Payroll Taxes: Five Common Mistakes for Businesses to Avoid

For many restaurant owners, payroll taxes come with the cost of running a company and are an unavoidable task each year. However, there are ways to make your life easier, and there are mistakes that can make the process that much harder. Let’s examine five of the most common mistakes that you can easily avoid:

Filing Payroll Taxes LateWhile it might not seem like missing the deadline for payroll taxes is that big of a deal, it will certainly save you a lot of money if you can prioritize this task. Even missing the deadline by one day can subject businesses to a fine of five percent of their tax amount, and this increases by five percent each month up to a maximum of 25 percent.  

Also, for businesses required to make federal tax deposits, missing the deposit deadline can subject them to a fine of two percent of the underpayment, and this increases to five percent after five days, ten percent after 15 days, and up to 15 percent ten days after the IRS notifies you and requests…