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What is a SIMPLE IRA? Everything You Need to Know

Success

Most people are familiar with retirement savings plans, like a 401(k) or a Roth IRA. It’s an easy-to-manage retirement account that lets you make tax-deferred contributions. Keep reading to learn more about this retirement plan and how it stacks up against other options. A SIMPLE IRA is just one of these plans.

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5 Smart Money Hacks to Help You Budget for the Holidays

Success

This is the last month in the calendar year you can donate to charities and deduct them from your taxes, so you can afford to be generous. They also double as a kind of mini gift to yourself when you file your tax return in April. Consider giving donations instead of physical presents. Increase your income.

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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

health, dental, vision, retirement) and involuntary deductions, like garnishments. Wages and accrued benefits paid in the same calendar year as death are exempt from income tax withholding, but are subject to FICA and FUTA. For the year the employee died, you file W-2 and 1099-MISC forms.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. If you’re not quite sure about the differences between a 1099 and a W-2, keep reading to learn which form to send and how to fill out and file them. Form W-2 filing requirements.

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Working with an old school Executive

Practically Perfect PA

A handful of assistants still had to manage paper diaries, print off and file emails along with every other bit of paper that passed by their Exec’s desk, type up hand written notes and take dictation. So how do you get your Executive to move to an online calendar only. They retire. Old school stuff! AHHHHHHHHH!

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Stay on track with this payroll compliance checklist

BMT Office Administration

It asks for information such as the employee’s filing tax status, extra withholding preferences, and more. Employers must report new hires or newly rehired employees to their state within 20 calendar days. They can then receive social security when they retire or become disabled. Report new hires to the state.

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

It provides provisions aimed at improving employee retirement outcomes and makes starting 401(k) plans more attractive and beneficial for employers – even those with 50 or fewer employees. encourages employers to provide retirement plans by offering tax incentives and credits. You can also fax e-filing waiver requests to 877-477-0575.

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