Payroll & Sales Taxes can seem as intimidating as the undead. Have you been searching for answers to your payroll questions? Did you receive a dreaded IRS letter and are attempting to navigate how to respond? Are you stressed by attempting to send a check? We’re your connection to calmness for all things payroll and sales tax!
We help ensure:
- Your payroll taxes have the correct withholding setup
- You record the appropriate tax reporting and payments and
- You maintain the highest accounting standards to minimize risk
You can read the Missouri government payroll legalese here. However, MLP Accounting & Consulting is here to simplify your stress level and guide you and your payroll experience so it doesn’t transform into the latest rendition of Thriller.
- Do business owners have to pay payroll taxes? – Yes! Taxes are withheld from employee paychecks in Missouri. And no, the funds you withhold are not for you to spend.
- Which version of Quickbooks should I use? – The desktop version equates to Zombieland. Choose the online version of QuickBooks Office instead.
- What happens if a business doesn’t pay its payroll taxes appropriately? – Interest and additional tax penalties may be applied. Trust us. You do not want this zombie on your back.
- What’s the best sales tax tip? – We recommend setting up a separate—non-touch—bank account for your payroll taxes and sales taxes. Set aside the money collected each period within that account, so when the due date comes around, you easily have access to those protected funds.
Remember—sales tax should be collected from customers and is displayed as a line item on reports. You must recognize that this is not your money to spend. The customer pays you a single amount, but we can help you configure your Quickbooks reports to clarify which line item applies to which tax. The path to profitability is the surest defense against this year’s zombies!