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Saturday, February 11, 2017

Small Business Payroll Questions to Consider


  

Payroll is an area that is often confusing for many business owners. Often, this confusion leads to problems with the IRS, resulting in various penalties and interest charges.

 

That's why all business owners need to consider a number of important issues regarding payroll such as:

 

1-Who is considered an employee and who is considered an independent contractor?

 

2-Should I do my own payroll or outsource it to a third party?

 

3-As the owner of the business, what is my employment status and how do I pay myself?

 

4-What are the consequences of hiring a spouse or children?

 

5-What fringe benefits can I offer my employees?

 

6-What federal and state payroll tax returns need to be filed and when are their due dates.

 

7-What are the rules to make federal payroll tax deposits with the IRS.

 

8-What safeguards and procedures should I follow if I outsource payroll to a third party?

 

9-What flexibility do I have regarding payroll in general?

 

10-What paperwork do I need to obtain when hiring employees.

 

11-What payroll records do I need to keep and for how long.

 

IRS Publications 15, 15-A, and 15-B cover federal payroll issues and are free by calling the IRS at

1-800-829-3676.

 

When it comes to payroll, you want to be sure everything is property done, on time, every time.

 

Remember, payroll not only impacts your business and taxes, it also impacts your employee’s taxes as well.

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor


 

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