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Tag: IRS

7 Reasons Why You Should Hire a Payroll Expert

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Payroll is one of the most important aspects of business– it builds financial stability among employees and boosts team morale. Many businesses, especially small businesses, tend to take payroll into their own hands and avoid outsourcing payroll. Managers and business owners spend hours calculating everything themselves, often times juggling other roles in the business at the same time. Taking care of your own payroll works when your business is just starting out, but this should be avoided when the business grows.

Once business is booming, it’s wise to bring in a payroll expert to make sure that you save yourself time, headaches, and money. This will allow you to focus on the growth of the business rather than worrying about whether or not your employees are going to get paid on time. Additionally, without a payroll expert, there’s a chance that you can make a mistake. Mistakes can lead your business to legal penalties, so getting some help might not be a bad idea.

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IRS Receipts and Records That You Should Keep & How to Store Them


The  IRS allows you to choose any record keeping system for your business’ income and expenses. This means that you can keep records in a file cabinet or you can choose an electronic program. Either way, the choice is yours.

Depending on what business you are in, you may have to keep certain records for federal tax purposes. The IRS wants businesses to retain specific business documents including purchases, payroll, and other transactions. These records will support the entries in your books and on your tax return.

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