If your business has employees, you are aware of your responsibility to file payroll taxes on time and accurately. These days, your business has several options on how to file those taxes. Here are the four major ways available for employers to file their employer taxes.
1. Manually produce and file tax forms. Whether you are keeping track of information in a spreadsheet style format or on paper, you have the option of taking that information and manually typing it onto tax forms. You purchase the forms, and must type your tax information onto the form with a typewriter. This option is used less and less because of newer and more convenient options. However it may be the only option for those who are unfamiliar with computers.
2. Outsource tax form generation and filing. Some companies are more confident knowing there is an outside service, many of which offer a guarantee their taxes will be filed accurately and on time. While there may be added expense associated with this method, some companies find the added expense is worthwhile because of reduced worries. To outsource your payroll taxes, you can choose to have your accountant do it or use a payroll service.
3. Print and send forms with information generated from your payroll software. This is more convenient than the manual method of producing tax forms because you pull information that has been entered into each pay run along the way. Not only do you have the information available at your fingertips, but you can populate a form within the system and print it on plain paper, saving you the time and expense of purchasing forms. Once the information is generated and placed on the electronic form within your system, you just print and send.
4. Generate and file forms electronically. This is by far the fastest and most convenient option! Information for tax forms is pulled in directly from the information entered from pay runs along the way. That information is then seamlessly placed onto the form on your computer, where forms can be saved, and can then be filed electronically via the internet. With this method, there are no stamps, forms or envelopes to be purchased. Also, filing happens instantly so there is no time delay for the mail.
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