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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

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But even with inflation going down, I knew I could be setting myself up for disappointment. So, before I start shopping, I come up with a realistic figure that I can spend on holiday presents. One year, I even wrapped up some of my favorite books from my bookshelf to give. I honestly love gift-shopping. Remember, it’s December.

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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. not signing up for your 401(k) plan).

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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

Hopefully this isn’t an issue that comes up for your payroll department often, but it’s important to know what to do, and get it right, in the event that it does happen. health, dental, vision, retirement) and involuntary deductions, like garnishments. 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. You can manage up and make proactive changes.

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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. Many employers end up waiting until the end of the year to verify SSN numbers before sending out W-2s, but you’ll have better compliance outcomes and an easier year-end process if you verify them as you go throughout the year.

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