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Category Archives: Taxes


Tax Filing Season Is Upon Us

The Internal Revenue Service (IRS) has announced that tax season will begin Monday, January 23, 2017. The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017.

Tax Season Begins January 23
The IRS will begin accepting electronic tax returns on January 23, 2017. Many software companies and tax professionals will be accepting tax returns before January 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. According to the IRS, there is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.

The Depreciation Deduction, What SMB Should Know

section-179-deductionAn important new change to U.S. tax law quietly passed before the end of the year. I know, it sounds dull, but it’s actually quite exciting; the change is intended to help small and mid-sized businesses and might even work to stimulate the economy.

The boost for SMB owners comes from an adjustment to Section 179 of the US tax code dealing with deduction. The new rule establishes a permanent deduction for purchases of qualifying equipment.

8 HR Trends to Watch in 2016

hr_trends_2016With a new year comes the annual desire to understand what may be the important Human Resources topics, issues, and insights in the months ahead. In 2015, we saw a number of new trends, and in 2016, the HR landscape is changing more rapidly than ever before. Read on for 8 HR trends to look for in 2016.

  1. Overtime changes – The Department of Labor has been hinting a major changes to overtime eligibility rules that will affect the minimum salary threshold. Much to the relief of much of the business community however, the DOL recently claimed that the rules likely wouldn’t be issued until late 2016. This gives employers more time to prepare for the shift; but be aware it is coming.

2016 Is Almost Here – Payroll Year-End Preparation and Planning for a New Tax Year

NewtekPayrollWith 2015 year-end tax activities under way, it’s time to start gearing up for 2016. Save yourself valuable time and considerable headaches by leaving your payroll challenges to Newtek.

Newtek Payroll offers guaranteed savings of 20% compared to ADP or PayChex. Newtek delivers you savings, security, and concierge service with our online payroll solution hosted in the cloud. Every account will have a dedicated customer service representative regardless of your account size.

Kick off the year with a partner you can trust! Allow Newtek Payroll Services to help your organization reduce costs, eliminate liability, and save time. Request a FREE DEMO today! Just call 855-284-3722 or email us at info@newtekone.com.

New York Moves to Raise Minimum Wage to $15

15 min wageWednesday July 22, New York moved to raise its minimum wage for fast-food chain restaurants employees to $15 per hour by the end of 2018 for New York City, and state-wide by 2021. This is more than 70 percent earning raise. Previously minimum wage employees earned $8.75, in addition to fast-food chain employees Mayor DeBlasio has proposed the $15 minimum wage for all industries in New York City.

New York City is one of the most expensive cities in the world to live in. According to the New York Times it’s the fourth most expensive city in the world, with London following in third and Los Angels residing as the tenth. Surviving off of $8.75/hr in New York city is nearly impossible.

4 Payroll Tips from a Tax Professional

Business discussionNo matter which industry you belong to, there is a common source of frustration for all members of the small business community: payroll. Payroll is a highly regulated business obligation involving everything from employee personal information to federal governmental legal requirements that, if not done properly, can reap harsh consequences.

Daniel Petri, an associate licensed tax professional at the Tax Defense Network offers four key factors to consider that will help you avoid any mishaps:

4 Things You Should Know Before Applying for a Business Loan

abusinessownerApplying for business loans can be a stressful and exciting time. You are on your way to starting your business, but you need the capital to make it come true. Banks or government agencies are popular sources of funding for your startup venture. Before following this route, there are a few things to know and take into consideration:

Develop a Business Plan and Financial Statements

Outsource Your Payroll, You’ve Got Enough To Worry About

HelpLet’s shoot straight: managing payroll is an annoying obligation; an especially time consuming and detail-oriented task that can quickly consume even the sharpest business owner. Add to that the stiff penalties for a tax filing omission or a mistake on an employee paycheck and now we’re talking a full-blown pain in the rear.

Outsourcing payroll is an excellent alternative to in-house payroll processing for today’s small businesses. This practice allows business owners to streamline operations, freeing them from the liability and annoyance of payroll duties, and allowing them to focus their efforts on the tasks that impact the bottom line. While there are many reasons business owners choose to outsource payroll, here we’ve identified the top advantages:

Small Business Loan Basics

bank-loan-1940x900_30167Securing a loan for your business is an intimidating process; it requires patience, time, and a great deal of documentation to complete. However, with proper planning, you’ll find that grueling loan process is definitely something you can handle. It’s all about preparation.

The first step is to get organized, neatly gather required documents, and mentally prepare to answer questions about your business. If you can illustrate to potential lenders that you are confident in your business, fiscally responsible, and can provide a solid plan – securing a loan will be easier than you think.

Five Bookkeeping Tips For Entrepreneurs

accountingIf the mere thought of managing the company’s books fills you with dread, you’re not alone.

Most small business owners hate bookkeeping. Some see it as a time consuming task that takes away from running their business; for others, it brings an avalanche of nerves (I regularly have nightmares about the IRS). As a small business owner, it’s your job to make sure your company’s money gets managed correctly.

Successful entrepreneurs don’t view bookkeeping as an inherently negative thing. Rather, an obligation that needs to be handled with care. Even if you hate this aspect of running a business, you can apply basic procedures to stay on top of the paperwork. By doing so, you will save time, money, and a lot of stress.





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