It’s a good idea to double-check a few things, to make sure you’re all set for the coming year.
Here are a few things that often fall by the wayside for busy business owners:
- Check the new mileage rate. New federal mileage reimbursement. It’s adjusted downward for 2020, to 57.5 cents per mile driven. (Source: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2020)
- Check your tax deposit schedule. As an employer, you must make regular deposits for income tax withheld, social security and Medicare taxes. Make note of the tax deposit dates, so that you don’t encounter cash flow problems.
- Suggest employees review their tax withholding status. Give employees a W-4, so that they can adjust their withholdings, depending on their own tax situation. Here’s a link to the form with instructions: https://www.irs.gov/pub/irs-pdf/fw4.pdf
- Double-check your unemployment insurance tax rate. The 2020 tax rate notices have been made available on the Georgia DOL employer portal. You’ll be able to see if your tax rate has changed for 2020, and plan accordingly.