Kevin meets with at least fifty new business owners each year. He tries really hard not to get up on a soapbox about his personal opinions; however, there is one story he tells nearly every single client who is about to open their own business.
Several years ago, we had a client who was struggling to keep his small business afloat. This client mishandled payroll taxes meant for the IRS in an effort to save his business. He eventually got far enough behind on payroll taxes that the IRS forced him out of business anyway. What is the moral of the story? If you fail to pay payroll taxes and/or file returns in a timely manner, you could run into serious problems with the IRS and the state that will not go away.
So, if you are an LLC or S-Corporation*, we strongly recommend that you hire a payroll professional (even if it’s not us,) to process your payroll, because a mistake can be costly. For $59 per payroll period (you can visit our website for updated fees,) we will process direct deposits, payroll taxes, quarterly tax returns to the state and the IRS, as well as W2s and other year-end tax returns for up to 5 payees. Visit our website for more information. Setup fees apply.
If you would like to discuss starting payroll, please give us a call at (813) 514-8273 to schedule an appointment.
* If you are an LLC that is not yet considered an S-Corp in the eyes of the IRS, contact us to make that change for you.