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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:

First, What is a Tax Extension?

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.

Why Do I Need a Tax Extension?

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.

What are the Consequences of Getting a Tax Extension?

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.

The Benefits of Filing a Tax Extension

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!

How Much Time Does an Extension Give You?

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!

Penalties for Missing the Tax Deadline

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:

How to File a Tax Extension

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.

Is it possible for anybody to get an automatic extension?

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.

I want to get a six-month extension. How do I get it?

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.

So how would I receive a state tax return extension?

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.

Would receiving an extension provide me with additional time to pay my taxes?

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.

What is the harm in requesting an extension if I'm confident I'll receive a refund?

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.

Are there special rules since I'm a member of the military?

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.

How do I find out if my tax extension was approved?

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.

Have Any More Tax Questions? Team Up With Our Tax Experts at RWB Tax Services!

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.

How Do I Process Payroll For My Business?

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. 

Did you calculate overtime?

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. 

Are you making the correct deductions?

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. 

Are you making scheduled payments?

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. 

 

 

What does a payroll company do?

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:

In-House Processing

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.

Online Payroll Services

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. 

Trusted Local Services

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. 

 

 

Is using a payroll company worth it?

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. 

Take Back the Time It Costs You

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. 

Maintain Payroll Accuracy

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. 

Outsourcing Should Be Convenient

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. 

 

 

What should I look for in a payroll company?

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.

BENEFITS FOR YOUR BUSINESS

Accuracy

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. 

Integrations

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.

Direct Deposit

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. 

Security

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!

Contact Your Local Payroll Professionals at RWB Tax Services

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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