Payroll Taxes

Payroll Taxes

Tax penalties and interest compound. The longer it is ignored the faster it grows. Tax resolution starts with a tax professional.

The most common mistake that we see with a small business is procrastination. Don’t wait until the last minute to file your business taxes. The IRS deadlines are strict. Your taxes are due either April 15th or September 15th. With an extension you can wait until October 15th.

Another common mistake is not paying your estimated taxes. Estimated taxes for individuals, sole proprietors and S Corps owing more than $1000 should be filed quarterly. The same goes for corporations owing more than $500. If you have waited too long to pay you are likely to owe the IRS and our professionals can help you resolve your balance and avoid balances in the future.

Trying to handle payroll liabilities without a Tax Professional is the equivalent of gambling. Many clients find themselves in hot water by trying to handle their payroll taxes on their own. All of your payroll is subject to Social Security and Medicare or FICA taxes. If you are self employed or a 1099 employee these taxes are called SECA, A self employed person pays the employer’s portion of Social Security and Medicare and the employee’s portion making their tax rate 12.4{56721eb14990c4d206a6031e3dd6c9a2868ad5e26c5700c257944f63c4a33c14} for Social Security and 2.9{56721eb14990c4d206a6031e3dd6c9a2868ad5e26c5700c257944f63c4a33c14} for Medicare.

Everyone knows that a self employment tax pension plans are tax deductible but many people miss deductions such as advertising costs and insurance premiums. Business owners also miss deductions on their returns. We can help you find missed deductions such as travel, consultants and even the fees paid to your Tax Professional. There are simple things that can decrease your taxes. Let us help you reduce your tax liability.