Discussions on payroll, business and life

Payroll and Filing Status

Q. The Indiana State Form WH-4 doesn’t have a place for the employee to indicate Married or Single.  However, our payroll system (ADP Enterprise) requires us to complete this with entering state tax information. The employee has indicated Married on...

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W-2 questions

Q1. If I was paid a cash bonus in 2010 and 2011, can my employer report both years of bonus on my 2011 w-2? A. The answer to your question is really quite simple.  When did you receive the money?...

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Making Estimated Tax Payments

Q. I am a 1 person (no employees) sole proprietor.  What would be the best way for me to calculate taxes and make quarterly tax payments (both Fed. and State)? A. This is one of the most common questions...

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Medicare Tax Twice From Payroll?

Q. Because of the economic situation, I now have to work two jobs because  my main job cut my hours.  I have Medicare and Social Security tax coming out of both checks.  Isn’t there a way to stop this...

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Did You Tell Your Payroll Department?

This week’s post was inspired by my recent attendance at the American Payroll Association‘s Annual Congress which is the biggest gathering of payroll professionals and vendors anywhere in the world.  The common theme I observed during workshops and networking opportunities was...

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What is the Earned Income Credit?

Q. What is the Earned Income Credit? A. A common question from my tax preparation clients each year is “Why is my refund so big?”  Many of my clients can’t understand that they are getting a refund bigger than...

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Mortgage Insurance Premium – Tax Deductible?

Another great question from one of my readers: “My question is in regards to the Upfront Mortgage Insurance Premium that was charged on my HUD statement (line 905) on the house I closed on in February 2010. Is this...

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Which 1040 Do I Use

A great question this week comes from one of my readers.  Which Form 1040 am I supposed to use?  As a professional tax preparer, I always recommend you let a professional handle the complicated task of determining your tax...

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Is the Cloud Ready Yet? Let’s Ask the Accountants

This is a guest post submission from Hunter Richards, who blogs about online accounting software. The original article has a survey which asks whether or not accountants are recommending the cloud. It’s located here: Is the Cloud Ready Yet?...

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Mandatory Electronic Filing of FTDs—This is a Good Thing

Today’s edition comes from guest blogger, Vickie, Lambert, CPP: Effective January 1, 2011, the IRS adopted the Financial Management Service (FMS) decision to discontinue the system of processing federal tax deposit coupons. In other words, the IRS is no longer allowing...

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