STPS

Should a Payroll Service Submit My Taxes?

Having a payroll company do your taxes is getting more and more common. Doing taxes in-house has its benefits but it also has a lot of drawbacks. In this article we are going to make sure you know everything about payroll taxes and the advantages of having your payroll company submit them for you.

What Tax is Payroll Tax:

There are taxes quarterly business owners are responsible to calculate and complete. The 941 form must be submitted to the IRS and potentially states, along with the proper amount of withheld taxes.

 

At the end of the year, the business owner needs to submit a year-end payroll tax statement, the 940, 941, W-2 and W-3 forms. It that verifies each of the quarterly figures and calculates the amount of remaining taxes that are due.

 

Businesses must also submit a yearly tax income return. Submitting both quarterly taxes and yearly taxes is a lot of work and not many people want to deal with it, and they shouldn’t.  If you need recommendations for year-end taxes we have a list of people that know trucking here.

Advantages of a payroll service submitting your taxes:

They are done by someone that does taxes for a living.

You avoid tax penalties.

It saves time and lets you focus on doing other tasks within your business.

A payroll provider will ensure that you stay up-to-date with the latest regulations for federal, state, and local taxes.

Disadvantages of a payroll service submitting your taxes:

Business owners are not in control. Some people don’t like to give up control. That shouldn’t stop those people though. Business owners can and should log into the varies website used to pay their taxes and insure the taxes are getting paid.

You need to take a moment to give any new information to the payroll service.

Bottom Line:

I would highly recommend having a payroll service submit your payroll taxes. The advantages outweigh the disadvantages.

Written by Tessa Braybrook

Tessa joined Superior Trucking Payroll Service in September 2022. She loves to write and make videos which made her a great asset to the team in her marketing position. 

Before working at Superior Trucking Payroll Service she worked in IT at GVSU which gave her the skills to problem-solve with customers over the phone. 

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