Properly handling your business’s payroll is important for handling your taxes, properly paying employees, and avoiding penalties. Payroll and payroll tax laws are constantly changing, so it may be helpful for your business to have a Saint Louis accountant handle your payroll services.

  1. Proper record keeping: Keeping proper employee records can help you avoid payroll issues. Be sure to have all employee information as required by law, and make sure employees are properly categorized, whether it be full time, part time, or contractor.

     

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  2. Data Security: Keeping your files secure reduces the risk of data breaches which can cost you fines, lawsuits, and other penalties. Keeping your office secure and your digital records secured will help avoid any issues.

     

  3. Filing Deadlines: Missed deadlines for payroll taxes can easily result in fines and penalties for a small business. Outsourcing your business payroll to STL Tax can assist in meeting any deadline or filing requirement

     

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  4. Budget for taxes: Set your budget to include wages that must be paid, and payroll taxes that also must be paid to the federal and state governments.

     

  5. Health Care: To comply with the Patient Affordability Act, beginning in 2014, if your business has more than 50 employees, you will be required to provide health insurance. You do not need to pay the health insurance premiums, but there must be a plan in place in which your employees may choose to participate.