Payroll Services

3 Business Costs That You Can Include on Your Tax Return!

3 Business Costs That You Can Include on Your Tax Return!

The end of the year is soon approaching, which means that it’s almost time to complete your tax return. And while you may not like the idea of completing your taxes, the process can be a lot more pleasant if you make the most of the business expenses to reduce your tax obligation. To get you started, below are three great business expenses you should consider including on your business tax return.

Rent

Plain and simple. If you have to rent a space to make your products, you can include this on your tax return. If you have to rent a space to display your products to sell to your customers and clients, you can include this on your tax return. In fact, if you hire a small booth for a promotion at a local convention center then you can include this on your business tax return.

When it comes to business tax, if the operation of your business relies on a rent to be paid, then you should consider including this on your next tax return.

An addition to this tip, if you are running a business online and utilize a home office, look at apportioning your business expenses and claiming the allowable amount on your business tax return. While you may not be able to claim all of the expense, you can claim the portion of the utilities which you use for your business.

Employee Benefits

To retain quality staff, businesses offer benefits over and above an employee’s salary. These benefits can range from offers from the Groupon Coupons page for 6PM to a subsidy on a gym membership. Whatever benefits you and your company provide to your employees, consider including them on your next tax return.

Utilities

  • When you walk into your office each morning, do the lights turn on?
  • How about the faucets? Does water come out when you turn them?
  • Your phones? Do they ring when a customer dials your number?
  • Can you and your colleagues send each other emails and contact the outside world?
How to Do Payroll without Tax Tables

How to Do Payroll without Tax Tables

When it comes to payroll services Australia, a lot of people do not think of using them especially when they have only a few employees to care for. Sometimes, it isn’t really necessary and there are many who do in fact do their own payroll. However, there are many who find they aren’t too sure how to complete payroll without having their tax tables included. This catches a lot of people out but in truth it’s easy to deal with payroll without these tables. Read on and find out how you can do your payroll without tax tables.

Calculate Gross Earnings for Each Employee

If you aren’t using any type of payroll service you must approach this with a very thoughtful mind. You cannot skip over this part because you will end up paying the wrong amount to each employee and that can bring a whole new set of issues. Firstly, you must start by calculating what each employee earns per week or month depending on how often they’re paid. Find out how many hours the employee has worked and times those hours by the wage rate per hour. If you have some salaried, they will have a set gross earnings amount and the only thing you have to add is any overtime hours. You should now have the gross earnings calculated.

Understand What Earnings Are Taxable

There will be money that needs to be deducted from the gross earnings for taxes and all other sorts so it’s time to understand what income is taxable. For those earning extremely little money, that could be difficult because if the employee isn’t earning over a set amount per year they may not need to pay a lot of tax. However, it’s still wise to do go through this process so the employee is covered for any eventuality. So, you need to check what earnings are taxable. Once you have done this, you can deduct this amount from gross earnings. You can deduct a host of things such as pension savings and …

Making Sense of Business Payroll Options

Making Sense of Business Payroll Options

Choosing the Right Payroll Process is Vital

For any business, the need to find the right payroll service for you and your company is of the utmost importance. Not only do people’s paychecks and livelihoods rely on the payroll service that you use, but your adherence to legal guidelines that regulate the way and times that you can pay your employees. In order to find the best payroll service for you, you need to know what options are available to you. In this article, we will help you with that task.

 

Payroll Outsourcing

One of the common methods of payroll servicing is to hire a professional and outsource your payroll. This means that you give the entire responsibility of the payroll to a third party. They will then tell you what kind of system to implement with your business, how to implement it, and they will even send out the checks for your employees. If you need to know more you can click here to know more. This takes all of the responsibility off of you, and puts it onto the other company. However, this may be more money than doing it yourself. This is better for larger companies, rather than smaller companies because of the larger cost.

Making Sense of Business Payroll Options

Payroll Software

Another option for payroll services include using payroll software. With payroll software, you will be doing all of the work yourself, but will be guided with the prompts of the software. All of the hardest work is done for you though. You do not have to create a system, or even implement it. Typically, you only have to put in the hours each employee worked, which they do themselves when they clock in and out of their job, and the software will create payroll for you. The software will work either online or through a desktop app. It is much more affordable than payroll services Australia.

 

Complete Payroll by Hand

This is perhaps the most tedious and time consuming method of completing payroll that you have available to …