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September 30, 2012 | By Barry Moltz

Guest Post: 10 Things You Need to Know About Payroll Taxes

One of the biggest mistakes that a small business makes is not to use an outside payroll service. The process of doing payroll and all the tax details surrounding it, is not something that an entrepreneur should have to deal with. I made this mistake in my last business. Today’s guest post is from small business expert, Michael Alter.

“As a small business owner, you’re pulled in a thousand different directions on a daily basis. The last thing you want to worry about is payroll tax complications. Federal, state and local tax laws seem to change on a dime. You have to keep up because mistakes in this area can be costly. Here are 10 things to keep in mind:

  • Small businesses are the most likely target of increased tax compliance.
  • Payroll tax penalties can turn into huge tax debts.
  • Not filing or paying payroll taxes can be considered a federal crime.
  • Borrowing from payroll taxes is against the law.
  • The IRS can come after business owners individually for payroll taxes owed.
  • Professional representation is necessary if you are audited.
  • You can save on employment taxes by hiring certain family members.
  • Before hiring an employee, obtain a Federal Employer Identification Number (FEIN).
  • Federal I-9 forms verify legal status of employees.
  • Every new employee needs a Federal W-4 Form.

Be sure to consider these factors when choosing a payroll services provider.”

Michael Alter is President and CEO of SurePayroll. A nationally recognized spokesman on small business issues,  Michael is a contributor for Inc.com and regularly appears on Bloomberg TV and other national business programs.

 

Barry Moltz gets business owners unstuck by unlocking their long forgotten potential. With decades of entrepreneurial experience in his own business ventures, he has discovered the formula to get stuck business owners and increasing their sales. Barry has founded and run small businesses with a great deal of success and failure for more than 20 years. After successfully selling his last operating business, Barry founded an angel investor group, an angel fund, and is a former advisory member of the board of the Angel Capital Education Foundation. His first book, “You Need to Be A Little Crazy: The Truth about Starting and Growing Your Business” describes the ups and downs and emotional trials of running a business. His second book, “Bounce! Failure, Resiliency and the Confidence to Achieve Your Next Great Success”, shows what it takes to come back and develop true business confidence. His third book, “BAM! Delivering Customer Service in a Self-Service World” shows how customer service is the new marketing. His fourth book, “Small Town Rules: How Small Business and Big Brands can Profit in a Connected Economy” shows how when every customer can talk to every other customer, it’s like living in a small town: Your reputation is everything! His fifth book, “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” helps every small business owners move their company to the next level. Barry is a nationally recognized speaker on small business who has given hundreds of presentations to audiences ranging in size from 20 to 20,000. As a member of the Entrepreneurship Hall of Fame, he has appeared on many TV and radio programs such as CNBC’s The Big Idea, and MSNBC’s Your Business. He hosts his own radio show on AM560, and writes for American Express and Forbes.

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