Twenty years ago, Anthony (Tony) Rodriguez’s father asked him for help buying his first home. Tony took the request so seriously he ended up becoming a licensed real estate broker — and his father was his first client. Today, he and his wife, Carmen, are brokers with Coldwell Banker Realty and partners in their own company, CATRES, Inc. Hear from Tony how ADP® helps them simplify processes, save money and keep compliant.
ADP simplified everything. They took something that was like a foreign language to me and reduced it to easy tasks.
- Two busy real estate agents were getting hit by expensive tax penalties due to erratic income and a lack of structure.
How ADP helped
- With RUN Powered by ADP® (RUN), Anthony and Carmen were able to pay themselves a consistent salary and accurately estimate their quarterly tax payments.
We were incurring tax penalties
When you’re trying to operate a business, you need to focus on your clients, which doesn’t leave much room for things like management, marketing, accounting and bookkeeping. For us, it got to a point where we were being a little complacent, and we were incurring tax penalties for not filing on time. We hired a new CPA, and he said we needed to form an S Corporation and start working with a payroll service provider.
We looked at other services, but they did not appear as cost-effective as ADP. Our CPA told us that with ADP, he could just log into our account and have access to all our information, which would make everything more efficient. Ultimately, we decided ADP was just a better fit for us.
I can already tell that I’m saving money
I didn’t really know how to go about all this, but ADP simplified everything. They took something that was like a foreign language to me and reduced it to easy tasks. We were up and running within a couple of weeks.
This will be my first-year filing taxes with this new structure, and I can already tell that I will be saving money. By paying ourselves a set salary, we can plan a little better, like contributing to our SEP IRA so we minimize our tax liability and paying quarterly taxes so we avoid penalties. With ADP, I can add all of the money I was paying toward health insurance to my W-2 so I can deduct it. There are a lot of benefits to doing it this way.
Read the full story, click the link below.