Small landlords are increasing in number throughout the country. With the advent of vacation and short-term rentals as well as the financial benefits of owning just one, two, or three rental units as a side business, the appeal is easy to see.
But new landlords can get themselves into sticky tax trouble or end up with a tax bill if they fail to understand certain specific rules that apply to the landlord profession.
For smaller companies, it is often makes more sense to outsource some of their business needs rather than taking care of solely in-house. Payroll services are one of those needs. Here is a look at three benefits of using an accounting firm for your payroll services needs.
Using A Payroll Service Can Be More Cost-Effective
Every employee a company hires costs money. In addition to paying their wages, state and federal employment laws also dictate which benefits you also need to provide and at which level.
Handling payroll is a part of running just about any type of business, and payroll is probably a big expense for your company. For your company's sake and for the sake of your employees, it's important to make sure that you're handling payroll properly. However, it's easy to make mistakes. Some of the common mistakes that many businesses make when handling payroll have been listed here.
1. Not Calculating Hours Appropriately