Comments on: Risk of IRS Penalty When Doing Payroll In-House.

By: bruce

bruce — Fri, 04 Dec 2009 10:34:41 +0000

Everybody has the same 24 hours a day, if you are trying to grow a business, every hour you, or your employee, is not able to do more productive, growth oriented, profitable activities, is an hour lost from your life. Doing payroll adds absolutely nothing to increase the value of your business in the eyes of your customer. Your customers could not care less whether you do your own payroll or not. Your time is better spent growing the business, not being the company clerk. Paying an employee anyway? They could be calling customers to do a survey, they could be collecting receivables, there is something more productive they could be doing. For around $45 for 5 employees, and absolutely everything is handled, it makes a lot of sense to get rid of this non-profit chore.

By: bruce

bruce — Fri, 04 Dec 2009 10:11:53 +0000

OK, the message is small business should seriously think about outsourcing their payroll to a payroll service, one, because it’s not terribly expensive when you consider all the actual costs of doing it yourself. There are tax tables to buy every year, you have to upgrade the software (like QuickBooks) every 3 years in order to get the tax table, checks, the time it takes to do payroll and quarterlies. But another reason is the fact that it said that according to the IRS, 25% of the DIY businesses would incur a penalty averaging $670. And their advise was it is smart to transfer the risk because any reputable payroll service will stand tall if they screw up, if you screw up, that’s your baby.

By: shadow2005

shadow2005 — Fri, 04 Dec 2009 05:32:55 +0000

Dear Author 10minpay.com !
Paraphrase please the message