Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Top Three Payroll Tax Mistakes

By Suree Martin Subscribe to RSS | February 3rd 2012 | Views:
loading
 
  



Many a times, entrepreneurs fail to comply with Federal, State and Local payroll tax laws. They are so busy in making payroll accurate that they miss such an important business activity. There are three common payroll tax mistakes that lead an entrepreneur to receive IRS notices and fines.

Let's know about each mistake in detail so as to avoid it to happen with your small business. The mistakes are:

1. Late Submission: The amount is withheld from the salary every month by the employer. But, it is important for an employer to know the correct time to pay the employer contribution to the Federal and State government. If the employer makes the payments late, they should be ready to face penalties and interest rates over the amount to be paid. Therefore, it is essential to know the deadlines in advance so that you do not miss out any submission date.

2. Incorrect Payroll Tax Return Filings: The complexity of payroll taxes can be understood as it involves numerous state and federal returns that need to be filed like unemployment, withholding taxes etc. If you fail to present any relevant paper or fail to follow the right procedure, be ready to receive IRS notices.

3. Non-Payment: If you fail to pay any of the payroll taxes in any given period, it is evident to receive IRS notices and penalties. So, missing any payroll taxes can become an expensive affair for a small business. Therefore, it is mandatory to pay off the taxes as and when it is due.

The reason can be any of the above but one thing is certain in all the cases- hefty IRS penalties. Even if you are doing well in your small business, you of course do not want to waste your hard-earned money by paying extra to the IRS department.

If your core business responsibilities keep you busy all the time, it is better to take payroll tax-filing services from a payroll service provider. They will keep you up-to-date with ever changing payroll tax laws and will never miss to make necessary payroll tax submissions and return filings.

By taking payroll and payroll tax-filing solutions, you are not only making payroll accurate but are also protecting yourself from hefty tax penalties. There are various online payroll companies that provide both the services as one solution to help small businesses in making their payroll process timely and accurate.

Suree Martin - About Author:
To learn more about Payroll, visit Payroll Services.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/top-three-payroll-tax-mistakes.htm

Related Finance Articles Subscribe to RSS

Buy socks online and save time and money
Published by Maryparker on June 14th 2012 | Finance
Till date have you seen a man without wearing socks? You must have and the sight sure would have bee...
 
Meet all small tasks with ease with short period online finance
Published by Sandra Jeux on March 1st 2012 | Finance
Now don’t bother about urgent cash you need at the time of emergency, apply online with easy short...
 
What to consider when applying for a credit card online
Published by Fiona Roy on April 23rd 2012 | Finance
Discover which type of credit card is right for you....
 
Where can I get the best rate credit cards - at the bank or online?
Published by Jesse Wallace on June 6th 2012 | Finance

Applying for a credit card online can sometimes offer better rates than in high street banks....
 
Primary reasons to get a credit card processor online
Published by Neal on February 9th 2012 | Finance
There are countless advantages of having a merchant account or payment processor beside you. In this...
 
Apply for credit card online and increase your liquidity
Published by John Matthew on December 28th 2011 | Finance
Credit card is one entity that has made millionaires out of the ordinary men, but at the same time t...
 
With online research you can loan about car loan with bad credit
Published by Pamela Andersen on May 16th 2012 | Finance
The online auto financing is easy way of saving time and money as well as not compromising on the ra...
 
Need cash go online an easy way to hassle free finances
Published by Stevebavaro2011@gmail.com on March 6th 2012 | Finance
Need cash then go for online finance and avail hassle free cash at your footsteps, rate of interest ...
 
Sketching an overview of the online forex broker institutes
Published by AngeloEverton on April 22nd 2012 | Finance
Forex is the compressed form of Forex Exchange, which is commonly perused as the foreign exchange ma...
 
Apply and avail the cash required by you with easy online finance
Published by Stevebavaro2011@gmail.com on March 9th 2012 | Finance
Online finance is the proper platform of getting funds when you are empty handed. So do not think mu...
 
Reasons to acquire secured online home improvement loan charge
Published by Ian Foster on January 25th 2012 | Finance
Home improvement loan give you a sanction once the customer will be able to get right away begin wo...