It is that time of the year again – time to pay off all those taxes to our government. Every business needs to do this, and for small businesses it can be especially painful. Unfortunately it is something that every business has to do to stay open. Paying those taxes are an important part of keeping everything about your business legitimate and legal – so get right to it, call your accountant and have him or her start crunching those numbers.
Understanding Payroll Taxes
Just to make sure that everyone is on the same page…payroll taxes involve paying all the taxes that are withheld from your employees’ paychecks. Some of these taxes include social security and Medicare for you, the employer, and all the employees of your small business. There are also federal, state and city taxes that are owed to the government.
Paying Taxes in Cash
Many companies and small businesses pay these taxes in cash, whether it is fully or partially. Putting something like this off would not be so smart, you need to get it done right away. If you do not want to deplete your checking account or have them use your credit line paying cash might be your best option. What you can do is go to your local business lenders to get the cash you need to pay off these taxes right now and come up with a schedule that will work for you in paying back your small business loan.
Partnering with Business Credit & Capital
Great business lenders, like Business Credit & Capital, work with you so that paying back the money you received does not deplete your bank accounts and savings. No one wants it to end with your employees not getting paid as they should, and that is why others are here to help!