Payroll Services: Efficient and Accurate Employee Compensation
Managing payroll is a complex but essential task for any business with employees. Effective payroll services ensure:
Payroll Processing
We offer comprehensive payroll processing services tailored to your business needs, whether you run payroll daily, weekly, bi-weekly (every other week), semi-monthly (twice a month), or monthly. We also handle bonuses. Our in-house payroll processing means all you need to do is sign and distribute checks. We will also:
- Prepare federal and state tax deposits: Ensuring timely payments to avoid interest and penalties, saving you money and stress.
- Ensure compliance: Keep your business compliant with ever-changing tax rates, minimum wage laws, and other regulatory updates throughout the year.
- Offer Direct Deposit: Available for an additional fee for added convenience.
Quarterly and Annual Reports
We prepare all your federal and state quarterly and annual payroll reports. We can do this as part of our full payroll service or as a standalone service if you prefer to handle payroll processing yourself. We understand the strict timeframes for mandatory reporting and ensure your obligations are met accurately and timely, providing you with peace of mind.
W-2’s
(Information on W-2 services will be added soon.)
Tax Services and Business Tax Services Spokane
Navigating the complexities of tax services is crucial for both individuals and businesses. Our expertise in business tax services in Spokane ensures you meet your obligations efficiently and optimize your tax position.
Corporate Auto Use
For Limited Liability Companies (LLCs), it’s possible to write off 100% of a vehicle’s cost using a Section 179 deduction, offering a substantial tax advantage.
S. Corp Health Insurance
Shareholders of S Corporations may claim an above-the-line deduction for health insurance premiums. To qualify, the health insurance premiums must ultimately be paid by the S corporation and must be reported as taxable compensation in the shareholder’s W-2.
Retirement Plan
We recommend various retirement plans for S Corp Shareholders to help them save for the future:
- Traditional IRA: A tax-advantaged personal savings plan where contributions may be tax-deductible.
- ROTH IRA: A tax-advantaged personal savings plan where contributions are not deductible, but qualified distributions may be tax-free.
Cafeteria Plan (Section 125)
A Section 125 plan Health Flexible Spending Account (FSA) allows employees to use up to $3,050 (for the 2023 plan year) in pre-tax dollars to pay for eligible out-of-pocket medical, dental, and vision care expenses not covered by other insurance, providing significant tax savings.
Dependent Care
The Dependent Care FSA (DCFSA) maximum annual contribution limit remained at $5,000 per household for 2023, or $2,500 if married, filing separately. The minimum annual election for each FSA remains unchanged at $100. This provides a valuable benefit for employees with dependent care expenses.
By meticulously managing these core bookkeeping, payroll services, and comprehensive tax services, including specialized business tax services in Spokane, businesses can maintain financial clarity, mitigate risks, and foster sustainable growth.