to feel overwhelmed. One thing you surely don’t want to overlook is your business's finances. That’s where a local Carrollton bookkeeper for small businesses comes in.
In this post, we’ll dive into exactly what a bookkeeper does for a small business in Carrollton and why enlisting their financial services just might be the smartest decision you make for your growing enterprise. If you’d like to learn more about the benefits of hiring a small business bookkeeper, contact our Villa Rica office at (770) 456-9980 or complete our online contact form today!
A Carrollton small business bookkeeper’s first job is to track every transaction that happens in your business. This means every time someone buys something from you, pays an invoice, or spends money on supplies, it all gets recorded. A small business bookkeeper keeps everything organized so you can look back and know exactly where your money is going.
They make sure you never miss a beat when it comes to income and expenses. With everything logged and accounted for, there’s no guesswork, and you’re always in the loop about where your business stands financially.
Small business bookkeepers in Carrollton use bookkeeping software and systems that are tailored to the needs of your business. Whether it’s QuickBooks, Xero, or a more industry-specific platform, they make sure the data is entered consistently and correctly. This kind of organization saves countless hours when tax time rolls around and gives you a clear picture of your financial health on any given day.
Payroll is one of those things that can feel like a nightmare if you try to handle it yourself. There are taxes, deductions, and deadlines to worry about. Miss a step, and you could end up in hot water. A Carrollton small business bookkeeper takes this headache off your plate. They calculate wages, withhold the right amount for taxes, and make sure everyone gets paid on time.
They also stay on top of changing tax laws, so you don’t have to. With a Carrollton bookkeeper handling payroll, you don’t have to stress about missing deadlines or making mistakes with your employees’ paychecks. Plus, it saves you time, so you can focus on growing your business instead of getting bogged down with payroll calculations.
In addition to processing payments, your local bookkeeper may also prepare W-2s and 1099s at the end of the year, handle unemployment insurance filings, and even manage direct deposit setups. They’re familiar with local and federal laws related to wage garnishments, benefits, and overtime rules, so you’re protected from accidental noncompliance.
Ever look at your bank statement and wonder if everything lines up? A Carrollton bookkeeper keeps tabs on all these details on your behalf. They ensure the transactions in your business’s financial records match what’s on your bank statement. This is crucially important for catching any errors, fraud, or discrepancies that could cause a headache down the road.
It also helps catch any bank fees, interest charges, or mistakes that could throw your financial records off track. If there’s a mistake, they’ll find it, and you’ll know where it came from. All this keeps your accounts clean and helps you avoid any surprise charges or overdrafts.
Bank reconciliations are often overlooked until a problem arises, but they’re essential for ensuring your books are accurate. Without this regular check-in, small errors can build up over time, making it harder to spot major issues when they arise. With a small business bookkeeper in Carrollton, GA, reviewing your accounts monthly or even weekly, you can rest easy knowing your financial records are accurate and trustworthy.
A Carrollton bookkeeper doesn’t just keep track of numbers—they help you understand those numbers, too. They prepare financial reports like:
These reports show you where you’re making money, where you’re spending it, and how well you’re managing debt and assets. They give you a clear picture of your business’s financial situation so you can make informed decisions.
You can see if you're making enough profit, where you can cut costs, or if you need to focus on getting more sales. Reports like these are also helpful if you’re looking for investors or applying for a loan.
They also offer long-term benefits. By comparing reports from quarter to quarter or year to year, you can identify growth trends and better forecast your business’s future. A Carrollton bookkeeper for your small business can highlight seasonal shifts, slow periods, or spikes in expenses, helping you plan ahead with confidence and avoid unnecessary financial surprises.
Ever had that sinking feeling when you realized you lost an important receipt? Or worse, when tax season rolls around and you can’t find half your paperwork? A small business bookkeeper in Carrollton, GA, saves you from that stress. They organize all your receipts, invoices, and other financial documents.
Everything is filed neatly, either digitally or physically, depending on your preference. When you need something, it’s right there at your fingertips. No more digging through piles of paper or scrolling endlessly through emails. Plus, organized receipts make it much easier to identify any discrepancies, such as double charges or overcharges by vendors.
Beyond tax preparation, this organized system is helpful if you’re ever audited. Being able to quickly provide proof of income or expenses makes the process smoother and less stressful. Some bookkeepers even use receipt-tracking apps that allow you to snap a photo and upload it instantly—no more keeping shoeboxes full of faded receipts.
Small businesses in Carrollton have a lot of expenses—rent, utilities, supplies, marketing costs—you name it. It’s easy to lose track of where all the money is going. Your local Carrollton bookkeeper will track these expenses and categorize them properly.
This level of detail helps you spot trends and identify areas where you might be overspending. For example, you might discover you’re over your ideal limit on discretionary spending. Once you know, you can adjust accordingly. A small business bookkeeper gives you the clarity you need to take control of your finances.
They can also help you budget more effectively. Knowing how much you’re spending in each category—like marketing, travel, office supplies, or employee benefits—lets you see what’s essential and what can be trimmed. This is a powerful tool for improving profitability over time.
No one loves tax season, but a bookkeeper in Carrollton can make it a lot less stressful. They help gather all the necessary documents, like profit and loss statements, balance sheets, and expense reports, and prepare everything for your tax filing.
They’ll also help identify any tax deductions you may qualify for, potentially saving you money. Plus, they’ll ensure that your business is compliant with tax laws, so you won’t have to worry about audits or penalties. If your small business needs to pay quarterly taxes or file other forms, a bookkeeper keeps track of deadlines and makes sure everything gets filed on time.
By working closely with your accountant or tax preparer, your small business bookkeeper ensures that your returns are accurate and complete. You’re less likely to miss out on deductions or pay more than necessary. Even better, good bookkeeping all year long prevents the “last-minute scramble” when tax deadlines roll around.
Tax laws and business regulations change all the time, and it’s not always easy to keep up. A bookkeeper keeps an eye on these changes and makes sure that your business stays compliant with all the necessary laws. This includes staying on top of tax rates, payroll requirements, and other financial regulations that could affect your business.
With a Carrollton small business bookkeeper in your corner, you don’t have to stress about accidentally breaking any rules. This is especially helpful when your business grows and the complexity of regulations increases.
Some bookkeepers even act as liaisons between your business and government agencies, helping you respond to IRS notices, submit required documentation, and stay compliant with local business license rules. When you’re juggling a dozen responsibilities, this kind of support can be a real lifesaver.
You may be wondering, "Do I really need a bookkeeper for my small business in Carrollton?" Well, it depends. If you're just starting out and the numbers aren’t overwhelming, you might be able to manage your finances on your own. But as your small business grows, it often becomes difficult to stay on top of everything. That’s when having a bookkeeper can be very helpful.
A Carrollton small business bookkeeper lets you focus on what you do best—running your business. They take care of the financial side, making sure everything is recorded properly, that you’re compliant with laws, and that you’re ready for tax season. Plus, they’re experts in their field, so they can help you avoid costly mistakes.
If you're not sure about whether you should hire a bookkeeper for your small business, consider how much time and stress you’d save with their support. It’s all about freeing you up to grow your business and focus on the bigger picture.
If you're in Carrollton and need support with your small business finances, RWB Tax Service of Villa Rica is here to help! We know how overwhelming finances can be, and we’re here to take that burden off your shoulders. From tracking daily transactions to preparing for tax season, we handle it all.
Connect with our office at (770) 456-9980 or complete our online contact form to discover dedicated support with your small business financials. We're ready to help you focus on what really matters—growing your business!
A bookkeeper usually costs anywhere from $300 to $2,000 a month, depending on how big your business is and how much work you need done. It might seem like an extra cost, but having a bookkeeper can save you time, prevent mistakes, and make tax time way easier.
Yes, you still need a bookkeeper. While accounting software helps track things, a bookkeeper makes sure everything is accurate, organizes your expenses, and handles things like bank reconciliations and business tax prep. Software is a tool, but a bookkeeper adds the expertise to keep everything in check.
A bookkeeper keeps track of daily transactions and invoices and updates your records. An accountant looks at the bigger financial picture, prepares tax returns, and gives advice on financial planning. Bookkeepers keep things organized, while accountants interpret the bigger picture.
Yes, online bookkeeping is secure if you choose a reputable service. Most platforms use strong encryption to protect your data. However, always ask about their security measures to ensure your financial information is safe.
Free File program begins. The IRS collaborates with various software providers to offer eligible taxpayers free access to online tax preparation and e-filing tools. Income limits apply, and participating companies include TaxSlayer, TaxAct, and FreeTaxUSA.
Deadline for fourth-quarter estimated tax payments. Taxpayers must submit payments for income earned from September 1 to December 31, 2024. This applies mainly to self-employed individuals and others whose tax withholdings are insufficient to cover their total tax liability.
Official start of tax filing season. The IRS begins processing federal tax returns. Refunds for returns claiming certain credits, such as the Earned Income Tax Credit or Additional Child Tax Credit, will not be issued before mid-February, regardless of how early they’re filed. Additionally, the IRS expands its Direct File program to include 25 states this year, providing free filing options for eligible taxpayers in participating areas.
Form W-2 deadline. Employers must provide W-2 forms to employees for work done in 2024 by this date. Other informational forms, such as the 1099-NEC for freelance income or 1099-INT for interest earned, are also due to be issued or mailed by this deadline.
Deadline for S-Corporations and Partnership returns. If your corporation follows the calendar year for its fiscal year, you'll need to submit your S-Corporation return by March 15th.
Tax Day. Federal income tax returns and any taxes owed must be filed and paid by this date. Taxpayers can request an extension to file their return using Form 4868, but any owed taxes must still be paid by April 15 to avoid penalties or interest. This is also the deadline for contributing to an HSA or IRA for the 2024 tax year and submitting estimated tax payments for income earned in the first quarter of 2025 (January 1–March 31).
Second-quarter estimated tax payments are due for income earned between April 1 and May 31. Additionally, taxpayers living or working abroad have until this date to file their federal tax returns.
Third-quarter estimated tax payments are due for income earned from June 1 to August 31, 2025.
Deadline for extended tax returns. If a taxpayer requested an extension by April 15, this is the final date to submit a 2024 federal tax return. Missing this deadline may result in penalties.
Deadline for 401(k) contributions. Contributions to employer-sponsored retirement accounts, such as traditional or Roth 401(k)s, must be completed by this date for the 2025 tax year. Required minimum distributions (RMDs) must also be taken by this date, if applicable. Charitable contributions must be made by December 31 to qualify for deductions on the 2025 tax return.
Getting ready to file your 2024 taxes doesn’t have to feel overwhelming! Use these helpful steps to keep things organized and stress-free:
The IRS has announced extended tax relief for individuals and businesses impacted by Hurricane Helene in parts of Georgia. Here's what you need to know:
Georgia residents can claim a $3,000 exemption for each unborn child with a detectable heartbeat. However, this exemption cannot be claimed if the child is born during the same tax year. While you don't need to submit medical records with your tax return, it's important to keep them on hand in case the state requests verification.
Get ready for tax season with RWB Tax Service in Villa Rica, GA! Whether you're filing personal taxes or need help with complex business taxes, our experienced team is here to ensure everything is done right. With over 50 years of combined experience, we’re your trusted local experts who will work hard to maximize your refund and guide you through every step. Don’t wait—give us a call today at (770) 456-9980 or fill out our online contact form to get started. Let us make tax prep a breeze for you!
The 2024 tax season is upon us! Last year, over 162 million taxes were filed in the US. As you prepare to file your 2024 taxes, you must be aware of important dates and upcoming changes to 2024 tax laws. Continue reading to learn more!
There are several important dates for the 2024 tax season, outlined below:
This is the date the IRS Free File opens. IRS Free File is a free filing service offered through the IRS for taxpayers that have an AGI of $79,000 or less. While taxpayers can file returns now, the IRS will not start processing them until a later date.
This is the due date for businesses to submit the quarterly tax payments for quarter four of 2023.
January 26, 2024, is Earned Income Tax Credit awareness day.
This is the official start of the 2024 filing season and the date the IRS will start processing returns.
Employers are required to issue W-2s and 1099 documents by this date. If you have not received these documents, you must contact your company’s HR department or person responsible for these documents to determine where it is and when you’ll receive it.
For those individuals who receive tax documents for other situations (dividends, interest, retirement plan distributions), this is also the due date for those.
Tax law states that the IRS cannot issue Earned Income Tax or Child Tax Credit refunds before mid-February. While most taxpayers can view their expected return date by February 17th, the IRS expects most of these refunds for filers who have completed their returns without errors to hit bank accounts around February 27th.
S corporation and partnership tax returns are due on this date.
This is the tax filing due date for most Americans. This is the last day taxpayers can request an extension or make contributions to HRA, traditional or Roth IRA, or SEP-IRA accounts.
For taxpayers that hold $10,000+ in signature authority for a foreign bank, you must file the appropriate documentation on or by this date.
Due to holidays, this is the tax filing due date for individuals residing in Massachusetts and Maine.
Are you a US citizen or resident alien living abroad? Your 2024 taxes are due on this date. You do have an option to file for an extension due on October 15, 2024.
This is the due date for those filing an extension. Remember, the extension must be filed before the April 15th due date! October 15th is the date the taxes are due.
Preparing to file your 2024 taxes doesn’t have to be stressful! The below tips will make the process run smoothly:
The IRS makes changes to tax laws every single year. Many times, the changes are to reflect and account for inflation. We all know 2023 was a hard year regarding inflation and that will reflect in tax returns this year for many Americans.
For 2023, the tax provision adjustment was 7% (higher than average!). Some people will see smaller tax liabilities because of this. If you’re uncertain if this change to 2024 tax laws will impact your tax return, RWB Tax Service is happy to help! Contact us today to get started.
The IRS predicts the inflation adjustment for taxes filed in 2025 will be around 5.4%. This means tax filers may see tax benefits for the next two years. In fact, there will be tax bracket changes for 2024 taxes that are filed in 2025!
The tax marginal rates are the same for the 2023 tax season, however, they will be updated for taxes filed in 2025. Below is the chart of changes coming:
Married filing jointly taxpayer rate changes:
Single taxpayer rate changes:
With the tax rates changing, there will also be a slight increase in standard deductions for taxes filed in 2025. It’s important to note these changes will not be reflected in taxes filed this 2024 season.
The gift tax exclusion states how much a person can give to another without paying a tax on it. The amount increases to $18,000 in 2024.
The estate tax exclusion determines the threshold for wealthy estates. In 2024, the estates equal or less than $13.9 million will not be required to pay an estate tax.
For taxpayers who contribute to health or flexible spending accounts, there are changes to the amounts you can contribute in 2024.
Taxpayers can contribute up to $4,150 for self coverage and $8,350 for family coverage. There is also the option to carry over $640 into the next year for applicable plans.
The earned income credit will also see increases in 2024. The credit is calculated based on how much someone makes and how many children they have. Taxpayers without children may also qualify for this credit if they fall into the income bracket. The credit will range from $600 to $7,830 (for a taxpayer with three children) in 2024.
The IRS is busiest during tax filing season. So, while you may be tempted to call for an update about your return, we encourage you to take other actions. You can use online tools or contact us to determine when your refund will be issued.
Most refunds are processed and deposited within 21 days of filing. Some exceptions apply (see above’s important dates). Tax returns with errors must be manually processed, which will delay your refund. RWB Tax Services helps individuals and businesses with filing tax returns so they avoid delays. Contact us today to get started!
Here are a few additional tips to prepare for the 2024 tax season:
Do you not get the refund you expect each year? You may want to check your withholdings! This can save you time and money in the long run. It’s essential to remember to adjust your withholding after any major life event, like the birth of a child, a marriage or divorce, or an adoption.
Tax time means you need a lot of documents from the previous years. These may include:
Are you ready to file your 2023 taxes? Do you want to relieve the stress of doing it by working with a tax professional? RWB Tax Service has a team of tax experts to help with your personal and business returns. Call us today at 770-456-9980 or stop by the office to get started!
The start of a new year has everyone scrambling to prepare for the 2023 tax season. You can get a head start on the tax season by reading the following sections. We’ll outline important changes to filing 2023 taxes and vital updates you must be aware of. Keep reading for more details!
This is the first day that you can file 2023 taxes. The IRS will not process submissions until a later date.
This is the final day you can pay estimated quarterly taxes for 2022.
The IRS free file is live with submission acceptance and processing for electronic returns for the 2023 tax season. The IRS recommends using electronic filing for faster returns. Paper returns will start processing in February.
All employees should have a W-2 from their employers by February 1. Contractors should also have received 1099s by this date. If you have not received these documents by mail or electronically on this date, you need to contact the company’s HR department or the company you contracted for.
Some people also receive 1099s for dividends, interest, and retirement plan distributions. This date is the deadline for those, too.
Filers who claimed ACTC or EITC credits for the 2023 tax season can expect their refunds to be released. Refunds will start to be sent and are expected to hit bank accounts within 8-10 days. This is due to the PATH Act and the requirement that the IRS holds refunds for these credits until this date.
People filing S Corporation or partnership tax returns must complete them by this date.
This is the last day you can file 2023 taxes. The normal filing date, April 15, falls on a weekend date. April 18, 2023, is the last day you can request an extension. If you are making contributions to an HRA, traditional or Roth IRA, or SEP-IRAs, today is the last day to do so.
Taxpayers who have over $10,000 in signature authority for foreign bank accounts must file the appropriate documents by this date.
US citizens and resident aliens living abroad must file 2023 taxes by this date. Or they can file for an extension until October.
Approved extensions will be due October 18, 2023. You must file and get approval for an extension before the April 18 due date.
Gathering the necessary information to file 2023 taxes can seem overwhelming. But it doesn’t have to be if you follow these tips:
There have been quite a few changes to the tax law for the 2023 tax season. Read more about each below:
The standard deduction has changed for the 2023 tax season due to cost of living adjustments. The following are the new deduction amounts:
The mileage rates are divided into two time frames, January to June 2022 and July to December 2022. The rates are as follows:
The rate for charitable mileage remains 14 cents per mile.
401K and IRA contribution amounts also increased for the 2023 tax season. The new amounts are:
The child tax credit is reduced for the 2023 tax season. It is going back to the pre-2021 rate of $2,000 per child under 17 years of age. The maximum refundable portion of this credit is $1,500.
Social security payback for those under the full retirement age is $19,560. The cost of living for social security benefits increased by 5.9%.
Dependent care benefits are also reduced for the 2023 tax season. It is $3,000 per qualifying dependent and is non-refundable. It is based on adjusted gross income and falls between 20% and 35%.
To qualify for the earned income tax credit as a single taxpayer, they must not be a dependent or have any dependents. They must now be between the ages of 25 and 65 (previously, it was 19-65) with income below $16,480.
The tax law no longer forgives the amount of the premium credit for health insurance that must be repaid. You must make adjustments to your income throughout the year to reflect the correct premium credit, so you do not have to repay a portion of it.
The IRS is incredibly busy during tax season. In 2021, they processed more than 261 billion tax returns and collected more than $4.1T in taxes. With numbers like these, you can see why patience is important when waiting for your refund.
You may be tempted to call the IRS to receive an update, but we encourage you to check your status online or connect with us, and we can get you an update. Millions of people contacting the IRS make processing times even longer.
Most refunds are processed and submitted to taxpayers within 21 days when filing electronically and choosing direct deposit as your payment option. Taxpayers filing by mail or selecting another payment method can expect longer wait times.
The IRS is required by law to hold refunds for the earned income tax credit and the additional child tax credit until mid-February. This is under the PATH Act to prevent fraudulent returns. Taxpayers claiming these credits can still file electronically starting in mid-January.
Some returns require manual processing, which delays when returns are delivered. This could be due to a system alert, incorrect information, or missing information. To avoid these kinds of delays, you can work with a professional (like RWB Tax Services) to ensure you file 2023 taxes correctly!
You want to be as prepared as possible when you file 2023 taxes. This makes the process run smoothly. Here are a few tips:
If you generally owe money for taxes, it might be a good time to check your withholding information. This can save you a lot of money in the long run. If you have any major life changes, such as the birth of a child or a second job, it is also a good idea to assess and change your withholding.
Not sure how to determine your withholding? Check out the IRS’s tax withholding estimator to help guide your decision.
There are a lot of documents you need to file 2023 taxes. It’s best to collect them and organize them as you receive them, so they are not lost. If you receive electronic documents, we recommend you print them and save them on your computer.
It’s vital you wait to file the 2023 taxes until you have all the required documents. These include:
Do you want to relieve the stress of worrying about the 2023 tax season? Working with RWB Tax Services will give you the peace of mind you need.
With more than 50 years of combined experience, our tax professionals have helped clients for more than 13 years. We’ve helped clients receive the largest tax returns possible across Georgia.
You can trust us to complete your taxes within the deadlines and with 100% accuracy. Our prices are reasonable. We can help you avoid costly mistakes and prevent penalties in the thousands of dollars in Georgia. Call us today to set up an appointment to discuss the 2023 tax season at 770-459-9980. Or you can contact us with this form.
2020 is finally over, but now a new challenge lies ahead - filing your 2020 taxes. Thanks to COVID-19, many things have changed for the 2021 tax season. Let's take a look at the important updates for this tax season:
Here are the critical dates listed by the IRS that taxpayers should remember for the 2021 tax season:
Let's get into the details so you can be confident when filing your taxes this year.
Deductions and credits help you keep more of your money. Tax deductions help reduce how much of your income is taxed for federal income taxes. Tax credits reduce your actual tax bill.
Here are some deductions and credits you may be able to claim on your 2020 tax return:
If you are self-employed, there are many deductions you can claim on your taxes, such as travel costs and the home office deduction if you use an office in your house for business.
The CARES Act permits taxpayers to subtract up to 100% of their adjusted gross income (AGI) in charitable donations if they plan to itemize their deductions. The CARES Act also added a new standard deduction that makes it possible to write off up to $300 of charitable contributions made in cash.
Families may be able to claim up to $2,000 per child with this credit. And because this is a refundable credit, you could receive up to $1,400 per child as a refund.
The EITC is a refundable credit implemented to help low- and middle-income workers. Depending on your earnings for the year, how many dependents you have, and your filing status, this credit could save you between a few hundred to a few thousand dollars on your taxes.
You can deduct medical expenses above 7.5% of your AGI (adjusted gross income), which is your total income minus any other deductions you have already taken.
There are many other deductions and credits that could save you money ave you money depending on your circumstances! If you don't want to miss these savings, work with a tax prep advisor at RWB who can make sure you're not leaving out any credits or deductions.
Let's dive into the basics for the 2021 tax season updates concerning COVID-19.
Many taxpayers found themselves out of work due to the pandemic and received unemployment benefits for support. Those who collected unemployment benefits will need to pay income taxes on those funds.
If you chose not to have taxes taken from your unemployment when you signed up, you will either have to pay quarterly taxes or set aside enough money from your unemployment benefits to pay your taxes.
During the 2020 pandemic, the government sent $1,200 stimulus checks to millions of Americans (plus up to $600 per child). Your stimulus check will not be taxed. Instead, it's being counted as a refundable tax credit for 2020.
The CARES Act also offered small business owners Paycheck Protection Program (PPP) loans. These loans are "forgivable" if they were spent on certain business expenses. However, the IRS says that any expenses you paid with money from those PPP loans cannot be deducted from your taxable income.
Any money taken out of an Educational Savings Account (ESA) or a 529 Plan must be used for educational expenses to be considered tax-free. Many universities went virtual or canceled classes this year—which means your university might have refunded your ESA or 529 money. If so, you had 60 days to put the money back in the account OR use it to cover other educational costs. If you didn't do this, you might have to pay the taxes and a withdrawal penalty.
There were several changes to retirement plans in 2020—and those changes could affect your taxes this year.
If you did take funds out of a 401K or traditional IRA, you have three years to put that money back and get refunded for taxes paid on those funds. Reach out to a professional who can walk you through the process. If you need help, give us a call at 770-456-9980.
Working with a tax professional is a smart choice, especially with all of these new chances to save money on your 2020 tax return. If you're looking for a trustworthy tax pro near you, look no further. Our tax experts have many years of experience and can help you file your tax refund with confidence. Call us at 770-456-9980, or fill out the form to schedule an appointment today!
No, the stimulus money will not count as taxable income. It's being counted as a refundable tax credit for 2020. (Your stimulus check is almost like an advance on funds you would have received as part of your tax refund in 2021.)
Yes, the unemployment benefits you collected in 2020 will count as taxable income on your tax return. If you chose not to have taxes withheld from your unemployment payments, then you'll have to pay quarterly taxes on it.
Did you deliver groceries with Instacart or drive for Uber? The money you made doing odd jobs or freelancing will be taxed, so here's a summary of what you need to know:
The home office tax deduction is only allowed for freelancers, independent contractors, or self-employed people who have a home office used solely for regular business. Unfortunately, that means workers sent home by their employers throughout COVID-19 don't get this deduction since they don't only work from home.
The Trump administration permitted companies to suspend payroll taxes from September 1, 2020, through December 31, 2020. So, if you work for the government or at a company that chose to defer payroll taxes, you saw a temporary increase in your paychecks. Unfortunately, this is not a tax break—those taxes will still need to be paid. That means your employer will have to take those extra taxes out of your paycheck between January and April 2021, so you'll have a decreased paycheck during that time.
This 2021 tax season could get messy for many Americans who have seen their lives changed by this pandemic. If you're one of them, it is a good idea to contact a tax advisor who is updated on the news and developments for this tax season in 2021.
If you want to ensure your taxes are done correctly and avoid making substantial tax errors that could cost you thousands of dollars, our Georgia tax professionals are ready to help! Give us a call today at 770-459-9980.
2021 has ended, but a new challenge awaits: paying your 2021 taxes. Due to many new tax laws and tax credits, numerous things have changed for the 2022 tax season. Let's look at the most significant tax season updates for 2022.
Don't hesitate to contact us if you need help or have any questions, or click the button below to make an appointment with a seasoned tax pro in Villa Rica.
Here are the critical dates listed by the IRS that taxpayers should remember for the 2022 tax season:
From January 1 to May 17, 2021, the IRS phone systems received more than 145 million calls, more than four times the number of calls received in a typical year, due to COVID-era tax reforms and larger epidemic difficulties.
Before contacting the IRS, customers are encouraged to check online resources. You can also call RWB Tax Services in Villa Rica, GA, for help.
The average tax refund was more than $2,800 last year. More than 160 million individual tax returns are projected to be filed for the 2021 tax year, the great majority of which will be done before the typical April tax deadline.
In general, the IRS expects most taxpayers to get their refund within 21 days of filing electronically if they choose direct deposit and their tax return is error-free. The Internal Revenue Service (IRS) encourages individuals and tax professionals to file online to speed up the return process. People should avoid filing paper returns whenever feasible to prevent processing delays.
The IRS is prohibited from issuing refunds for the Additional Child Tax Credit or the Earned Income Tax Credit before the middle of February. However, qualified taxpayers may submit their forms beginning on January 24. This extra period is provided by the law to assist the IRS in preventing false refunds from being distributed.
If the IRS systems identify a possible error or missing information, or there is suspected identity theft or fraud, some returns may require manual examination, which slows processing. Some of these circumstances require communication with taxpayers, while others do not. Because this activity involves special handling by an IRS employee, the IRS may take longer than the standard 21 days to process returns with errors. That is why it is critical to hire an experienced, local tax professional like RWB Tax Services in Villa Rica, GA, who knows all of the recent tax law changes and can make sure your return is error-free for the fastest return possible.
Before filing your taxes this year, here are a few things that you should be aware of:
For monetary donations made to qualifying organizations in 2021, taxpayers who do not itemize deductions may be eligible for up to a $600 deduction for married taxpayers filing joint returns and up to $300 for all other filers.
Families who got advance payments will need to compare the amount of the child tax credit they will be able to claim on their 2022 tax return with the amount of the child tax credit they received in 2021.
On their 2021 tax return, taxpayers who got less than the maximum amount of their child tax credit will claim a credit for the leftover balance.
Qualified families who did not get advance payments in 2021 may still receive a lump-sum payment by submitting a 2021 federal income tax return and claiming the child tax credit. This includes families that don't usually file a tax return and families with no income.
The IRS will issue Letter 6419, detailing the total amount of advance child tax credit payments that filers received in 2021. You should keep this letter and any previous IRS letters concerning advance child tax credit payments with your tax records. Individuals can also see their child tax credit payment amounts by creating or logging into an IRS.gov online account.
Based on their 2021 tax information, individuals who did not qualify for the third economic impact payment or did not get the entire amount may be eligible for the recovery rebate credit. However, they'll need to submit a 2021 tax return to claim the credit, even if they didn't have any income for 2021.
When filing their tax return, individuals will need the amount of their final economic impact payment, as well as any plus-up payments, to determine their exact 2021 recovery rebate amount owed.
The IRS will send Letter 6475 in early 2022, including the exact amount of the third economic impact payment and plus-up payments received. Individuals can also securely access their economic impact payment amounts by creating or logging into an IRS.gov online account.
The IRS recommends that taxpayers take the following steps to avoid processing delays and expedite refunds:
Tax documents that are organized make it easier to prepare a correct tax return. It assists you in avoiding errors that cause processing delays, which slow down your return, and it may also help you locate previously overlooked deductions or credits.
Wait to file until you have all of your tax records, which may include the following:
Address changes should be reported to the IRS, and legal name changes should be reported to the Social Security Administration.
Remember that most income is taxable. This includes:
If you owed taxes or received a substantial refund last year, you may want to modify your withholding. Changing your withholding can save you money on taxes and allow you to retain more money each payday. In addition, changes in life, such as marriage or divorce, the birth of a child, or the addition of a second job, may necessitate a change in withholding.
Use the Tax Withholding Estimator to determine how much tax should be withheld from your paycheck. If you need to alter your withholding and submit a new Form W-4 to your employer, use this tool on IRS.gov.
Our team at RWB Tax Services has over 50 years of combined experience. For over 13 years, they've helped clients in Villa Rica, Douglasville, Carrollton, and West Georgia get the largest tax refunds legally.
You can trust RWB Tax Services to complete your taxes correctly, on time, and at a reasonable cost. We can help you avoid costly tax mistakes in Georgia so you can prevent thousands of dollars in tax penalties. Don't hesitate to reach out to us by calling 770-456-9980 today.
There are many questions about the Economic Impact Payment stimulus, and RWB Tax Service will try to answer them for you. As we learn more information, we will add it here. So check back often!
There are many reasons why you might not have received your Economic Impact Payment yet.
The IRS is still releasing payments over the next few weeks, and yours may just take a little longer to get to you. Some people are having theirs directly deposited into their accounts, while others will be receiving a paper check in the mail.
There are a variety of reasons why people do not have to file taxes. If you traditionally do not file a tax return you may need to do so in order to receive your Economic Impact Payment. To determine if you need to file this year, Go to IRS.GOV
If you filed your tax return and received your refund using a loan advance bank product, let me try to explain what seems to be happening with your EIP Check.
When you began the process of getting a refund advance, you agreed to open an account with the providing bank. This account was open to issue you a loan (if applicable), process a payment to your tax professional, and then sending you the remaining proceeds (your tax refund). When your return was processed, the IRS was provided the routing and account number of that account. Once the IRS funded your refund you received the balance in the form of a direct deposit, check or card. Then the bank CLOSED that account.
Now that the IRS is trying to send out EIP funds, they have that closed loan account information on file, instead of your direct banking information. When the IRS used the routing and account number for the EIP, it is directed to a now closed account and those funds are sitting at the bank. The bank has no way to put the funds in the closed account. So the only option the bank has is to return the funds to the IRS.
Now here is where I have to speculate: if you can put your direct deposit information in the “Get My Payment” tool at IRS.GOV. Then you have a hope of getting this via direct deposit. If you can’t then it will change to a paper check mailed to the address of record. These checks are scheduled to start coming out the first week of May and will be sent on a rotation based on your Adjusted Gross Income. Those with incomes below 20,000 will come out first. The 30,000 the following week etc.
I hope this helps explain the process and helps you understand why your EIP may be a little slower getting to you, but it will come.
1. Social security income – Do you have dependent children under 17? Yes, you need to enter your information at IRS.gov.
2. Social Security income not direct deposited – Yes you need to enter your information if you want to receive the payment by direct deposit.
3. Receive Social Security Income by Direct Deposit- NO you do not need to file.
4. Income level below filing threshold – 12,200 single, 24,400 married filing joint – Yes you need to use the link
5. I have not provided my direct deposit information to the IRS – You will receive your payment by check.
6. I haven’t filed yet, If you filed 2018 you will still get your check. If you provide your banking information you will receive your payment direct deposit otherwise you will receive it by mail.
7. No Banking information provided to the IRS – you will receive your payment by check.
8. Incorrect banking information provided to the IRS – There will be a link mid-April to update that information. Do NOT use the non-filer link.
The payments will not have to be repaid if you receive too much. If you receive too little there will be reconciliation when you file your 2020 tax return.
These are just a few answers, I am sure this doesn’t cover every situation. If you haven’t filed yet, I urge you to file as soon as possible. If you are confused or can’t fill out the link from the IRS we are open to help you.
Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process.
For taxpayers to track the status of their payment, this feature will show taxpayers the payment amount, a scheduled delivery date by direct deposit or paper check and if a payment hasn’t been scheduled.
They will need to enter basic information including:
Taxpayers needing to add their bank account information to speed receipt of their payment will also need to provide the following additional information:
Get My Payment cannot update bank account information after an Economic Impact Payment has been scheduled for delivery.
To help protect against potential fraud, the tool also does not allow people to change bank account information already on file with the IRS.
A Spanish version of Get My Payment is expected in a few weeks.
Don’t normally file a tax return? Additional IRS tool helps non-filers:
In addition to Get My Payment, Treasury and IRS have a second a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.
The Non-filers: Enter Payment Info tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The new web tool is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.
Did not file taxes: Enter Payment Info is designed for people who did not file a tax return for 2018 or 2019 and who don’t receive Social Security retirement, disability (SSDI), or survivor benefits and Railroad Retirement benefits. Additional information is available at https://www.irs.gov/coro…/non-filers-enter-payment-info-here.
No action needed by most taxpayers: Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement, or disability (SSDI), or survivor benefits and Railroad Retirement benefits.
We recommend you file them right away, and we can help!
There seems to be a delay for people who haven’t filed their 2019 taxes yet. Also, if you had any changes to your banking since filing in 2018, the IRS does not have updated information.
There has not been a definite answer released yet, but I suspect you will have to wait for the bank to reject your deposit and then you will have to enter the correct direct deposit information or it will convert to a mailed payment.
Right now there isn’t a way to correct that by phone, website or any instructions. There is a form you can complete, but there is not a person at the IRS to process that change.
If your business has already received a First Draw PPP loan, you may be eligible for a Second Draw PPP Loan. New companies that have not already received a PPP Loan are now allowed to apply for a First Draw PPP Loan.
Here are some critical updates listed by SBA for Second Draw PPP Loans:
The April 18th Tax deadline is right around the corner, and like many other taxpayers all across the USA, you may be panicking. But don't worry! The information found in this article provided by the tax pros at RWB Tax Services in Villa Rica and Douglasville, Georgia, will cover all your tax extension questions.
You'll learn how to file for a tax extension, the benefits of filing an extension, and what penalties to expect if you miss the deadline. We'll also discuss how much time a tax extension actually gets you. So please read on to find out how to get a little more peace of mind as we approach Tax Day!
The deadline for filing your taxes for this year is quickly approaching. We all know that. But it's not too late to file for a tax extension if you need one. First, however, you will need to fill out Form 4868 and mail it in asap. But we'll go over that in greater detail later.
For now, you'll especially want to know the following basic facts before filing an extension on your income taxes:
A tax extension is basically the process of filing your taxes after the original deadline. So, if you are granted an extension, you will receive an additional six months' worth of time to finish and file your tax return.
Life happens! In this post-Covid 19 world, there are numerous reasons that you just didn't get to finish your taxes. Maybe you or a family member were sick - or perhaps something else significant happened to you and your family.
It might even be something minor. Either way, life happened, and at this moment in time, you're not entirely ready to submit your completed income taxes to the IRS on the April 18th due date. But there is good news: If you need more time to prepare your tax return, you can ask for a time extension to complete and file your tax return, up to October 15th, from the Internal Revenue Service.
The reason you need a tax extension from the IRS doesn't really matter. The IRS gives them automatically as long as you fill out the proper form, Form 4868, and send it in before the due date. However, if you think you're going to need it, don't put off filing for an extension until the last minute either! If you have questions, you can contact RWB Tax Services and speak with an expert tax preparer right now at 770-459-9980.
If you file for a tax extension, you will need to pay interest on any unpaid taxes if you owe money after April 18th. Additionally, the IRS will charge penalties if you don't submit your final return by the original extended deadline of October 15th.
With more time and less stress on your side, you'll now be able to confidently review and complete your tax returns and confirm that you're going to claim all available tax benefits that you can. Plus, you'll bypass the failure-to-file consequences, which can total up to 25% of the taxes due if you do owe anything!
A tax extension will end up giving you much more time to complete your income taxes. This is because the IRS grants an automatic extension for an additional six months past the April 18th deadline.
When you do owe any money to the IRS, remember that filing an extension only gives you more TIME to submit your income taxes - not more time to PAY! Your payment is still due by the deadline for filing your taxes.
On the other hand, if you forget the Tax Day deadline because you're in the hospital or you're out of the country, you do have choices. Even if you have some other reason why you can't get your taxes filed before April 18th, then extend for as long as possible using Form 4868!
You get an extra six months of time to file your taxes if you get a tax extension. Simply put, you now have until October 15th to file your completed return instead of the original April 18th deadline.
If you owe money when April 18th comes around, then you'll need to file Form 4868 by April 17th to avoid paying penalties on your overdue tax balance. If you do not owe any money to the IRS, then it's worth considering filing an extension just for peace of mind. But remember, extensions only give you six extra months past the original deadline of April 18th - so plan accordingly!
If you miss the Tax Day deadline, just know that you will be charged a penalty fee.
The penalties for missing the tax deadline are as follows:
If you haven't filed your taxes yet, don't worry. You can still get an extension to file them! You'll need to file for a tax extension using Form 4868 and attach this form to your final return in order to receive the extended due date of October 15th.
You can also file for a tax extension by calling the IRS at 800-829-1040. They will talk you through the procedures over the phone and will give you a confirmation number.
Even easier, if you're still confused, why not give RWB Tax Services in Villa Rica, GA, a call and speak to a real person? These tax experts will be able to answer any questions that you have about them and their work. Call RWB Tax Services now at 770-459-9980.
Yes. Thankfully, you can always get extra time to file your return if you ask early enough. Some people try to get an extension every year. It doesn't matter how much money you make or what kind of tax status you have.
To request an extension, complete Form 4868. You can either print and mail Form 4868 or electronically file it. Don't forget to include an extension payment if you owe income taxes.
Certain states automatically extend your deadline whenever you apply for a federal extension. Others demand you apply for a state extension separately. Seek the advice of your state or a tax prep like those at RWB Tax Services to ensure you avoid any late filing penalties.
This question has a very simple answer: NO.
Extending your tax return does not give you additional time to pay your taxes. However, if you believe you will owe any money, you should include a payment with your application for an extension to avoid penalties and interest.
Even if you are confident that you will receive a refund, you should file your tax return as soon as possible. Submitting your taxes becomes more complex as time passes, and you take the chance of forgetting significant facts about the tax year if you keep putting them off.
If you served in a battle zone or were stationed internationally during tax filing season, you will be granted an automatic extension. If you are eligible for that extension, you will typically have an additional 180 days to file and pay any federal income taxes owed.
The extension will be accepted as long as it is properly filed. The simplest way to ensure that this process goes as smoothly as possible is to use a tax software service or tax professional like RWB Tax Services in Villa Rica, GA, that confirms your extension once it has been approved. If you file on your own, you can call the IRS customer service line (800-829-1040) to make sure you did everything correctly.
This upcoming tax season might be a nightmare for many Americans whose lives have been affected by the pandemic, among other things. Because you're one of them, you should contact a knowledgeable tax preparer who is aware of the latest trends and updates for this tax season, like RWB Tax Services in Villa Rica, GA.
When you want to make sure your taxes are successfully done and avoid potential tax mistakes that might cost you big bucks, our Georgia tax professionals at RWB Tax Services, with over 50 years of combined experience, are here to support you! Call RWB Tax Services at 770-459-9980 right away.
Many small businesses opt to do their payroll by having a designated employee (or you, the business owner) process it at the end of each pay period. When you're just starting, it may be necessary to save on costs and help you to see firsthand what's happening with your finances. However, as your company expands and you hire more employees, your payroll process might slow down, become outdated, or be too time-consuming.
Payroll discrepancies could cost you or your employees down the road if they go unnoticed. Many payroll details are determined case-by-case, based on the employee's tax filing status and how many people live in their home. Some additional aspects of accurately maintaining payroll are listed below, so you can know what to expect if you decide on a DIY method.
Miscalculating overtime is one of the most common mistakes a new company, new to payroll, could make. If your employee exceeds the 40-hour federal working limit, you may need to add their extra hours at a higher pay rate (typically 1.5 or 2 times the regular hourly pay). Documenting those extra hours is a great idea, even if they are exempt from overtime. It covers your tracks and can provide insight if you need to refer to it later.
When someone is officially on your payroll, you should document their employment and tax filing details. Gathering this info will help you calculate how much you should subtract from the employee's pay. First, you will need to make Pre-tax deductions, meaning that funds are removed from the gross income before making other deductions. Then, you will deduct post-tax deductions, which are pretty straightforward.
After calculating the gross pay and taxes you are supposed to withhold, you will need to send the collected amounts to the federal and state agencies responsible for managing those payments. You will send the payments to these agencies based on the arrangement you set up with them.
These are the more common missed steps, but not all of them. Payroll is not something to take lightly. If poorly executed, it can cause frustration for you and your employees while trying to figure out what went wrong. If severe mistakes are made, you could even face penalties from the IRS or your state's Department of Revenue. However, there is a way to avoid the hassle of doing your payroll and simplifying how you handle your business finances.
If you've outgrown your old payroll process or want to do it the right way from the beginning, reach out to a company specializing in payroll processing. With the help of an experienced processor, you can eliminate stress and wasted time and get back to what you do best- running your business.
Payroll processors are responsible for handling complicated equations, deducting taxes, remitting payments to government agencies, and recording your payroll expenses. Payroll services come can be offered in several different ways, like:
You can hire someone to work within your company and process only your payroll. Larger businesses with more than 15 employees are usually the first to get on board with this option. Hiring an in-house processor saves the confusion of having assistants help you or doing it alone. You will need to provide them with a place to work (preferably without distraction). It may also benefit you to provide them with software to make the task easier, instead of relying on spreadsheets and manually logging account info. The drawback to having an in-house process is that without safeguards, giving access to financial accounts can open your company up to embezzlement or fraud.
You can pay a service to collect the information you submit for payroll automatically, and their software will handle the processing. You can connect your bank accounts and spend less time tracking expenses and payouts. The pro is that you can still process payroll independently but without wasting time. Having the right tools is usually half the struggle. The downside is the lack of personalized customer support. Not all businesses are the same and having a customizable experience makes all the difference in your chosen service. Online payroll services can also be very costly and add additional charges for each little thing.
Most cities have at least one company that offers payroll services, like RWB Tax Services in Villa Rica, GA. At a business like this, you can call or visit to get updates on your financial progress, and there is always a person there to help if you have questions or concerns. So you get all the benefits of automatic software, plus an actual person to help you with questions or concerns. They can also help you with your bookkeeping, budgeting, tax preparation, and more.
Payroll services can be helpful in different ways. They all have features that make payroll processing a breeze for their client. However, most of your decision will depend on the costs and the benefits. In-house payroll employees can be costly. You need a place to set up a workstation, and you will have the additional costs of supplies and software. Then, you have employment tax and insurance to consider. Online payroll is affordable, but you never know who exactly can view your private information. Your best bet is to hire a local, dedicated company to process your payroll. They can provide your business with more security and are more willing to accept liability if mistakes are made.
If you have the means, hiring a third party to handle your payroll can provide peace of mind, among many other benefits. You should consider many factors when deciding if outsourcing is the right choice. If math is not your strong suit or you don't have the time to train on regulations, reach out to someone with professional experience.
Processing payroll is a must for every employer, but it can be time-consuming and prevent you from being where you are needed. If your process costs you time and money, look for the best payroll service to fit your needs. You'll be able to save time by letting someone else take on that task! Now, with more time on your hands, you can focus on the success of your business.
Many business owners find it best to have a trained eye on the payroll to avoid penalties and missed payments. Outsourcing also eliminates the stress of remembering changes in laws and regulations that dictate payroll requirements. The company you hire is expected to remain current on all changes to federal and state tax rates, insurance rates, and employment regulations.
Not only will you save time and have better business practices, but you'll also notice how convenient this type of service can be, not just for your business. Your employees can also benefit from the convenience your payroll service offers. In addition, the system you choose should provide you with ease of use, features and integrations that match your needs, and a price tag that doesn't break the bank.
Choosing a payroll company is an investment of your time and money. So how can you be sure you've made the right choice? It's simple! You ask questions and be upfront about your goals and budget. Read ahead for a few things you may want to consider when shopping around for a payroll provider.
It would be best to look at customer reviews for the service you're considering using. First, you want to ensure they have a history of keeping accurate records and providing excellent customer service for your sake and your employees. Then, use the experiences that other businesses have had to make an informed decision. Finally, go with the company that provides the best features for you and the highest possible customer satisfaction rating.
To make your payroll service more helpful, you could integrate it with your other applications to track time, onboard employees, and connect with other departments within your business. Whether a computer program or a human is processing your payroll, it would be ideal for them to have access to all they might need to optimize performance.
The convenience of having your payroll submitted and paid out hands-free will probably be the most substantial benefit you will get from your payroll provider. It's a standard feature offered both by software companies and stand-alone businesses. In addition, it reduces the risk of funds being lost or stolen. Usually, once you get a direct deposit established, the account information remains the same unless you or an employee changes it.
The best payroll software and companies offer their clients options to secure information. For example, they can set permissions, initiate password protection, encrypt data, and even establish multi-factor authentication to ensure the appropriate people see your documents. However, current technology is so advanced that you may need several fail-safes to keep prying eyes away. Combining these features may serve you best, as it requires more effort to access your files. Providing adequate security measures benefits both you and your employees.
Now that you know more about the payroll process and what it requires for you to succeed, it should be easier to narrow down your choice of third-party payroll services. It's normal to want affordability, security, or ease of use. If you find the right provider, you will likely get a bundle deal on all those features and more. Make sure your payroll service works for you before you commit to one. After all, they are there to help you succeed!
If you think a local payroll processor is a perfect fit for your company, call us and set up a time to discuss how we can help you! We have been helping small businesses in Villa Rica since 2006. Our payroll experts stay up-to-date on the latest state and federal changes, and we work with you to make your payroll process as easy as possible!
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