The fall season is a busy time: making quarterly filings and payments; verifying employee, wage, and benefit information; processing tax returns. These are just some of the many deadlines coming for a small business owner. Be sure that you have everything you need to get all of your payroll information filed correctly and on time. Here are the upcoming deadlines for payroll tax filings:
Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2007. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 12 to file the return.
Federal Unemployment Tax. Deposit the tax owed through September if more than $500.
There also may be state payroll taxes due for the quarter. Be sure to check with your state.
If this seems like a lot to do, there are ways to make filing easier. By using technology and e-filing most of these tasks can be track and completed with little hassle. Check with your tax advisor for more information on how you can make payroll filings easier.
Keeping Your Business N Synergy