If you are a business owner and highly value your peace of mind and time, consider outsourcing your payroll.
By hiring a professional payroll service, you do not have to spend time calculating wages, tax deposits and tax withholdings, reporting, etc.
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Reasons Why You Should Outsource Your Payroll ServicesRead More »
Withholding tax refers to the income tax your employer pays to the Internal Revenue Service (IRS) after withholding it from your income. If your employer withholds too much during the year, you will be eligible for a tax refund.
On the other hand, if your employer withholds too little, then you might owe IRS the remaining amount of the tax.
Most employees need to pay the withholding tax. However, your employer has the burden of sending this tax to the IRS.
If you want to exempt yourself from the withholding tax, then you must have no federal income tax owed in the last year, while you’re also not expected to owe any of the federal income tax in the current year.
To determine the amount that is withheld from your income, you’ll need to fill out Form W-4 and provide it to the employer when your job starts. The W-4 includes the following information:
Note: if your status is “married” and is filing jointly with your spouse, then you’ll probably have a lower amount of money withheld in taxes by your employer.
Estimated taxes aren’t paid by your employer. Instead, they’re paid by those who earn their income that’s not subject to a withholding tax. For instance, a person who is self-employed might be required to estimate the total tax liability and make quarterly payments to the IRS.
If you want to file a tax refund for your withholding taxes, we can help you. At Nidhi Jain CPA we offer professional personal and business tax filing services. Our certified accountants ensure that your taxes are accurately filed to avoid any issues with the IRS.
We also offer strategic tax solutions that ensure your business taxes are kept to a minimum, while your tax returns are maximized.
Our team also has certified public accountants in USA to help you with payroll accounting, bookkeeping, personal tax filing and much more.
Call us or email us now to learn more about our accounting services.
Strategic tax planning allows a business to analyze and arrange their financial situation in such a way that they can maximize their tax breaks and efficiently minimize their tax liabilities.
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Tax Planning for Beginners: 3 Strategies to AdoptRead More »
If you’re among the smart fellas who always pay their taxes on time to get tax refunds on time, you need to read this post carefully because your responsibility doesn’t just end here. You may have hired the best CPA firm in the US to file your tax returns, but now it’s your responsibility to properly utilize the tax refund amount for better returns in the future.
If you’re expecting a generous tax return from the IRS, don’t start making plans of spending the hard-earned money on reckless shopping. Tax consultants at Nidhi Jain CPA want you to know that tax refunds are crucial for your company’s brighter future. Here are a few things you can do to ensure you don’t spend your tax returns on anything unnecessary.
There’s nothing more straining for your bottom line than lugging around high-interest debts with interests compounding month after month. If you’ve got outstanding high-interest debts, start crafting the debt payoff plan.
Whether it’s a mortgage or a credit card debt, paying it off with the tax refund is the best investment you can make, as it can save you hefty interest in the long run if you were planning on making the minimum monthly payments.
Even if the refund amount doesn’t cover the entire outstanding balance, try rolling over the remaining debt to a balance transfer with a lower interest rate. A lower-interest debt consolidation loan is a much more feasible option for those with less-than-optimal credit scores.
While opportunity knocks at the door just once, emergencies don’t knock at all before wreaking havoc in people’s personal and professional lives. Having spare cash is key to handling emergencies efficiently. Creating a small emergency fund with tax refund money will help deal with various personal and professional emergencies without the added stress.
If you plan to fight the company’s insecurities with the tax refund money, buying a risk investment to insure the precious assets is an excellent idea. For instance, companies operating in an earth-quale or flood-prone area should secure their premises against natural calamities so that they never have to worry about the damages. A small yearly contribution can help secure the company from a range of risks for a lifetime.
If you’ve been holding off on purchasing work-related items like tools, computers, and work equipment, using the tax refund money as an investment could be an excellent option, leading to a better deduction on next year’s return, too. However, since heavily priced equipment needs to be depreciated over the item’s useful life, buying them at the end of the fiscal year will mean the tax return benefit would be relatively smaller. Reach out to tax planning consultants at Nidhi Jain CPA to learn more about the best time to make the investments to streamline better tax returns and save more while spending more on the right items at the right time.
If you’re looking for more efficient ways to utilize your tax refund money or have questions regarding personal or business tax filing in Bay Area, CTC-certified tax accountants at Nidhi Jain CPA are your best bet. We offer comprehensive tax resolution services, along with comprehensive bay area bookkeeping and accounting services to clients in the Bay Area, Sans Francisco, USA.
Call us or email us now to learn how spending your tax refund wisely can help claim a better rebate the next time.
Accounting and bookkeeping tasks are typically handled by one person who often also holds the tax filing responsibility in most SMEs. While small business bookkeeping and accounting are simple, things can become complicated when the accounting workload increases once the business grows. It’s simply not possible for one person to handle the accounts efficiently, but at the same time, it’s not feasible for a growing business to set up an entire accounting department from scratch. In such circumstances, the best solution for small-scale expanding organizations would be to outsource bookkeeping, tax, and accounting services from certified public accounting professionals like Nidhi Jain, CPA. This helps growing businesses in plenty of ways. Let’s look at a few of them.
By hiring virtual accountants and bookkeepers to automate the business operations, you can reduce the complexities and burden from your shoulders as you hand it over to the professionals. It allows spending the spare time on other important business operations to enhance efficiency and boost productivity, leading to increased revenue
Your decision to streamline outsourced bookkeeping services will assist you in properly maintaining vital financial records. These records can help analyze the present financial condition and plan future investments, allowing the elimination of risk factors. When you hire CTC-certified professionals from Nidhi Jain CPA, the experts offer highly reliable services that can aid in making important future decisions efficiently.
Accounting and bookkeeping technologies have evolved significantly over the past few years. It’s next to impossible for SMEs to keep up with all the latest tools. However, top outsourcing companies have access to all the latest tools and software, along with a highly qualified talent pool well-versed in the best industry practices and the latest technological advances in the bookkeeping and accounting industry. Opting for automated bookkeeping services means reducing the level of accounting errors almost to nil. It can make the accounts much more functional and efficient than manual bookkeeping practices.
SMEs are always on the hunt for cost-cutting solutions, and outsourcing bookkeeping and accounting can be one of the most effective options. The cost of hiring an experienced in-house team, along with benefits, bonuses, infrastructure, training, and other costs to accommodate the new employees in the firm, can put a dent in the finances. On the contrary, outsourcing bookkeeping services remotely means having to pay for the rendered services only. Moreover, hiring professionals from CPA firms in the US further streamlines cost-saving, given the low wage rates of highly qualified professionals offering top-notch accounting and bookkeeping services across the Bay Area.
The assistance of a highly professional accounting and bookkeeping staff can help the business grow at a constant rate. Experts at Nidhi Jain CPA, an outsourcing firm run by Nidhi Jain CPA, CA, CTC, MoC, offers expert guidance and a full range of professional services, from personal and business accounting to tax filing and payroll services in Bay Area. Based in California, the outsourcing firm serves clients across the Bay Area, focusing especially on San Jose, San Francisco, East Bay, Dublin, South Bay, Milpitas, Pleasanton, Sunnyvale, San Ramon Trivalley, Livermore, and Fremont.
Our experts are responsive, dedicated, approachable, and keen on helping businesses and individuals alike. They pay attention to detail and stay updated with the latest compliance laws and regulations to ensure maximum returns for clients.
Reach out to us at 925-952-7891 or email us to learn more about our comprehensive cloud-based solutions or schedule a consultation with high-qualified tax consultants.
Outsourcing payroll services offer multiple benefits to businesses, including cost reduction, time-saving, faster payroll management, and much more. However, out of all the benefits of outsourcing payroll services, penalties avoidance due to statutory compliance is the most lucrative one.
According to the IRS, the average penalty for delayed or inaccurate payroll management is approximately $935. Moreover, the concerned authorities don’t take such mistakes lightly, regardless of whether they were intentional or unintentional. Payroll must be drafted and processed according to the local and state laws pertaining to the country’s taxation, labor, and employment laws. Otherwise, you could face hefty penalties. Keep reading to learn how outsourcing payroll services to reputable CPA firms like Nidhi Jain CPA can help stay compliant.
Payroll preparation and management rules and regulations differ from state to state. Governing authorities make frequent amendments to develop the laws, making it difficult for business owners to stay updated while running the business. Experts at our outsourcing firms have the industry know-how and stay updated with the international and local payroll compliance laws and news, allowing them to handle payroll processing for firms across the United States
Failure to pay the payroll taxes on time or trying to avoid them through misleading activities is categorized under the criminal act of IRS. It might lead to jail time, causing you to lose potential clients, along with your business’s reputation. Professionals at Nidhi Jain CPA can help you manage the payroll accounts, ensuring you always remain compliant with tax laws. Our experts revise the payroll accounts periodically to ensure you don’t face any legal troubles on our watch.
Typically, businesses have multiple contractors, vendors, and freelancers attached to them, with each one requiring different payroll compliance. You may have hired one on a per-hour basis while the other on a per-project basis. The payroll accounts must be prepared based on the employment terms. Outsourcing payroll services providers keep you out of trouble, as they’re well-versed in different styles of preparing payroll accounts effectively.
Companies often make mistakes in exempt and non-exempt employee recording, leading to errors in payroll accounts. Outsourcing payroll services allow access to highly qualified and competent payroll managers who can easily identify errors without hiring in-house professionals and increasing the overall operational costs.
Eventually, onboarding a reputable CPA firm helps build an excellent business reputation while avoiding penalties by remaining compliant. Connect with experienced professionals at Nidhi Jain CPA to streamline payroll services by top-notch payroll managers who will improve efficiency and authenticity in your payroll while helping you avoid numerous penalties.
Clients across the Bay Area trust us for a wide range of services including, payroll services, personal and business accounting and bookkeeping, tax consultation, and business tax filing in bay area.
You can also call or email us to learn more about our cloud-based solutions and tax resolution services offered by highly qualified professionals at cost-effective rates.
If you’re like most small business owners, handling your own payroll can be a huge headache. But did you know that there are other options? Outsourcing your payroll to a professional service can save you time and money. Here’s what you need to know about payroll outsourcing.
Payroll outsourcing makes it easier and more convenient to pay your employees. Payroll services handle the entire process from beginning to end, including all government reporting requirements. You simply write a check once a week or once a month based on hours worked, and the payroll service will take care of paying your employees and filing all required tax forms.
There’s no simple answer to this question. Outsourcing your payroll involves a certain level of risk due to the sensitive nature of the information you’ll be handing over. But if you’re looking for convenience and don’t want to deal with the hassle of doing payroll yourself, it can be a great option.
Aside from convenience, other benefits include reduced errors, faster processing time, and a consistent level of service each time you use the payroll service. Many small businesses outsource their payroll to have a more reliable way of paying employees, particularly if they run on tight cash flow and can’t afford interruptions.
Some businesses worry about handing over such sensitive information to an outsourced company, but this is largely unfounded — strict confidentiality laws bind all companies that offer payroll outsourcing. Others worry about losing control of essential HR functions like time-off requests, but this is also something you can manage yourself if you outsource your payroll. Modern payroll services can integrate with popular human resources software, for instance.
There’s no one-size-fits-all answer to this question. The price will differ depending on the services you need, your company’s size, and whether or not you outsource any other HR functions. Remember that while there may be setup fees, this is a subscription service, and the ongoing costs are probably less than you’d pay if you were to do the work yourself.
For many payroll services, within 24 hours of signing up, you’ll be able to download any forms needed to set up your employees or schedule wages. From there, it usually takes one to two weeks before all taxes are filed and your employees are paid.
Managing everything by yourself can be a hassle, which is why we recommend you hire certified accountants from Nidhi Jain CPA. We deliver top-of-the-line bay area bookkeeping and accounting services to help you manage your financial records accurately. Our professionals can also handle all the paperwork for you and plan your business tax payments to help you save money.
You can reach out to us here for more details. We also provide tax consultancy services, and our certified accountants have received tax coach certification from the American Institute of Certified Tax Coach.
You can get in touch with us here for more details.
It’s no secret that financial scams have increased during the pandemic, and it’s estimated that Americans have lost 586 million dollars since the beginning of 2020 to these scams.
This is why it’s crucial for you to take the necessary measures to protect your firm from these threats. So how do you do it? An excellent option is to start bookkeeping. Continue reading to find out the importance of bookkeeping for your firm.
Many companies have lowered their budgets amid the pandemic, and this is why companies need to accurately assess their revenues and expenditures to prevent bankruptcy. You don’t want to be spending more money than you have and end up in a lot of debt, right?
Bookkeeping can help you create a budget that can act as a financial roadmap for your firm and help you make a comeback in the market. We recommend you hire experienced public accountants who can adequately organize your income and expenses.
As a firm owner, you’ll have to file taxes every year. However, if you make mistakes in your tax payments, it won’t take long for the Internal Revenue Service (IRS) to start breathing down your neck.
If you want to avoid the legal hassles, it’s better to conduct efficient bookkeeping from the beginning to ensure your taxes are managed properly. If you don’t have the time to manage your financial records, it’s better to hire certified accountantswho provide excellent tax consultancy services.
In today’s digital era, data is important for every firm as it generates significant insights that can help you make effective business decisions. Bookkeeping can help you manage your financial data and minimize errors in it to help you meet your business goals.
Tired of managing your business accounts all by yourself? It’s time to hire expert accountants from Nidhi Jain CPA.to ensure all your firm’s financial information is recorded accurately. Our financial advisors provide comprehensive cloud-based accounting solutions and conduct efficient financial reporting. Our tax consultant in san jose provide the best services, and our certified accountants have received tax coach certification from the American Institute of Certified Tax Coach. You can get in touch with them here for more details.
Did you know the US government loses 90 billion dollars each year to tax evasion? Paying your taxes as a responsible business can do so much for your company; it improves your reputation and establishes your credibility as a reliable and authentic company.
However, calculating the tax and making timely payments can be a hassle, which is why we recommend you hire tax consultancy services. Keep reading this article to learn about three factors to consider before selecting a tax consultant in the US.
If you’re hiring a tax consultant, you’d want to ensure that your tax management is foolproof. If your tax consultant has additional certifications, that shows they’re skilled in many areas and can be an asset for your company.
You should only consider tax accountants who have received tax coach certifications as these consultants can handle rigorous tax payments and ensure all your payments are delivered to the IRS smoothly.
You wouldn’t want a newbie to handle your tax accounts as they can end up making several mistakes. Even a small error in your tax payments can land you in trouble with the Internal Revenue Service (IRS).
This is why you should ensure that your tax accountant is experienced and can handle different types of tax payments. You can ask the tax consultant for testimonials from previous clients to determine their quality standards.
If you’re looking for a one-stop solution for all your financial problems, hire accountants who don’t just offer tax management services but can also conduct efficient financial reporting and assist in business formation, making it a win-win situation for you.
Hiring a single accountancy firm that provides bookkeeping, payroll, and tax services can reduce the burden on your firm’s budget.
Are you looking for experienced tax accountant in bay area for the best services? You’ve come to the right place! At Nidhi Jain CPA. we’ve got a team of certified tax accountants that can file your taxes easily and handle all the paperwork.
We can also help you set up an LLC, S corporation, C Corporation, and partnerships to kick-start your business. We also deliver top-of-the-line bay area bookkeeping and accounting services to help you manage your financial records accurately.
You can get in touch with them here for more details.
You’ll be surprised to know more than fifty-five major companies in the US failed to pay any taxes in 2020. Once the government crackdown starts, these firms will have to face severe tax evasion charges. You wouldn’t want to be on the list, right?
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It’s tax season, and for many people, it’s time to gather all of your documents and prepare to file your return. But what if you don’t file? There are many consequences, and they can be pretty serious. So, if you’re thinking about skipping out on filing this year, think again. It’s not worth the risk. Here are the consequences of not filing your tax return.
The IRS will eventually find out if you do not file a return. In fact, if you’re getting a refund, they’ll likely find out pretty fast. The charges will include heavy interest and penalties. However, the IRS has three years from the original deadline of your return to claim their money. If they don’t, the statute of limitations on collections expires.
If you file your returns late, the IRS will hit you with a penalty for each month that your returns are late. It’s 5% of what you owe per month up to a maximum of 25%. However, if you can show reasonable cause for filing late, the penalties will be waived.
Suppose you file your return late and pay less than 90% of what you owe. In that case, you’ll also get hit with interest charges on the unpaid balance – compounded daily at a rate that is determined every three months and is based upon the average market yield on outstanding marketable U.S. Treasury Bills.
If you file your return but don’t pay what you owe, the IRS will hit you with late payment penalties of .5% of the tax owed plus 1% per month until it is paid in full or within six months, whichever occurs first. The maximum penalty is 25%.
If you underpay your taxes due to negligence or fraud, the IRS will hit you with accuracy-related penalties of 20% of the additional tax found to be due. Negligence occurs when a taxpayer fails to make a reasonable attempt to comply with the law. Fraud is intentional wrongdoing on the taxpayer’s part with the specific intent to evade paying taxes.
If you willfully attempt to evade or defeat taxes, you can be fined $100,000 or imprisoned for up to five years. If you’re caught assisting someone in avoiding federal taxes – like preparing a false return for them – the fines go up to $500,000 or up to ten years in jail.
If you don’t file your income tax return, you could lose the aforementioned refund. You may also lose eligibility for certain federal benefits like social security and Medicare. And if you’re getting monthly payments from an employer or payer (like unemployment), they’re going to stop until a return is filed and taxes paid.
Are you tired of managing your business accounts all by yourself? It’s time to hire expert accountants from Nidhi Jain CPA. to ensure all your firm’s financial information is recorded accurately. Our financial advisors provide comprehensive cloud-based accounting solutions and conduct efficient financial reporting. We also provide tax planning in Bay Area, and our certified accountants have received tax coach certification from the American Institute of Certified Tax Coach.
You can get in touch with them here for more details.
FBAR is an acronym for the Foreign Bank Account Report, which Congress created in 1970. It’s a report that every person with over USD 10,000 in foreign bank accounts has to file with the U.S. Treasury Department on their tax return each year. The purpose of this law is to make it easier and faster for authorities to identify people having foreign financial assets and locate those who might have been involved in illegal activities abroad. This blog post will discuss everything you need to know about FBAR.
The Foreign Bank Account Report is a form that every person with foreign bank accounts files each year with the United States Treasury. It’s a form containing all the information about your foreign accounts and other financial data about you. This report must be filed no later than 60 days after the end of the tax year. This law is designed to make it easier for authorities to identify people with foreign financial assets and locate those who might have been involved in illegal activities abroad.
Everyone with over USD 10,000 worth of foreign bank accounts must file an FBAR each year with the U.S. Treasury Department. This includes both U.S. citizens and non-U.S. citizens, but only if they have lived in the United States for at least 60 days during the tax year preceding their filing of this form. If you are a non-U.S. citizen, you will need to file this form if you have at least one foreign bank account with a balance of USD 10,000 or more during the tax year preceding your filing of this form.
No. This form is only required for people with foreign bank accounts who have lived in the United States for at least 60 days during the tax year preceding their filing of this form.
The FBAR must include a list of all foreign bank accounts you have with a balance of more than USD 10,000 during the tax year preceding your filing of this form. Each account must be listed separately, and it must also be identified by account number and branch name. You also need to include information about each account, including the type of account (i.e., checking, savings), its location, the name of the owner, the date it was established, whether you are a U.S. citizen or not, and any other information that you think is necessary to complete this form properly.
If you do not file an FBAR, you will be subject to a penalty of USD 10,000 each time you fail to file one. The penalty is USD 10,000 for each quarter that you have not filed the FBAR. If you are a non-U.S. citizen and have more than one foreign bank account with a balance of more than USD 10,000 during the tax year preceding your filing of this form, then you will be subject to a penalty of USD 50,000 for each quarter that you have failed to file an FBAR. If this happens once in three quarters, the total penalty increases by USD 100,000 per quarter.
Are you looking for experienced tax consultant in San Jose? You’ve come to the right place! A Nidhi Jain CPA.we’ve got a team of certified tax accountants that can file your taxes efficiently and handle all the paperwork. Our professionals can also help you with the FBAR process. We also deliver top-of-the-line bookkeeping and payroll services in bay area to help you manage your financial records accurately. You can reach out to us here for more details.
CPA, CTC, CA, Master of Commerce (India)
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Nidhi Jain is a CPA and Indian CA providing services in US and India. We serve Bay area including South Bay, Sunnyvale, San Jose, Milpitas, Fremont, East Bay, Trivalley, Pleasanton, Livermore, Dublin and San Ramon. We specialize and have extensive experience to best serve our clients with complex tax situations like: Asset Inheritance and Gift from Foreign countries, Repatriating Money from Foreign countries, FBAR Filing (Foreign Bank Account Reporting), Incorporation of US Entity by International Clients, International Tax reporting and compliance of selling property abroad, Tax Planning and Advisory Service
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