One of the easiest ways of lowering your income tax bill is to claim all of the possible tax deductions for your small business. What is a tax deduction? A tax deduction (also known as a tax write-off) is a business expense you can deduct from your taxable income. You take the amount of the […]
Chattanooga Tax Preparation Services
Chattanooga Tax Preparation Services It is tax time. Now is a great time to get some help with your taxes. Yes, it is true. Don’t be in denial, it is that time of year again, Tax Season. Once the ringing in of the New Year is over, the confetti is cleaned up, and all party hats are […]
The Payroll Tax Deferral Explained
What Happened? On August 9, 2020, President Donald Trump issued a handful of executive orders (or memorandums) in an attempt to revive the U.S. economy. One of those executive orders pertains to a “payroll tax deferral”, which provides vital funding for Medicare and Social Security. This has left many people confused, including countless business owners […]
Helpful Info for the PPP Loan
Well, it has certainly been quite the last couple of weeks with the rollout of the EIDL and PPP loan programs. Hopefully, your business has had the opportunity to apply for one or both of these options, and while funding has not yet been disbursed, I know that we are all hopeful that it will […]
FFCRA and Family Leave Act signed into law
Last night, President Trump signed the Families First Coronavirus Response Act into legislation. The Act will require certain employers with under 500 employees to provide emergency paid sick leave for their employees. Our team has gone through this new legislation, and our general findings are below. It is important to note that this is not […]
COVID-19 Updates
When it comes to the coronavirus and proposed payroll tax cut changes, Southern Payroll & Benefits wanted to be sure to update our clients and partners. We realize that in many instances, this outbreak has had a negative impact on your business or personal lives, and we are here to help in whichever manner we […]
What the WOTC?
“I love paying taxes!”…said no business owner ever. Seeing as how many of these business owners are in the midst of filing their taxes, I thought this would be an ideal time to give a synopsis of one of my favorite topics: Work Opportunity Tax Credits. In my years in the human capital management industry […]
1099 vs W2 – What’s the Difference & Why Does It Matter?
So, you’re looking to hire your first employee? Congrats! This a huge step for any business owner, but it also begs the question, ‘Is my new-hire a W2 employee, or a 1099 independent contractor?’ With many business owners, they have no clue what the difference is between W2 or 1099, which is not at all […]
