Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Employment Taxes - Depositing With The IRS


If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.

Depositing Employment Taxes

To pay employment taxes, you must deposit the money with the IRS. As is typical with tax situations, the payments are not actually made to the IRS. Instead, you must deposit the employment taxes with a federal depository. Moving the burden to the private sector, the IRS requires most banks to act as depositories. If your business has just started hiring employees, ask you bank if they act as a depository. If they do not, you may want to change banks.

To deposit the taxes, you forward money per the bank specifications. You will also need to file a Federal Tax Deposit Coupon, Form 8109, with the deposit. The IRS typically sends these forms to you at the beginning of each calendar year. If you don't receive any, you can download the form from the IRS site or ask your tax professional.

When To Deposit

You must deposit employment taxes either once or twice a month. The IRS will send you a schedule at the end of each year for the subsequent year. As a general rule, you want to file within a few days of each pay period.

Failure To Deposit

Collecting employment taxes is a high priority of the IRS. Since the taxes include money deducted from an employee's paycheck, the IRS views an employer's non-payment as a form of theft. If you fail to pay, you can expect the IRS to come down hard on your business and, potentially, shut it down. In short, make absolutely sure you deposit the employment taxes.

In Closing

There is no other way to put it - paying employment taxes is a pain. Just make sure you pay them to avoid the wrath of the IRS.

Richard Chapo is with http://www.businesstaxrecovery.com - recovering overpaid taxes for small businesses. Visit our article page - http://www.businesstaxrecovery.com/articles - to read more tax articles.


MORE RESOURCES:

Taxes - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Legislator: Delay paying property taxes - Peninsula Daily News


Peninsula Daily News

Legislator: Delay paying property taxes
Peninsula Daily News
It was voted Wednesday night out of the Senate Ways and Means Committee by a party-line vote of 14-10 and sent Thursday to the Rules Committee, prompting Van De Wege to send out a news release late Thursday morning suggesting that Republicans forced ...

and more »

Fed up with skyrocketing property taxes? Don't pay bill in full, say some state lawmakers - KOMO News


KOMO News

Fed up with skyrocketing property taxes? Don't pay bill in full, say some state lawmakers
KOMO News
SEATTLE - It's a plan you might never think would be endorsed by state lawmakers: don't pay your entire property tax bill in full, at least for now. Sen. Mark Mullet (D-Issaquah) and Sen. Dean Takko (D-Longview) say they have a plan to reduce ...

SC tax reform plan would increase cost of groceries, but cut sales taxes - The State


The State

SC tax reform plan would increase cost of groceries, but cut sales taxes
The State
An S.C. House panel unveiled a proposal Thursday to increase the taxes on groceries and power bills in the Palmetto State. But that panel also proposes cutting other taxes as part of a tax-reform package that House Speaker Jay Lucas says will make the ...

An old tax scam — with a troubling new twist - Washington Post


Washington Post

An old tax scam — with a troubling new twist
Washington Post
But because many more people have become aware of the telephone tax-payment trick and learned to ignore the threats, the schemers had to evolve. And the latest twist on this swindle is just pure evil. [Don't be fooled by fake IRS calls or emails]. The ...
Get your tax refund before you file? Here's why it's happening Detroit Free Press

all 58 news articles »

How will tax reform affect my refund next year? - AOL


AOL

How will tax reform affect my refund next year?
AOL
We know that you work hard for your money and often a tax refund may be the biggest check you get all year, so we're here to let you know how the new tax reform legislation may affect your tax refund next year. The new tax law is the largest piece of ...
Keep an eye on your tax planning even as bigger paychecks come your way Detroit Free Press

all 9 news articles »

Commerce Secretary Wilbur Ross, who called raising gas taxes a 'horrible idea,' says Trump is considering a hike - CNBC


CNBC

Commerce Secretary Wilbur Ross, who called raising gas taxes a 'horrible idea,' says Trump is considering a hike
CNBC
U.S. Commerce Secretary Wilbur Ross on Thursday confirmed that President Donald Trump is open to raising federal fuel taxes, saying it's logical to charge drivers for road improvements. Three years ago, Ross denounced calls to raise the gas tax, saying ...

and more »

Tech giants face new UK tax clampdown - BBC News


BBC News

Tech giants face new UK tax clampdown
BBC News
Some of the world's largest technology firms are facing hefty new bills as the UK government moves to fundamentally change the way they are taxed. Google and Facebook are braced for significant changes in the tax system after the Treasury told the BBC ...
Facebook and Google could soon have much higher taxes in the UK, report says CNBC
Tech giants face UK tax overhaul as Treasury says they must pay more Telegraph.co.uk

all 14 news articles »

5 Ways to Avoid Paying Taxes on Your Social Security Benefits - Yahoo Finance


5 Ways to Avoid Paying Taxes on Your Social Security Benefits
Yahoo Finance
If you file an individual return and your combined income is between $25,000 and $34,000, you may owe income tax on up to 50 percent of benefits. Earn more than that, and up to 85 percent of your benefits could be subject to taxes. For those filing a ...

and more »

How the standard tax deduction could cost you - USA TODAY


USA TODAY

How the standard tax deduction could cost you
USA TODAY
“I have my people do a quick little check that says, 'OK, how much did you pay in state income tax on your W-2s, how much have you paid for real estate tax and how much have you paid for mortgage interest?' If those are getting you close to that $12 ...

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links