5 Steps To Mastering Payroll As A New Small Business Owner
If you are in the process of starting a small business, it is essential that you learn how to do payroll correctly for all of your employees. Here are five different ways you can learn more about administering payroll as a small business owner.
#1 Work With The IRS
The first place you should look for assistance with payroll is the IRS. The IRS knows that tax codes can be confusing, and tries to provide resources to assist individuals and businesses with resources to comply with all applicable tax laws. The IRS has an entire section on their website dedicated to explaining employment taxes. The IRS also provides you with a quick list of employment tax records that you should keep.
#2 Find & Consult With An Accountant
Next, you need to find an accountant to work with. An accountant can either do all of your payroll tax filings for you, or they can help you set up your own accounting program so that you can do your payroll tax filings on your own.
An accountant can explain how the to make payroll tax deposits and can help you file your payroll tax returns at the end of the tax year.
#3 Look Into State Resources
You are also going to need to make sure that you follow your state's tax laws. Check out your state's website and see what information they provide to help you with your taxes. You can also use the search engine on the U.S. Small Business Administration website to find centers in your state that are dedicated to helping small businesses out with matters such as complying with state tax law and other assistance.
#4 Take a Class
If you learn more effectively in a classroom setting, you can learn about how to effectively administer payroll by signing up for a class through the American Payroll Association (APA). They offer classes targeted towards training small business owners on payroll tax matters both online and locally.
#5 Find A Business Mentor
Finally, see if you can find a local business mentor who can help master payroll taxes and help guide and assist you with other small business matters.
It is ultimately your responsibility to set up your payroll and pay all the appropriate taxes. If you fail to set up this part of your business correctly, the consequences could hurt your entire business and compromise your ability to succeed. Contact a business, such as Broutman & Co., P.C., for more information about finances and payroll.