How much do payroll services cost for small businesses?

The cost of payroll services can vary depending on the features you need and the size of your business. On average, most small businesses can expect to pay between $20 and $200 per month for payroll services

Can payroll services handle tax filing?

Yes, most payroll services automatically handle federal, state, and local tax filings, ensuring compliance with tax laws.

Is it better to outsource payroll or manage it in-house?

Outsourcing payroll saves time and reduces the risk of errors. It is often more cost-effective for small businesses to outsource payroll rather than hiring a full-time staff member to manage it in-house.

Can payroll services handle benefits administration?

Many payroll services also offer benefits administration, helping small businesses manage health insurance, retirement plans, and other employee benefits.

What happens if payroll errors occur?

If errors occur, most payroll services offer guarantees and will correct the mistake and handle any penalties resulting from their error.

Can I use payroll services for both full-time and part-time employees?

Yes, payroll services can handle payments for all types of employees, including full-time, part-time, and contract workers.

Important Information for Individuals to help you decide which ITR Form to Use for E Filing

Income Tax Return Filing Due date is just around the corner

Now the Income Tax Portal being revamped we all are pretty excited to see the new features on E filing portal which are user friendly and further eases out the ITR E filing experience. Just after you push the Login button a new range of list of forms take over and now you wonder which form is apt or applicable for you.

Our Article will answer this question specifically

ITR 1 – This simple ITR form is applicable for Resident Individuals only in cases where

Total Income < Rs 50 lacs . The income may consist of various forms like Salaries, Interest Income etc. Property owners deriving income from one property can also us ITR 1 form. Be careful if you are earning Rental income from more than 1 property this form can’t be used.
Don’t have income from Business or Profession. Means if you have any income in the form of Profit or gains from business this form can’t be used.
Agricultural Income can be reported in this form only till the extent of Rs 5000/-

Please be aware that if you are Director in the company then you can’t use ITR 1 for your ITR Filing. Form applicable to you will be ITR 2.

ITR 2- This ITR utility is applicable for Individuals and HUF’s not having income from Business and Profession. Likewise this form can be used

Where Total Income > Rs 50 lacs . The income may consist of various forms like Salaries, Interest Income etc. Property owners deriving income from one or multiple properties can use ITR 2 form.
This form can be used by both Residents and Non Resident Indians.
Where Agricultural income exceeds Rs 5000
If you are a Director in a registered company , this is the appropriate form for your ITR Filing.

ITR 3 – This comparatively complex ITR utility is applicable for Individuals and HUF’s having income from Business and Profession. Likewise this form can be used

Individuals and HUF’s having income from Business or Profession.
By both Residents and Non Resident Indians.
This form being extensive has the functionality to capture all sources of income in it.

ITR 4-This is one of the most important and simple forms introduced by the IT department . It is applicable to

Resident Individuals , HUF’s and Firms deriving Total Income upto Rs 50 lacs from all sources
The income is offered for Taxation u/s 44 AD , 44ADA or 44 AE on presumptive basis
This form comes in very handy and simple for small business owners , shopkeepers and professionals who satisfy the turnover /sales limits mentioned in the above sections and are ready to offer income to tax at specified percentage of turnover.
Please be aware that if you are Director in the company then you can’t use ITR 4 for your ITR Filing. But if you want to take advantage of Presumptive sections you can do the same by using ITR 3 form