Taxes & Employee Benefits

5 Frequently Asked Questions About Small Business Taxation

small business taxation

Nov 17th, 2016 by TRAXPayroll

Small business owners who have recently established their company will have many questions regarding small business taxation, and rightly so. Making a mistake regarding taxes can lead to costly penalties that few small businesses can afford, so familiarizing yourself with the basics can go a long ways towards ensuring that everything is done by the book.

Read More

HSA, HRA & FSA: The Differences You Need To Know


Nov 15th, 2016 by TRAXPayroll

HSA, HRA and FSA are threehealthcare benefits acronyms which can be very confusing. Perhaps you have signed up for one, only to find it was another. Knowing the difference between the three is crucial when it comes to employee benefits administration.

Read More

Why Should Employers Start To Offer Paid Sick Days?

paid sick days

Oct 20th, 2016 by TRAXPayroll

Currently, only a handful of institutions within the United States offer paid sick days. Most do not, and the U.S. is one of the few developed nations that doesn’t make paid sick leave mandatory for each employee. Many companies are reluctant to offer this benefit due to fears that employees will misuse it, or it will drive up their operating costs. What you should know is that there are a number of advantages to be gained by offering these benefits. Below are some of them.

Read More

The Earlier, The Better: Get To Know Your 2017 ACA Reporting Dates!

early ACA reporting dates

Oct 4th, 2016 by TRAXPayroll

As we move into fall, it is important to begin thinking about your 2017 ACA reporting dates. While the IRS provided a number of breaks for 2016 such as deadline extensions as well as leniency for businesses that didn’t get everything correct, it will tighten the leash next year considerably.

Read More

Which Type Of Payroll Schedule Is Right For Your Business?

payroll schedule

Sep 8th, 2016 by TRAXPayroll

Deciding when and how to pay your employees is an important decision. Payment is what motivates your employees to work, and the payroll schedule you choose for them will determine their moral, work quality, and whether they decide to work for you at all. Understanding the various payment schedules that exist will make it easier to select one which is well suited for your business.

Read More

Alternative Employee Incentives To Consider If Annual Bonuses Are Off The Table

alternative employee incentives retain top talents

Aug 9th, 2016 by TRAXPayroll

Bonuses are often excellent motivational tools for workers, irrespective of the size of the business. However, they can also become a waste of resources if they are administered incorrectly. The manner in which bonuses are given and structured is extremely important, as they can provide employee incentives for superior performance. However, businesses should not restrict themselves to bonuses, and should always be on the lookout for incentives that can be used as an alternative.

Read More

Reimbursing Employees For Healthcare Expenses

healthcare expenses reimbursement

Aug 4th, 2016 by TRAXPayroll

At some points, many small businesses will need to reimburse their employees tax free for healthcare expenses. The good news is that there are four ways in which this can be done. These reimbursement option plans will help your business meet its objectives, but it is important to understand how each plan works and the differences between them. These four plans are healthcare reimbursement plans, health savings accounts, flexible spending accounts and health reimbursement arrangements.

Read More

Understanding The Form 941-X

filling out Form 941-X

Jul 26th, 2016 by TRAXPayroll

Form 941-X, which is also known as the “Adjusted Employer’s Quarterly Federal Tax Return,” is a form which is used for the purpose of correcting any errors which were made on previous 941 reports. This form must be filed whenever an error is found on any 941 form that has been filed in the past, but it is not necessary to file it if the error is associated with part 2 of Form 941 or the number of workers who were paid.

Read More

Do You Know The HSA Contribution Limits For 2017?

keeping up to date with HSA contribution limits for 2017

Jul 12th, 2016 by TRAXPayroll

Health Savings Accounts are financial based and combined with an HDHP, or high deductible health plan. HSAs provide tax advantages and can be used to pay for a number of medical expenses. A growing number of employers are providing their employees with HSAs, and it is important to familiarize yourself with the HSA contribution limits for 2017. These contribution limits may be adjusted annually by the IRS.

Read More

Don’t Make These Small Business Healthcare Benefits Mistakes!

do not make these small business healthcare benefit mistakes

Jul 7th, 2016 by TRAXPayroll

Small business owners that make contributions for the healthcare of their employees must ensure they’re not making any mistakes which could become costly. The best way to extend small business healthcare benefits is by understanding small business healthcare benefit compliance. Below are some common mistakes that small business owners will want to avoid:

Read More

Request Quote