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Year End Payroll Tasks for 2014 and year beginning 2015

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Year-end payroll tasks actually should start on December 1st and really can continue right through the first of April!  Yikes – that’s a lot of time to be spending on additional payroll tasks, especially during the holidays!

payroll tasksThere are so many things that need to be taken care of; you need to be organized and have a checklist that includes when certain things have to be completed and helps you to prioritize tasks so that you don’t feel so overwhelmed.

From simple things – like starting around the first of December you should remind employees that if their has been a change in their filing status due to getting married, having or adopting a baby, or perhaps they have a child that is turning 21, that they should fill out a new W-4 form for 2015.

To more complex things – like going through all of your subcontractor payments and determining which payments you need to include on a 1099 vs. those that will be reported by your credit card company using a 1099-K.

My advice:

  • Stay calm
  • Get yourself organized
  • Don’t wait until the last minute
  • Plan, plan, plan

One year I had 15 payroll clients and had everything ready to go with the exception of printing out all the final forms and returns.  My plan was that I would then take a day and do nothing but print, sort, and package.  Then I got really sick for about a week.  On the day that I finally was able to drag myself out of bed and attend to this task of printing I discovered that I needed a new toner cartridge for my printer and had to drag myself off to Staples to get one – that was extra stress that I really didn’t need.

My point – expect the unexpected!  You NEVER know when something will go wrong.

To help you to get yourself organized, request our free Payroll Due Dates for the year-end 2014 and year-beginning 2015 checklist and to help yourself stay on track year-round.

NOTE:  While this is a free download, we do ask that you submit your name and email address.

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About Your Host:
Nancy Smyth, Certified QuickBooks ProAdvisor

Nancy Smyth, Sunburst Software Solutions, Inc.
QuickBooks Construction & Payroll Expert

I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.

QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.

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