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Few Effective Payroll Tax Tips for Small Businesses

If you own or manage a small business, you would have likely dealt with payroll taxes. Employers are required to make federal payroll tax payments to the IRS. They are accountable for filing the proper forms on time. 

Payroll tax rules and regulations can be complex. The consequences for noncompliance are often severe. Past due payroll taxes can cause serious problems resulting employers to lose their business, or even their freedom. 

 Payroll Tax Tips for Small Businesses
 
Here mentioned are a few tips to keep your business on the right side of the law and the IRS:-

  • You must file and pay your payroll taxes on time - Though this may seem like an obvious suggestion, it is extremely important. Small businesses are an easy target for increased tax compliance enforcement. If you owe payroll taxes or are behind on payments, you must take immediate action to remedy the situation.
  • You should avoid tax penalties and pay them promptly - There are three types of payroll penalties that you can be slapped with such as failure to file, deposit and pay. Payroll tax penalties will rise quickly, generating a huge tax debt.
  • You must never borrow from your payroll taxes - This is completely against the law. But many small and mid-sized businesses make use of the money they collect from payroll taxes, to help offset the cost of their operating expenses. If you are caught doing this, the IRS can initiate a criminal investigation against you.
  • Get professional help from an experienced CPA in Mesa, AZ - This would certainly help to ensure that your forms are filed and your taxes are paid on time. If you have entered into dealings with the IRS because of payroll tax issues, this is the time to seek professional help from Small Business Accounting Services to avoid costly and time consuming problems.

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Location: Mesa, AZ, USA

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