Payroll Taxes and Your Business

Many small businesses fall behind
in paying taxes at some
point during their existence.

Payroll taxes are all taxes that are collected, by federal, state, and local governments, based on salaries and wages paid to employees. These taxes must be withheld from wages by all businesses that have employees. These taxes are remitted on a monthly or semi-weekly basis, depending on the quantity owed. Businesses are also required to make regularly scheduled reports to the Internal Revenue Service (IRS) and to state and local taxing agencies about the amount of taxes owed and paid. Businesses are not required to withhold payroll taxes on wages paid to independent contractors. Self-employed persons are responsible for paying their own payroll or income taxes directly to the appropriate taxing entity.

Many small businesses fall behind in paying these taxes or filing the associated reports at some time during their existence. Such an error is, however, very costly because significant interest and penalties apply for late payment or nonpayment of payroll taxes. In fact, the Trust Fund Recovery Penalty allows the IRS to hold a small business owner or accountant personally liable for 100 percent of the amount owed, even in cases where the business has gone bankrupt.

READ MORE from Inc.com
Inc.com
Business Taxes 
Tax Withholding 
Electronic Tax Filing
Tax Preparation Software

Purchasing QuickBooks
products through
GBC, will qualify for an
significant discount.

GBC Offers Quickbooks Support

We offer QuickBooks support and consulting at various levels for clients who want to use QuickBooks. We start by assisting clients in determining the QuickBooks edition that serves their financial recordkeeping and operations best.

Purchasing QuickBooks through GBC Services, clients can realize discounts of up to 50%.

READ MORE AT GBC

Jobs Plan Includes Tax Breaks for Small Firms

Tax breaks account for $253 billion
of the president's package.

President Barack Obama outlined a $447 billion jobs plan Thursday night that would reduce payroll taxes for workers and small businesses.

The plan also would eliminate payroll taxes for businesses that hire additional employees or increase wages for current workers. The president also wants to give a $4,000 tax credit to businesses that hire workers who have been unemployed for six months or more.

 The plan, delivered to a joint session of Congress, also calls for extending into 2012 a current tax break that allows small businesses to immediately write off 100 percent of their investments in new equipment. The president also wants to give a tax break to businesses that hire unemployed veterans.

READ MORE: Obama's Job Plan Includes Tax breaks for Small Firms

GBC Services can help you
organize tax information
including federal and state tax.

GBC Services in Atlanta Georgia can supply you with online payroll processing and help you organize tax information including the filing of tax returns, both state and federal.

Our expansive payroll services also include new hire and workers compensation reporting, customized payroll reports and time sheet submission via phone, fax or email. GBC Services in Atlanta can also set up a time clock interface as well as direct deposit to help you keep track of employee itineraries and payment. READ MORE: GBC Payroll Services