Changes to the montly 941 Reporting and Taxes deposits.

[Leehound]

So I get this nice letter from the IRS stating we were notified last November than any taxes are now due Bi-weekly verse Monthly as we have done for years. I get paid one a month to help lessen the Payroll expense of being paid Bi weekly. It works out to 12 pay checks a years, but have lived this way for years so not been a problem. Now I have to pay our accountant twice what I was paying them to run Bi-Weekly Payroll. I was reading this wonderful letter and if your company has Payroll taxes exceeding $100k they are due the next day. There is no grace period and failure to pay the next day can result in a much as a10% penalty for not doing so. I also read they must be done electronically and failure to do so can also result in a 10% penalty of the taxes do if mailed in by check.

Here is the light reading of this wonderful stuff business are running into coming into 2021.    

https://www.irs.gov/pub/irs-pdf/n931.pdf">https://www.irs.gov/pub/irs-pdf/n931.pdf

It takes me about 15 minutes to make my 941 deposit every month and another 15 minutes for a quarterly report. So I would never use an accountant for something that I can easily do myself. I spend about $150.00 a year on software that keeps track of my payroll. I only pay for professional help at the end of the year for my taxes. If your a small business, you should be doing your own accounting. My 2 cents

For $90 a month to do it all and be accountable for anything on that side of the equation. I am totally good with that. They throw in the Business taxes as part of that $90 a month charge. One less thing for me to worry about and deal with. California makes it no fun to have a business where as where you are i can imagine things are much easier .

90 Bucks a month is not bad. I just like having control on what is happening with my money and being my own accountant gives me that. And thank god I live in TN. A yearly franchise excise tax and a property tax on my equipment is all TN asks of me. I may not earn what you California boys do, but I guarantee that I keep a much bigger percentage of my gross. A big equalizer!

[crazy^millman]

It takes me about 15 minutes to make my 941 deposit every month and another 15 minutes for a quarterly report. So I would never use an accountant for something that I can easily do myself. I spend about $150.00 a year on software that keeps track of my payroll. I only pay for professional help at the end of the year for my taxes. If your a small business, you should be doing your own accounting. My 2 cents

For $90 a month to do it all and be accountable for anything on that side of the equation. I am totally good with that. They throw in the Business taxes as part of that $90 a month charge. One less thing for me to worry about and deal with. California makes it no fun to have a business where as where you are i can imagine things are much easier .

Well they don't control the money or even have access to it I control that part of it. They must do a ACH every month for Payroll and they send me what needs to be paid in Taxes for each Taxe Period and I okay all payments. They tried making me pay the estimated taxes last year and I told them no lets see how 2020 shapes up and good thing I did. All they do is run the company Payroll and take care of the State and Federal Taxes. I do all the QuickBooks myself from the Quoting, Invoicing and Reconcile. I just got everything button up for 2020 and the company only loss $1400 for the year. This year I have 800 hours of loss not getting paid for that carried over from last year for I am putting against anything I might make for profits this year. Looks like a another year the company looses money, but still able to keep a roof over our head and the bills paid.  

[Surface]

A yearly franchise excise tax and a property tax on my equipment is all TN asks of me.

I don't claim to know about taxes in TN, however in Taxachusetts, corporations are exempt from 'personal property taxes'.

When my shop operated as 'Sole proprietorship', I was assessed on the value of my assets i.e. machines, equipment and any non-perishable items. When the business incorporated, that tax went away.

[TylerBeer]

What the vast majority of people don't realize is that a deduction doesn't produce a 1:1 benefit. A $100 deduction doesn't mean you're going to get refunded $100 more. It doesn't even knock $100 off the actual amount you owe. It only knocks off $100 from the gross income. It's probably $100 spent for a 1$ benefit. I haven't done the math in a while but it's not what as generous as "rich guys are evil" crowd thinks it is.

yep but if you're operating on numbers that this accounting expense is a big deal, then writing it off on your gross will be as well