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Old 07-15-2008, 09:28 PM
 
546 posts, read 1,888,705 times
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My husband has a small business that I handle many the tasks, would like to get on a payroll, and get a w2 from him, since I'm doing so much work and I can also accumulate credits with the social security retirement plan. Could anyone go into a more detailed level? I kind of know the high level stuff, like apply for fed and state IDs, withheld the FICA tax, FWT and SWT. And finally with all these withhold, my husband needs pay to the IRS and the State collector. But do I need an accountant to do all this? Was thinking of doing it myself if anyone of u have experience in this area and could help me the steps on doing these, like what forms to fill out, where to call for info, like the IRS, or if u know the answer and could write out list for me, Iíll greatly appreciate your help!!
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Old 07-15-2008, 10:29 PM
 
Location: Boise, ID
1,356 posts, read 5,324,961 times
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The easiest way is to get a payroll service. That's what I have always done for my business. There are just too many taxes to keep track of and I'd rather spend my time on my company.
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Old 07-16-2008, 05:04 AM
 
Location: Pocono Mts.
9,483 posts, read 10,718,979 times
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www.irs,gov (broken link)

don't forget workman's comp!

I use an accountant that keeps my books, takes care of tax issues through the year, and files our taxes in April.
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Old 07-16-2008, 07:21 AM
 
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Just get a 1099 from the business, file your taxes and pay as a self employed. You become your own business.
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Old 07-16-2008, 07:31 AM
 
546 posts, read 1,888,705 times
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Quote:
Originally Posted by poconoproud View Post
www.irs,gov

don't forget workman's comp!

I use an accountant that keeps my books, takes care of tax issues through the year, and files our taxes in April.
how does your accountant give you suggestions throughout the year? do you tell him what's going on with your life and he gives your recommendation on tax shelters from there? does he charge for you asking him questions? my accountant only does our tax, he doens't give us any tips on tax shelters, unless we ask about something specific, something we heard of from someone else. when you say your accountant takes care of your tas issues through the year, does he charge for thoes consultations through the year? thanks.
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Old 07-16-2008, 07:40 AM
 
546 posts, read 1,888,705 times
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Quote:
Originally Posted by Niners fan View Post
The easiest way is to get a payroll service. That's what I have always done for my business. There are just too many taxes to keep track of and I'd rather spend my time on my company.
where do u find this type of payroll service to hire them for our bussiness? that's the problem we're having, we only have an accountant who does our tax return, that's it. he charges $150 to $250 per hour for more consultations...
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Old 07-16-2008, 08:48 AM
 
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Your business should be your tax shelter. If you have YOUR business, separate from his that should work fine.
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Old 07-16-2008, 09:31 AM
 
Location: Boise, ID
1,356 posts, read 5,324,961 times
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Quote:
Originally Posted by hueimo View Post
where do u find this type of payroll service to hire them for our bussiness? that's the problem we're having, we only have an accountant who does our tax return, that's it. he charges $150 to $250 per hour for more consultations...
I was thinking of a service like these:
Payroll Services by SurePayroll: Payroll Software Online, Free Payroll Tax Calculator, Small Business Service
Business Solutions | ADP | Payroll Services for Human Resources Management & Benefit Administration
Payroll by Paychex: Payroll Tax Services, Human Resources, 401(k) and Benefit Administration

They will handle as few as 1 employee. I hate to throw something else into the mix but you might need workers comp too.
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Old 07-16-2008, 09:46 AM
 
24,843 posts, read 31,246,775 times
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Our worker's comp is written though our basic business policy.
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Old 07-16-2008, 10:43 AM
 
Location: Pocono Mts.
9,483 posts, read 10,718,979 times
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Quote:
Originally Posted by hueimo View Post
how does your accountant give you suggestions throughout the year? do you tell him what's going on with your life and he gives your recommendation on tax shelters from there? does he charge for you asking him questions? my accountant only does our tax, he doens't give us any tips on tax shelters, unless we ask about something specific, something we heard of from someone else. when you say your accountant takes care of your tas issues through the year, does he charge for thoes consultations through the year? thanks.

My company hasn't made enough to worry about tax shelters yet. We are just in our second year of business, and haven't even made a profit yet. I do not yet take a salary, so that we have no employees. What we do is give her (our accountant) all of our income and expenses at the end of a quarter, which she then puts that info into Quickbooks, gives us an income statement, and a coupon to pay quarterly taxes, if any are owed. I know I could put Quick Books in my own office, but I don't have the time to do the books, and I hate it. She charges us $75 per hour, but I am very organized and prepared, so it costs the least amount possible. At tax time, she is more prepared to file for us, because she has everything at hand on Quickbooks in her office.
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