Small business payroll tasks and management often fall on small business owners whose businesses are not quite so small anymore. Recent tax changes brought about by the Tax Cuts and Jobs Act of 2017 have made the tasks and management much more difficult.
June 2018 Updates
With the passing of the new tax laws in December 2017, small business owners have been placed in the uncomfortable and time-consuming position of handling difficult payroll and tax reporting issues. Highly skilled in their professions as druggists, engineers, interior decorators, to name just a few, these business owners are struggling to interpret new laws, apply them, and then explain to their employees about changes on their check stubs. Everybody ended up with concerns and questions. At any given time, an employer could be faced with a worried, upset employee who needed to have a lot more than just the withholding tables explained.
Here is the new 2018 W-4 employee payroll withholding information along with the current IRS Witholding Calculator to help you with some of your questions.
The simple solution? We’re payroll pros, we’ll handle it.
The days are just about gone when a business owner can or should handle payroll services after hours or at home. Use your precious time to enjoy your family, your business, and to embrace your talents as you continue building your good business reputation. Your family, community, employees, and your clients and customers depend on you.
Payroll is a big problem for small business owners.
Many small business owners reach out to area high schools and universities for talented interns to enrich their staff and provide outstanding students with valuable work experience. This progressive attitude among community-minded employers, along with their desire to provide steady part-time work to dependable employees, often leaves the owner responsible for handling confidential, sensitive work such as payroll and taxes. After fulfilling these critical tasks which they aren’t willing to hand over to employees, many of our small business owners realize they have placed family and loved-ones on the back burner in order to handle their small business payroll tasks themselves. Their stories create this composite payroll-to-destination-vacation experience.
They handed us a stack of folders and said,
“You know, we’ve finally realized we’re smart enough to know we’re killing our personal lives.”
Michelle and David turn their small business payroll tasks into a destination vacation plan.
Michelle, age 45, and husband David, 46, recently opened their second bicycle shop. They started business three years earlier when the city revved up efforts to increase downtown development efforts. Their love of casual cycling provided them with the inspiration. The business grew from one shop to two with a team of seven who remain part-time employees. These talented employees include biking enthusiasts, interns, retirees, and a semi-retired health coach.
David and Michelle’s lack of confidence in their ability to keep up with changing payroll laws, their inability to relax and spend time with family or take that much-needed destination vacation has worn them down. David’s aunt and uncle, Tom and Carol referred them to us.
Cycling into the future.
Michelle and David had reached the point they no longer considered their growing business a “mom and pop” shop. They wanted changes to begin with payroll services which would:
- Provide confidentiality, communication, responsiveness and accuracy. They want to continue hiring qualified employees who best serve their customers’ specialized needs; not part-time bookkeepers;
- Put routine payroll tasks, along with more specialized services such as ensuring payroll tax compliance and being responsible for mandatory payroll tax and reporting requirements into the hands of professionals;
- Keep the business proactive rather than reactive to compliance changes in federal, state or local payroll taxes and laws;
- Allow them to spend their time and energy on revenue-generating activities for their business;
- Serve as a stepping-stone to move forward and have their CPA provide a full-service accounting, business, and tax management relationship as their business continues to grow;
- Provide them with the peace of mind to reconnect with family and friends and take the exciting destination vacation they’ve been talking about for years.
The small business payroll dream team meeting.
Along with one of our payroll specialists, Michelle and David and I met to discuss expectations and set up payroll services so they could focus on running both shops. They were eager to talk about future goals and scheduled a first-ever mid-year tax review. Then we talked about their absolutely amazing destination vacation.
We establish and maintain a personal and business relationship with our clients. Your LIFE is your business and your BUSINESS is your life, and we’re here for you.
Take off the Payroll Hat or “Why do I really need payroll services?”
What is that secret to small business success?
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