How to Simplify Payroll Taxes in Your Small Business

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Many small business owners still manually process their payroll taxes, but this method can take up valuable time that could be better spent in other areas of their organization. Furthermore, processing payroll the “old-fashioned” way can lead to more mistakes and potential fines for submitting incorrect information.

How to Simplify Payroll Taxes in Your Small Business

If you want an easier way to do payroll this year, you have a few options to choose from:

  1. Hire an accountant. Hiring a CPA (certified public accountant) is the best way to ensure that you pay the correct amount and avoid any fines for filing late. A CPA will give your business their full attention and make sure that nothing is missing from your tax documents.
  2. Use payroll software. There are all kinds of online services and payroll software systems that help small business owners automate their payroll. The cost of each software can vary depending on the size of your business, how much you’ve earned, and several other factors. However, there’s still a chance that software may not be entirely accurate when it comes to your company’s specific tax requirements.
  3. Work with a third-party tax preparation service. Nationally recognized tax preparation services, such as H&R Block, are designed to help you process your taxes online. This might seem like a good choice for business owners on a budget, but it’s important to note that going with a tax preparation service won’t give you the same individualized attention you’d get from a CPA.

If your business is behind on taxes, has a more complex organizational structure, or you’re missing important information you need to process payroll taxes, it’s in your best interest to hire an accountant. Connect with our team today to get started!