The myriad of tax laws from the federal government, all 50 states and countless local governments influence how you pay your employees. Accurate and compliant payrolls also require you to consider your employee benefits packages and financial obligations of your employees. Without accounting software such as Gusto, you might find the task of payroll management overwhelming, distracting you from the fundamental goal of generating revenues and profits for your business.
The Gusto software allows our team of seasoned small business CPAs to streamline their accounting tasks by integrating with QuickBooks Online. With Gusto, you can also reduce errors using an automated payroll filing and tax payments service, save time with a customized partner dashboard that lets you access your clients and set reminders from a single login.
Streamlining Payroll Processes
With the Gusto software, you create an account for each of your employees. When payday approaches, you enter the hours worked and the hourly rate or salary for the employee. You also have options for adding bonuses, overtime and employee benefits. In fact, Gusto’s features include the ability to select particular health or other benefit providers and account for deductions or contributions based on the selection.
Our Atlanta small business clients utilize Gusto for legally compliant and accurate tax withholding. The software automatically calculates federal and state taxes (for all 50 states) to be deducted from gross pay. From all of the information entered by you throughout the year come the W-2 forms to be filed and sent to employees. Gusto also generates, files and distributes 1099 forms for your independent contractors.
Businesses with multi-state payrolls can take advantage of Gusto’s capacity to tailor tax deductions and other withholdings to particular state laws and practices. Our team of knowledgeable CPA advisors uses Gusto to aid our clients with preparing and filing the host of required federal and state tax forms. Among this category is form 941 which is used for quarterly reporting of wages, withholdings and your share of the Medicare and Social Security contributions.
Tax and Business Financial Decision Planning
Beyond tax compliance and payroll services, Gusto can aid our small business accountants with business planning and strategies. Payroll reconciliation reports can indicate high labor costs and our CPAs use this information to assist you with identifying a financial strategy that includes ways to this overhead.
Our Atlanta tax specialists can also give options to reduce your business’ liability for unemployment taxes and tax withholding. Depending on your business, especially if it involves field services like construction or home improvement, you may select independent contractors to provide many or most of your services. Your payments to them can constitute as deductible business expenses and may not shoulder you with the burden of withholding pay for taxes, garnishments or other items. As such, we can assist you in identifying savings in administrative costs and time.
Additionally, more independent contractors and fewer employees may translate to lower costs for workers’ compensation insurance, as premiums for such insurance typically turn on the size of your company’s payroll. Our knowledgeable small business CPAs are readily available to utilize the Gusto software to guide you through legally compliant and efficient business planning.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.