Our comprehensive payroll services for small and medium size businesses include employer and employee logins.
"If I had the Rangers payroll, I'd never lose a game."
At Somerset Tax Partners, LLC, we specialize in providing payroll services designed to meet the unique needs and challenges faced by small and medium-sized business owners. Our deep understanding of these requirements allows us to offer a level of personalized service and flexibility that large payroll providers often lack.
While we deliver all the essential payroll functions you’d expect from larger firms, we go beyond by offering personalized payroll guidance and tailored solutions. Experience the advantage of working with a dedicated team that truly understands your business and is committed to providing exceptional service.
When you choose Somerset Tax Partners, LLC for your payroll needs, you benefit from a range of comprehensive services designed to streamline your payroll management. Here’s what we offer:
Experience streamlined payroll management with personalized service and comprehensive support from Somerset Tax Partners, LLC.
Our business clients are located in a number of states, so we are able to respond to payroll needs in multiple states. Whether your employees are located in multiple states or you have locations in multiple states, we are equipped to ensure compliant payroll reporting. Key features include:
Trust Somerset Tax Partners, LLC to manage your multi-state payroll needs with precision and compliance.
Part of our focus on tax planning is to help you implement employee benefit plans for yourself, as the business owner, and for your employees. This includes retirement planning through a 401k, SIMPLE IRA, SEP IRA, and self-directed retirement plans, as well as vacation pay, accountable plans for expense reimbursement, cafeteria plans, health insurance, and other benefits. Happy employees result in greater productivity and profit.
Two areas of concern for many business owners are health insurance regulation and deducting the business owner’s health care expenses. Our extensive experience and knowledge of the Affordable Care Act will help you maximize deductions, avoid problems with Premium Tax Credits, and achieve employee retention. We will also help you find ways to reimburse as many of your own health care expenses as possible.
Simply offering health insurance to employees can make them ineligible for Marketplace Premium Tax Credits. In addition, federal tax laws make it challenging for S Corporation business owners to enjoy health care tax benefits available to other tax structures. We strive to help you navigate these complexities.
Part of our focus on tax planning is to help you implement employee benefit plans for yourself, as the business owner, and for your employees. This includes retirement planning through a 401k, SIMPLE IRA, SEP IRA, and self-directed retirement plans, as well as vacation pay, accountable plans for expense reimbursement, cafeteria plans, health insurance, and other benefits. Happy employees result in greater productivity and profit.
Two areas of concern for many business owners are health insurance regulation and deducting the business owner’s health care expenses. Our extensive experience and knowledge of the Affordable Care Act will help you maximize deductions, avoid problems with Premium Tax Credits, and achieve employee retention. We will also help you find ways to reimburse as many of your own health care expenses as possible.
Simply offering health insurance to employees can make them ineligible for Marketplace Premium Tax Credits. In addition, federal tax laws make it challenging for S Corporation business owners to enjoy health care tax benefits available to other tax structures. We strive to help you navigate these complexities.
A: Quite simply, it was born out of need. As our practice grew, more of our business clients requested that we provide payroll service. They did not want to have multiple services. As we embraced this opportunity to better serve our clients, we also saw an opportunity to help our clients avoid big income tax bills and to create a better tax planning experience. When a client uses a third-party payroll service, we are limited in guiding them on the amount of withholding and the amount of the owner’s salary. A third-party service only withholds based on the salary, but an S Corporation owner needs to also account for the profit. It’s difficult to explain to a client that there is not enough withholding, and then not be able to help them adjust it. When we have direct responsibility for payroll, we can alert the client to potential withholding concerns, explore opportunities for more deductions, and help them maintain compliance in calculating the owner’s salary. The S Corporation reasonable salary requirement is a major tax planning opportunity that comes with hidden traps and pitfalls, and we want to help our clients achieve tax savings while staying out of trouble.
A: The two most common complaints we hear about payroll are the sheer aggravation of payroll compliance and insufficient withholding for the business owner. Most business owners are not interested in getting bogged down in the minutia of calculating payroll taxes, paying payroll taxes on time, and preparing and filing payroll tax returns and W-2s. If a business owner was to do all this by hand, it would definitely take a lot of time and involve frustration and aggravation. Software takes the guesswork out of calculations, and our software ensures compliance through electronic filing and electronic payment of taxes.
One of the biggest complaints we hear is from a business owner who says their friend doesn’t have to pay any income taxes or is receiving a refund. Some clients have even tried to report as an S Corporation, only to get frustrated with the extra compliance requirements of payroll. It’s hard to answer these objections without putting it all into perspective. It’s hard for any business to pay absolutely nothing in income taxes unless they are generating a lot of deductions or reporting a loss consistently. The average small business owner can efficiently use payroll withholding to cover income taxes and plan ahead. I think what most people mean when comparing themselves to a friend who doesn’t pay any tax is that their friend planned ahead through withholding taxes. When we can help our clients through payroll, we will provide the same level of service, so you can be the one who says, “I didn’t have to pay any taxes last year,” meaning we helped you cover your tax throughout the year.