Tax Filing, Deductions, Credits & Changes: Tax Compliance Considerations for Small Business Owners - Mission to Grow - Episode #91

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

No business wants to deal with an audit from the IRS, and properly understanding how to be tax compliant is the best way to keep your business running smoothly. Here to help you stay compliant is Sr. Director of Tax Operations at Asure, Janel Weinke!

Janel and Host Mike Vannoy chat about all things compliance and credits. Janel shares the nuances that different municipalities can have for filing, the differences between filing quarterly and yearly, and how to handle an abatement.

Takeaways:

• While there are a lot of nuances to understand about payroll taxes, the most important thing to keep in mind is to pay and file on time. None of the other nuances matter if you don’t file on time.
• For most districts, there are two potential time frames you need to file along, quarterly or yearly. For a business that has over $1500 in payroll liabilities, you need to file quarterly, under that amount and you can file yearly.
• Even if you have no liabilities to file for a given quarter, it’s important to file regardless to avoid penalties. The IRS may fine you and put a levy on your business for not paying taxes.
• While you always want to avoid paying late if possible, all entities are provided a one time abatement by the IRS. While the IRS may not always accept the abatement, it’s crucial to work with the agency to avoid any further penalties.
• As an employer, you need to understand that the taxes you pay are based around where your employees work, not just where the business is located. There are often different deductions depending on state and even county.
• Employee level details may not be required where you file, but keeping a well tracked payroll system can be an important record. If you face an audit, having detailed records saves time and better protects yourself.
• Tax credits can offer a great way for employers to better benefit their employees. The Secure Act 2.0 helps small businesses implement 401k plans for employees by covering implementation fees and even matching employee contributions for a few years.

Quote of the Show:

• “You're never gonna get penalized for remitting early.” - Janel Weinke

Links:

• LinkedIn: https://www.linkedin.com/in/janel-weinke-3113b028/
• Company Website: https://www.asuresoftware.com/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
• Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
• Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
• Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
• Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006