How well do you keep up on regulations that affect small businesses? Are you aware of the changes that have been made regarding 2014 payroll taxes? Maybe you enjoy reading tax regulations in your spare time. Maybe you can’t wait to see the latest income tax withholding tables. Or maybe not.
You may not be excited to read the updated regulations from the IRS, but as a small business owner, you know that changes to these regulations can affect you in very real ways. If you aren’t paying attention to these changes, you may make mistakes that impact your employees and their withholdings as well as incur penalties for your business.
If you are in charge of payroll for your business, it is a necessity that you know about any relevant changes which the IRS has made for 2014. Some changes include issuing new income tax withholding tables for wages paid based on the American Taxpayer Relief of 2012 and increasing the 2014 taxable wage limit for Social Security Tax. In addition, payroll computations are also impacted by the fact that taxable wage limits were re-set to $0 in January. For a complete description of the changes made, visit the IRS website.
If your eyes glazed over a bit as you read the above paragraph, you might want to consider outsourcing your payroll services to The Payroll Department, located in Brownsburg, IN. While you may not have the desire or the time to study these regulations and ensure that your business is compliant, The Payroll Department makes it their business to do just that. Payroll providers like The Payroll Department understand that the demands on small business owners leave little time to think about the details of payroll administration. They also understand the importance of helping your business follow all regulations and avoid any penalties.
Now that the first quarter of 2014 has ended, it is the perfect time to make sure that your business is in compliance with current IRS regulations. Call Teresa Ray, owner of The Payroll Department, at (317) 852-2568 to see if outsourcing your payroll operation makes sense for your business. You may find that this change can save you time and money and give you peace of mind, knowing that they are keeping an eye on any changes in regulations. And instead of reading IRS guidance documents, you might be able to read something you would actually enjoy!
Jessica of The Payroll Department Blog Team