The end of the year is almost here, and it is normally super busy with year-end tasks to be accomplished. Final sales push, project deadlines and gathering of bookkeeping materials for your taxes can be overwhelming. Here are some tips to help you plan a smooth year-end for 2018.
1 Additional Payroll This Year
Did you plan for additional payroll this year? Things come up like extra payrolls, bonuses, etc. If you plan these ahead of time, you’re in great shape. Most don’t plan ahead so you will have to tackle some last minute processing. Make sure you include those amounts in your employee’s last check before 12/29/2018. It needs to show your employees 2018, W2/1099 forms.
2 Missed Payrolls
Double check your payroll schedule and make a note for the final payroll date for the year 2017. Don’t forget to account for the holiday season where banks shutdown on Dec 25th. Most payroll services like Check-write Payroll can pre-approve payroll to save you a headache during the holiday season.
3 Review & Update Employee Details
Make sure you have the most updated correct information for each of your employees. The IRS may impose a penalty for each W2 that has wrong information like missing social security numbers, or the wrong employee name, or spelling. Double check all your documentation and make sure you don’t get a penalty this year.
4 W2’s have a deadline
Did you know that employers are required to provide their employees with a w-2 by January 31st? Don’t wait until the last minute to get your payroll in order. Give us a call at check-write payroll. We can help you get your payroll in order and connect you with a good bookkeeper to stay on top of issuing your w-2’s this year.