As a business owner or manager there are two things that create particular stress points in connection with room for error, financial loss, and legal liability: payroll and taxes.
Did you know payments to part-time, full-time, or contract workers are deductible, but that if you use taxes withheld from employees to fund your operations, you are personally liable for paying back the IRS with possible added penalties?
Common Payroll Mistakes:
Setting up your payroll incorrectly
Falling behind on tax payments and filings
Even the most savvy entrepreneurs sometimes have a difficult time keeping up with payroll taxes. According to howstuffworks.com, payroll taxes can create trouble, because “Complicated tax forms must be filled out and filed on an annual, quarterly, sometimes even weekly basis. Missed deadlines and improper tax filings can result in steep fines and even jail time.” A business owner managing payroll can be a huge time waster. That’s bad for the owner and bad for the company. Sitting in the office ...
As a business owner, you know there’s more to payroll processing than just signing a paycheck every week. That’s why so many companies turn to us to help with this important aspect of their business. If you think not filing your 941s or filing them late is an option, think again. Penalties can be staggering. In fact, there have been continued initiatives in the U.S. Senate to investigate tax penalties for small business. You don’t want to have problems with the ...