Managing your company’s payroll can eat up a good deal of your time, but it is a critical aspect of any business, as it can directly impact the morale of your employees.

By choosing to outsource the payroll services of your local Cedar City accountant, you can enjoy a number of benefits, including the overall happiness of your employees who are accurately paid on-time.

Reduce Your Payroll Processing Costs

Many small business owners take care of payroll on their own or have an office manager that doubles as a bookkeeper to take care of the company payroll. This can eat up hours of paid work just to keep ahead of the regular payroll.

That’s not even considering if you have employees that have benefits to track, new hires, garnishments, terminations, vacation time, sick days, as well as the many changing state and federal regulations regarding company payroll. On top of that, business owners can have a good deal of time spent every year on producing timely and accurate W2s for their employees.

When you choose to outsource your payroll to an experienced accounting firm like AA Tax & Accounting Services, you can unload that fluctuating man-hours expense. Even if you take care of the payroll yourself and don’t pay yourself for the time spent, your time as the business owner is valuable and can be more productively spent elsewhere.

Increase Work Productivity

Speaking of productivity, outsourcing your payroll needs to an accounting company can significantly increase your company’s productivity. When the payroll is in-house, at least two people will have their attention dedicated to dealing with the intricacies of the payroll.

With at least one employee processing payroll and either you or a manager verifying the information, vital time will be dedicated to an activity that doesn’t actively contribute to your business’ productivity, only passively as it will help the productivity of your other employees.

By moving your payroll processing out-of-house, you can save all that time and just make contact with our accountant once a pay period to approve of the payroll.

Greater Security Available When Outsourcing Payroll

Your payroll information needs to be protected, whether it’s just from an employee gossiping about salaries or outside attacks. There are other serious threats to your business payroll processing information such as:

– Funds being embezzled and covered up
– Using information for personal gain
– Cyber attacks
– Identity theft

With both internal and external threats to your sensitive payroll information, it just makes sense to outsource your payroll. Our accounting firm works with top-of-the-line protections to keep your data secure and can alert you to issues that may indicate embezzlement or other problems that can be obscured by in-house payroll.

Outsource To Protect Your Business From Tax Return Errors

According to the IRS, about 40% of small businesses pay yearly penalties related to issues with their tax return filing. As payroll plays a large part in a business’ tax return, it is essential that this information is accurately represented.

Not only can it be an issue for your company, but payroll errors can impact your employees as well. State and federal laws change often, and generally, only professional accountants stay on top of all these changes. A bookkeeper that lacks the most up-to-date information on payroll regulations may cause an issue with employee withholdings, leaving your employees with inaccurate tax information that may require them to file amended tax returns and also pay penalties.

These things can be discouraging to both the business owner and employees, heavily impacting the overall morale of your company. By opting to outsource your payroll to your local Cedar City accountant, you can be sure that he understands the local, state, and federal regulations regarding payroll and will work to protect your business.

Easy Employee Access To Payroll Information

Your employees will often need payroll information to receive loans, apply for apartments and leases, student loan repayment information, and more. Instead of having them need to come to you and adding another task to your busy schedule, outsourcing your payroll takes care of that issue.

With outsourced accounting with AA Tax & Accounting Services, your employees can view their pay stubs by pay period, print them out for documentation purposes, update their personal information, and review their benefits. These things can be tailored to your organization.

To discuss your business’ payroll requirements with our accountant, contact us to set up an appointment today.

There is an enormous amount of value in utilizing private accounting services, from reducing your business costs to adding greater financial protection to your business.

If you have been considering outsourcing your accounting needs but aren’t sure if it’s right for you, here are some reasons that may help you take the plunge and utilize the private accounting services of AA Tax & Accounting Services, LLC.  

Reduce Overhead Costs With Private Accounting

One of the main reasons businesses of all sizes opt for working with a private accounting firm is to reduce their overhead costs. Having even an in-house, part-time bookkeeper can be pricey, especially if you want one with any amount of experience. But when you turn your bookkeeping and accounting needs over to a private accountant, you can significantly reduce costs in several ways.  

• You don’t need to train an out-of-house accountant like you would with an in-house bookkeeper and accountant.
• No benefits, unemployment insurance, and other attendant costs are attached to hiring a private accounting firm, unlike an in-house employee.
• Private financial matters such as employee salaries will remain private with the help of an accounting firm.

Tailor Exactly What Accounting Services You Need

By working with AA Tax & Accounting Services, LLC, you can determine exactly what accounting services your company needs.

Say that you run an ecommerce business with a few employees and are looking to grow. With our accountant, you may want to utilize our firm’s bookkeeping and payroll services, access our business consulting services which include entity restructuring, revenue recognition strategies, tax preparation, and more.

However, say instead that you are looking to start a new company but need help on the financial side of startup company planning. Our accountant can help with your business planning, from assessing startup costs to profit analysis information you will need to present to potential investors.  

With an accountant in-house, you may not have access to all the skills you may need for your growing business. But when you work with a private accounting firm like ours, you can make sure that we have the services you need to ensure your finances are on track.

Enjoy An Outside Perspective On Financial Matters

You know the old saying, “It’s hard to see the forest when you’re among the trees.” Well, running your own business can be like that. As you are involved in the day-to-day business of your operation, it can be difficult to see exactly what you need to do financially to ensure the future profitability of your business.

By working with our accountant, you can enjoy the clear view that comes with someone who isn’t personally with your business. Other people heavily involved in your business may not have the clarity and insight that a private accountant can provide.

Even if you aren’t a business owner, it can be difficult to project your future financial needs when you are busy with your immediate needs. If you need assistance in managing your portfolio or arrange your personal finances, our accountant has helped many individuals ensure that their finances are taken care of properly.   

Add A Layer Of Protection To Your Business

Business financial matters are only as safe as the competency of the person handling your accounting needs. By outsourcing your accounting needs to our private accounting firm, you can enjoy greater security and safety measure. Some of the financial protection benefits we provide your company with are:

• Cash flow management
• Embezzlement protection
• Bank reconciliation
• General ledger management
• Payroll processing

Here at AA Tax & Accounting Services, LLC, you can enjoy all the benefits of private accounting services with the help of our experienced accountant. Contact us to discuss your accounting needs with our accountant.

A common question our Cedar City accountant is asked during tax season is whether tax credits or tax credits are better when it comes to improving your tax return. The answer is—it depends.

Difference Between Tax Credits vs. Tax Deductions

To help you determine whether tax credits or tax deductions are better, it is important you understand how they work. Both tax credits and tax deductions will work to help you save on your taxes, but they do it in different ways.

Tax credits – When you use a tax credit, it can reduce the amount of taxes you owe at a dollar-for-dollar rate reduction. So, say you owe $2,500 in taxes, a $1,000 tax credit will reduce that amount down to $1,500 owed. Also, some tax credits are refundable, so if you have enough tax credits to reduce your taxes below zero, you can have the remaining amount refunded to you. However, many tax credits are non-refundable, so you can only reduce your taxes owed to zero.

Tax deductions – On the other side, a tax reduction work to reduce the taxes you own by percentages. So, say you are in the 22% tax bracket and have a $1,000 tax deduction you can apply. For those in the 22% tax bracket, the $1,000 tax deduction actually will only save you $220 on the taxes you owe.

In some instances, you can use both tax credits and tax deductions on your tax return, though many are dependent on a variety of factors. Our accountant provides tax preparations services and can help you determine what combination will apply to your taxes.

How The Tax Cuts And Jobs Act Affect Tax Credits vs. Tax Deductions

The sweeping changes to the tax law by the Tax Cuts and Job Act passed in 2017 will now affect tax returns filed in 2019. One of the biggest changes is the raising of the standard deduction, which is now:

• Single filer – $12,000
• Married, filing jointly – $24,000
• Married, filing separately – $12,000
• Head of household – $18,000

With the higher standard deduction, most will not bother with itemized deductions, making tax deductions less useful than tax credits. However, if you want to discover if itemization is worth it for you or if the standard deduction is best, our accounting services are available to you.

To work with an experienced tax accountant, contact us for an appointment. Our accountant will help you receive the best tax refund possible.

When we move beyond amassing wealth for ourselves and give to others, we expand our worldview while setting an example of loving kindness for our children. As one notable child, diarist and Holocaust victim Anne Frank once wrote, “No one has ever become poor by giving.”

In fact, including charitable giving in your personal financial plan can yield significant savings on your tax return, particularly when you work with a skilled tax accountant. This leaves you with more money to live and to give, a truly healthful cycle.

It can be hard, though, to negotiate all of the worthy nonprofits to determine where to direct your charitable giving. At AA Tax & Accounting Services, we advise clients to start by looking for ways to help right in Cedar City and the surrounding communities.

The Paiute Indian Tribe Of Utah

One way to do this is to support the efforts of the local indigenous people, the Paiute Indian Tribute of Utah. These include the Indian Peaks Band of Paiute Indians, who count 2,000 acres in Cedar City as their home.

Near-Destruction

As of 2015, the Indian Peaks Band had 48 members. The small number is a testament to how the population of Utah Paiutes–who historians estimate arrived in Utah about 1100 AD–has been decimated over the years.

Once numbering in the thousands, Utah’s Paiute Indians were nearly extinguished, first by contact with European settlers and later with American pioneers. The devastation continued in 1954 when the US government terminated its recognition of the tribe. At one point, the number of Paiutes in Utah dwindled to 800. As of 2015, those numbers rested at 918.

The Long Climb Back

Created in 1980 by an act of Congress, the Paiute Indian Tribe of Utah is comprised of five constituent Bands, including:

• Cedar
• Indian Peaks
• Kanosh
• Koosharem
• Shivwits

Each of these Bands has a longstanding independent identity. What they share in common, however, is the desire to climb back from near-destruction toward a better future.

In 1984, the Paiute Indian Tribe of Utah was granted 4,470 acres of Bureau of Land Management land and $2.5 million in seed money to kickstart economic development. Since then, Utah’s Paiutes have built houses, opened businesses and made strides in healthcare and educational opportunities.

Giving To Youth Education Helps Local Paiutes Move Forward

It’s generally agreed education is the best way to help a community move forward, and this holds true for the Paiute Indian Tribe of Utah.

Scholarship Program

You can invest in the future of neighboring Native Americans by contributing to the PITU Higher Education Fund. Your donations help provide young people in Cedar City and the surrounding areas with college and training. It’s hoped the scholarship program will yield desperately-needed graduates in fields like medicine, engineering and science.

Paiute Tribal Youth Camp

Regaining Paiute culture is as important as reclaiming tribal land. For the past 9 years, teens from Utah’s Paiute bands as well as youths from Nevada and Arizona Bands have been invited to the Paiute Tribal Youth Camp.

During the 4-day camp–held in public lands of traditional significance to Paiutes of the Southwest–participants receive guidance from tribal Elders and Grandmothers as well as indigenous people who’ve forged careers in public land stewardship. The camp is supported by Southern Utah University as well as agencies like the National Park Service, the Bureau of Land Management and the Forest Service.

Tribal elders expose teens to the Paiute language, songs, stories and native plant science. The heaping dose of native culture also includes participation in a traditional fire circle as well as an ancient stick game. Carmen Clark of the Shivwits Band of Paiutes says, “If they know just a little bit, they know where they come from, they’re not lost.”

The teens also get lessons in various areas of land stewardship that may lead to a future career.

Help Fund this Transformative Camp

The Zion Natl Park Forever Project aims to help raise the $15,000 needed to fund the 2019 Tribal Youth Camp. To contribute, click the “Pitch In” tab at the top of the project’s website. Select the amount you wish to contribute and click on the “Informing Tomorrow” button. As you complete your donation, you’re invited to leave a comment. You can note there that you’d like your contribution to go to the Paiute Tribal Youth Camp.

At AA Tax & Accounting Services, we’re happy to help you manage your finances, both business and personal, with a full array of services. If you’d like more information on worthy nonprofits or on thriving financially, contact us today for your appointment.