Did you know that 4 out of 10 businesses will be hit with an IRS payroll penalty that averages $845 each year? Calculating and filing your payroll taxes can be a hassle and a time consuming process. But it can also end up costing your business thousands of dollars in penalties if you don't file your payroll taxes correctly and on time with the IRS.
Do Payroll Tax Deadlines Keep You Awake at Night?
How can you make sure your payroll taxes are accurate? The answer is simple... outsource your payroll tax filing to a trusted provider. When you outsource your payroll tax filing and payments, it's the responsibility of that provider to comply with all the new tax laws and make sure that your payroll taxes are filed accurately and deposited on time.
Top 3 Reasons For Outsourcing Your Payroll Tax Filing Needs
- Missing Payroll Tax Deposit Deadlines - This is a critical sign that you may want to outsource your payroll and payroll tax filing. If your payroll taxes are more than 15 days late, the IRS will hit you with a 10% penalty.
- Payroll Tax Calculation Errors - The IRS does not waive penalties or fines because of calculation errors. When you decide to outsource this administrative task, make sure you sign up with a provider that will guarantee the accuracy of their calculations and filings so you never pay another penalty.
- Too Many Employees - As your business grows, you'll reach a point where it becomes more cost effective to outsource your payroll and payroll tax services so you can spend more time focusing on your business and your customers.
Don't Lose Your Business to Excessive Late Fees & Tax Penalties
If you submit your payroll taxes late, pay less than the required amount or do not use EFTPS (Electronic Federal Tax Payment System) when required, you may end up with a high dollar tax penalty. Payroll tax penalties can add up quickly and generate huge tax debt for your company. Whether your small business operates as a sole proprietorship, corporation or LLC, the payroll taxes you owe could cause you to lose your business if the debt gets to be too much. Safeguard your business by outsourcing your payroll tax filing to an experienced payroll provider.