For any business, taking care of payroll taxes can be a pain. Yet, they – along with other business tax issues – are of course an essential aspect of running your business well and making sure that you stay on the good side of the IRS.
Are you aware of the due dates for certain payroll taxes? Here are just a few examples:
- Semi-weekly payroll deposits are due semi-weekly for large payrolls.
- Monthly payroll deposits come in at the 15th of each month, for the previous month.
- Quarterly payroll taxes at the end of the month after each quarter – this includes Form 941 and federal unemployment tax deposits if the liability exceeds $500.
- Yearly payroll taxes, including W-3, W-3, 940, and 1096 are due at various times for the previous year.
And there are plenty of other things to keep in mind, such as how payroll tax deposits must be made via EFTPS, the electronic system that is used for payments.
Did you get all of that? As most people know – including those that have even a minimal knowledge of payroll taxes – this can get very complicated. Paying careful attention to dates and details is vital to avoiding all types of fines and penalties that can arise.
At Roberts Tax Advisory, we can help you manage payroll taxes and other areas of your business where you may need assistance, such as accounting and payroll. Contact us if you are interested in letting us take care of these and other aspects of your business, as we can put an end to minor tax issues and other things that keep you away from the core areas of your company. We’d love to help!