Accounting services; accountants near me; running payroll; outsource bookkeeping

Payroll Tax vs. Income Tax? Know More Through Accountants Near Me

Have you ever asked your outsourced bookkeeping and accounting services provider how your payroll tax differs from your income tax? Which government entity collects them? Are they paid locally, to the state, or the national government? For what purposes are they collected?

For the government machinery to run smoothly and fund its various projects, taxes are imposed on its citizens and even foreigners who derive income from the country’s sources. However, foreign nationals who belong to a country with tax treaties with the US may be exempt from paying these taxes.

Payroll Tax vs. Income Tax? Know More Through Accountants Near Me

So, next time you outsource bookkeeping and accounting with running payroll and tax return preparation included in their services, you will comprehend what is entered in the payroll and tax return. How exactly do these two types of taxes differ?

Who pays them?

The employee pays for the entire amount of the income tax. In contrast, payroll tax is … Read More

Reaping the Tangible Benefits of Outsourced Accounting Services

For most businesses, the road to recovery is still fraught with challenges. Still, it requires meticulous bookkeeping, tax preparation, and running payroll. Much can be done with the stimulus package intended to help small businesses in the United States get back on their feet.

Recovering from the catastrophic effects of this pandemic is admittedly an enormous task for most businesses. Even with capable management, innovative ideas, and keeping up with recent trends and technology have to be made to better cope and be competitive. Streamlining office procedures and processes would also do well to counter budgetary constraints. Leaving the time-consuming tasks but non-revenue generating functions to virtual bookkeepers’ expertise will ensure that your books will be timely and complete. This will allow you to make the best decisions and plan your next move every step of the way.

What are the other tangible benefits that you will reap when … Read More