Payroll & Taxes Blog

As a small business owner, processing payroll is just one item on your to-do list, but ever-changing regulations and tax code updates can make it the most time-consuming task in a given week. These tax updates occur at the federal, state, and local levels, and depending on where your business is based and where your employees live, some small businesses have it tougher than others. We’re starting this monthly series to focus on state-specific tax considerations, to help you keep up with what’s changing around you.

With tax season over, you probably don’t want to be thinking about anything to do with taxes for the rest of the year. 

Most of you probably read this blog and think “I could really use more payroll tax content.” We kid.

All business owners must withhold payroll taxes. It’s just a fact. You’re legally obligated to do it, so payroll taxes are something you really can’t afford to hide under the filing cabinet, risking fines and penalties.

You probably don’t expect to see the word “flexible” used to describe payroll options, because there’s nothing flexible about pay dates or tax filing requirements – those deadlines are firm.  

As a small business owner, you probably already know that flexibility is key: you’re wearing many hats, juggling several competing priorities, and never know exactly what turn your day might take. 

Small businesses take many forms—some operate out of the owner’s living room, some out of an office or retail store, some are on the road. Working outside the state in which you live can add a layer of complexity to tax filings and payroll calculations.

Payday: it’s a day that pretty much everyone looks forward to. But when exactly pay day occurs varies from business to business. As a small business owner, do you know which payroll frequency/schedule your business should be using? With weekly, bi-weekly, semi-monthly and monthly options you may be confused about which schedule to use. It’s important to know that, in some cases, the choice is made for you based on the state in which you live. 

Mistakes happen. One area of your small business you definitely don’t want to see a mistake? Payroll. 

Taxes: always a tricky subject. And just when you think you’ve got it figured out for your personal and small business filings, well, they go and change everything on you. As you more than likely know, at the end of 2017, new federal tax legislation was signed into law. In addition to changing the tax brackets, it included significant changes to standard deduction allowances.

The good news: you can switch payroll providers, or start processing payroll with a provider, at any time throughout the year.

As many in impacted areas across Florida, Georgia, Puerto Rico, the U.S. Virgin Islands, and parts of Texas focus on rebuilding after widespread damage from Hurricanes Harvey, Irma, and Maria, the prospect of their 2016 tax-filing extension running out on October 16, 2017 is an added cause of stress.