Payroll Taxes Don't Have To Be The Bane Of Your Existence

Tips to Make Payroll Taxes Simpler and Less Frustrating

If running payroll was a simple task, there wouldn't be so many products and services available to help you do it. However, payroll taxes can make paying your employees very complicated, especially if you operate in multiple states. The ramifications of not being compliant with the regulations can become quite costly, so it is worth ensuring that your payroll system is properly set up and managed by an experienced professional.

There are several pitfalls you need to avoid when it comes to payroll taxes. Follow these tips to avoid incurring expensive penalties and fines:

Pay the correct amount - Tax laws are not at all static. In fact, they can even change during the course of a year, so you need to be aware of changes that may affect your business. Payroll taxes have changed several times in the past few years, and it is likely that they will continue to do so. When the payroll tax rate changes, you need to ensure that your system is updated accordingly so that you can correctly calculate both the amount to withhold from employees and your company's payroll tax liability.
Pay on time - Depending on the size of your business, you may need to make quarterly, monthly or even weekly payroll tax payments to both federal and state authorities. Late payments come with penalties, so it is important to make timely deposits.
File on time - Your required payment schedule may be different from your filing schedule. For example, you may be required to make monthly payroll deposits, while you only need to submit forms once each quarter. You may need to file yet another form on an annual basis. It is of course critical that these forms be properly completed and submitted in a timely manner.

The best way to ensure that your payroll taxes are filed correctly and on time is to outsource them to a qualified provider. The Tax Office offers a range of payroll services to meet the needs of any business. In fact, we'll help you find the right solution for your business with a free analysis. Contact us today to learn more.