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Taxes Information |
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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: 'The Untouchables': How Columbia and N.Y.U. Benefit From Huge Tax Breaks The New York Times Spain charges pop singer Shakira with tax evasion for a second time and demands more than $7 million The Associated Press Port St. Lucie lowers millage rate amid complaints over rising property taxes WPTV News Channel 5 West Palm Intuit Pushing Claim That Free Tax-Filing Program Would Harm Black Taxpayers — ProPublica ProPublica Hunter Biden in GOP's crosshairs again as tax panel sets vote on disclosing more confidential info POLITICO Two Promoters Charged in Alleged Nationwide Illegal Abusive-Trust ... Department of Justice South Texas county orders deleted delinquent taxes reinstated and paid, including sheriff’s Border Report Roofing company loses court fight over unpaid employment taxes Iowa Capital Dispatch Spain charges pop singer Shakira with tax evasion for a second time and demands more than $7 million ABC News Analysis | There's an Obvious Way Rishi Sunak Can Fix Inheritance ... The Washington Post This Is How Super-Healthy Americans Plan Their Taxes Yahoo Finance Ohio lawmakers take aim at growing property taxes The Highland County Press Efforts to eliminate grocery tax stall despite bipartisan support Muskogee Daily Phoenix How do Roth IRA taxes work? USA TODAY 13-Minute Gulfport Council Meeting on Taxes and Budgets The Gabber Newspaper Columbus Township parcel fetches $103K at tax sale timesobserver.com Taxes and a new school Boothbay Register Deadline for Pittsburgh Mills Mall owners to pay millions in taxes, avoid sheriff’s sale looms WPXI Pittsburgh City Council approves tax increase in Naples for 2024, despite ... Naples Daily News Win for Taxpayers in Transition Tax Case Would Cast 'Cloud of ... - Thomson Reuters Tax & Accounting Win for Taxpayers in Transition Tax Case Would Cast 'Cloud of ... Thomson Reuters Tax & Accounting Watch Out New York – New Jersey Wants Its Taxes Too! - Employee ... Mondaq News Alerts City taxes projected to drop (a smidge) for Mankato homeowners Mankato Free Press East Cleveland development project triggers excitement and ... News 5 Cleveland WEWS Get ready for tax year 2023 now TheStreet Board Prepares To Set Property Taxes | Webster Kirkwood Times ... Webster-Kirkwood Times, Inc. Will You Owe Taxes When You Sell Your Home? Morningstar Fulton board to consider tax breaks for data center, housing projects The Atlanta Journal Constitution Your Property Taxes With Cook County Treasurer Maria Pappas Village Free Press | Pilot program to help out long term residents with property tax ... WRTV Indianapolis FTC Warns Tax Preparation Companies About Misuse of Consumer ... Federal Trade Commission News Grocery sales tax break is missing some consumers – Tennessee ... Tennessee Lookout 38 States That Don't Tax Social Security Benefits The Motley Fool Man buys 58 properties in Luzerne County delinquent tax auction The Times Leader Countries Can Tap Tax Potential to Finance Development Goals International Monetary Fund 2023 Senior Tax Freeze application deadline fast approaching ... Philadelphia Water Department Median Household Income After Taxes Fell 8.8% in 2022 U.S. Census Bureau St. Pete Beach Discusses Loud Music, Budgets, and City Manager The Gabber Newspaper Two Tax Shelter Promoters Found Guilty in Billion-Dollar Syndicated ... Department of Justice How AI will impact the tax profession Thomson Reuters Tax & Accounting Gloucester County residents to vote on proposed tax increase bond referendum 13newsnow.com WVEC A guide to: Sales and use tax returns efficiency Wolters Kluwer QCDs: A Tax Break Worth the Hassles - WSJ The Wall Street Journal California Democrats misfired by taxing guns and ammo Los Angeles Times California Companies Defer Billions in Taxes, Interest-Free, as ... The Wall Street Journal Property tax bills arrive next month. Here is what's new Fort Worth Report Virginia sports betting tax revenue doubles year over year 13newsnow.com WVEC Tax Take: A Roller Coaster Week Ahead - Tax Authorities - United ... Mondaq News Alerts Language in bid to exempt feminine hygiene products from ... Northwest Arkansas Democrat-Gazette El Dorado County Couple Sentenced for Tax Fraud Department of Justice Northwest Arkansas sales tax revenue rises 5.68% in September ... talkbusiness.net Hinds Tax Collector's Office to reopen Tuesday WAPT Jackson Trump advisers plot aggressive new tax cuts for second White ... The Washington Post |
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