2017 Payroll Updates, Tax Forms & Reference Guides


2016-17 Tax Planning Guide

This guide provides an overview of some key tax provisions that you need to be aware of and offers a wide variety of strategies for minimizing your taxes. But there isn’t space to touch on all of the available tax-savings opportunities, so please contact us to learn exactly which strategies can benefit you the most.

Records Retention Guidelines

This 1-page PDF gives helpful guidelines on which records you should keep and for how long. Please note that the retention periods are just guidelines. Don’t destroy any business or personal records without first checking with your CPA, attorney or insurance agent.


Donation Value Guide

The Salvation Army Donation Value Guide helps you determine the approximate tax-deductible value of some of the more commonly donated items. It includes low and high estimates. For professional advice, please contact us.

2017 Calendar of Payroll Dates

This tax calendar covers various due dates of interest to employers including payroll reports, and Forms W-2, 1099, etc. The calendar also lists due dates for making individual estimated tax payments throughout the year.


2017 Payroll Update Reference Guide

This comprehensive document includes all the Payroll information you’ll need for the coming year.


2017 Payroll Information Quick Reference

This handy guide includes all the Payroll information you’ll need at a glance.

Recent News

Why You Should Boost Your 401(k) Contribution Rate Between Now and Year End

Why You Should Boost Your 401(k) Contribution Rate Between Now and Year End

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather than later can have a significant impact on the size of your nest egg at retirement.

Traditional 401(k)

A traditional 401(k) offers many benefits:

• Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% net investment income tax.
• Plan assets can grow tax-deferred — meaning you pay no income tax until you take distributions.
• Your employer may match some or all of your contributions pretax.

For 2017, you can contribute up to $18,000. So if your current contribution rate will leave you short of the limit, try to increase your contribution rate through the end of the year to get as close to that limit as you can afford. Keep in mind that your paycheck will be reduced by less than the dollar amount of the contribution, because the contributions are pre-tax so income tax isn’t withheld.

If you’ll be age 50 or older by December 31, you can also make “catch-up” contributions (up to $6,000 for 2017). So if you didn’t contribute much when you were younger, this may allow you to partially make up for lost time. Even if you did make significant contributions before age 50, catch-up contributions can still be beneficial, allowing you to further leverage the power of tax-deferred compounding.

Roth 401(k)

Employers can include a Roth option in their 401(k) plans. If your plan offers this, you can designate some or all of your contribution as Roth contributions. While such contributions don’t reduce your current MAGI, qualified distributions will be tax-free.

Roth 401(k) contributions may be especially beneficial for higher-income earners, because they don’t have the option to contribute to a Roth IRA. On the other hand, if you expect your tax rate to be lower in retirement, you may be better off sticking with traditional 401(k) contributions.

Finally, keep in mind that any employer matches to Roth 401(k) contributions will be pretax and go into your traditional 401(k) account.

How much and which type

Have questions about how much to contribute or the best mix between traditional and Roth contributions? Contact us. We’d be pleased to discuss the tax and retirement-saving considerations with you.

 

© 2017

2017 OMGMA Conference Recap

2017 OMGMA Conference Recap

Thank you for joining us at the OMGMA fall conference last week. It was one of the best Healthcare conferences our team has attended, with powerful keynote speakers and sessions.  We had a tremendous turn out for our own session, presented by Brian Newton, CPA and Jeremy Prickel, CPA.

It was great to see so many of our clients and congratulations to the winner of our gift basket and our $100 Amazon gift card!

We received excellent feedback from everyone on our upcoming webinar series. We hope you are able to join us at our upcoming healthcare webinar scheduled for this Friday September 22nd.

To register: Healthcare Webinar: Top 7 Strategies for Successful Billing and Collections

We look forward to seeing you at the next conference!

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

 

 

October 16

• If a calendar-year C corporation that filed an automatic six-month extension:
o File a 2016 income tax return (Form 1120) and pay any tax, interest and penalties due.
o Make contributions for 2016 to certain employer-sponsored retirement plans.

October 31

• Report income tax withholding and FICA taxes for third quarter 2017 (Form 941) and pay any tax due. (See exception below.)

November 13

• Report income tax withholding and FICA taxes for third quarter 2017 (Form 941), if you deposited on time and in full all of the associated taxes due.

December 15

• If a calendar-year C corporation, pay the fourth installment of 2017 estimated income taxes.

 

© 2017

Questions?

Get in touch with us.

  • This field is for validation purposes and should be left unchanged.