Top CPA Pauline Ho Highlights Four Important Payroll Mistakes Committed By Small Businesses - Orlando, FL

Leading accountant Pauline Ho founder of Laus Consulting Services LLC in Orlando, FL details the typical payroll-related mistakes that lead to financial losses for small businesses. For more information please visit https://lausconsult.com

Orlando, Florida, United States - October 29, 2023 —

Failing to get the payroll right the first time can cause significant headaches for small business owners, particularly when tax deadlines are looming, accountant and CPA Pauline Ho has revealed.

For more information please visit https://lausconsult.com/

During an interview this week, the head accountant at Laus Consulting in Orlando, FL, highlighted the four most common payroll mistakes that could cost small businesses money in the long run.

Ho said: “The complexities of the payroll tax landscape can be burdensome for small business owners and failing to get it right can be costly in time and money in trying to put them right.”

A common payroll-related error is misclassifying employees. Ho elaborated: “Many small business owners are unaware of the difference between employees and independent contractors. While both categories have distinct tax implications, misclassifications can land a business into trouble with the IRS.”

Another aspect that could sting entrepreneurs is unintentionally crossing the IRS by not knowing the deadlines for payroll tax. Every business owner must report and deposit payroll taxes at state and federal levels by a specific date.

Ho commented: “Failure to do so could result in hefty fines and penalties, which could be devastating for a business’s bottom line.”

And this could be compounded by business owners making errors when filling in forms for payroll tax. “It could be completely overwhelming for some, but they simply cannot walk away from them. These forms must be filled accurately; even minor errors could derail filing payroll taxes.

“Many errors stem from inaccurate employee information: incorrect spelling of an employee’s name, current address, social security number, start/termination date, and birth date. One way to avoid these mistakes is to compare the information on a W-2 form filed by your employee,”

Ho advised entrepreneurs to consider hiring a professional accounting service so that they not only keep on top of the payroll but the tax deadlines as well.

This way they could avoid another trap: poor-record keeping and data entry. Ho said: “Poor record keeping could be the downfall of a business. Owners should keep records of timesheets, cancelled checks, tax forms, and proof of past payments.”

Ho said: “Outsourcing payroll services to a trusted accountant is ideal as business owners can focus on growing their company. 

“Plus, having someone qualified to provide such solutions eliminates the potential for costly payroll mistakes for many small businesses in the future.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com

Release ID: 89111577

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