Payroll & Taxes Blog

When setting up payroll for your small business the first time, it’s common to feel overwhelmed and make some mistakes.

Hiring employees for your small business for the first time is an exciting process. It allows you to build a team, grow your business, and plan your business goals.

While opening a new small business is an exciting journey, payroll and taxes are undoubtedly less so. Because this is an area that many small business owners don’t initially think about when opening their new business, it’s easy to make tax mistakes.

As a small business owner, you likely spend quite a bit of time number-crunching. Sometimes, that task can get overwhelming.

On the surface, running payroll may sound like a simple task: you put in your employees’ hours and rate or weekly salary, calculate the amount for that payroll, and pay them, right?

It’s a new year, which means new tax changes.

Before you leave the decade behind, here are a few things to keep in mind as you close out your payroll for the year.

Taxes. Your favorite subject right? 

When it comes to payroll, there are a lot of high stakes in play including tax compliance, employee trust, and payroll fraud. 

As a business owner, there’s no shortage of tax forms to familiarize yourself with.

Even though the Tax Cuts and Jobs Act was rolled out more than a year ago, several of the revisions went into effect in 2019 and will affect many taxpayers 2020 returns.

Whether an employee takes another job, or you terminate their employment, there will likely come a time in your small business journey that you have to deliver a final paycheck.