Filing Payroll Taxes Electronically is a Smart Business Move for your Small Business
Business owners can simplify their payroll process by filing payroll taxes electronically. E-filing software has several helpful features to ensure the user’s filing process is simple and accurate. E-filing software performs calculations, populates forms, and alerts filers if they are missing information which reduces the chances of receiving an IRS notice. Ultimately, e-filing payroll taxes can help save business owners time, money, and stress!
How Businesses Can F-File:
When it comes to e-filing, choosing a trusted e-filing service is the first step in the process. 123PayStubs is an IRS-authorized e-filing service small businesses can use to meet their quarterly and annual filing requirements.
Benefits of filing these forms electronically:
- It saves time.
Electronically filing makes the entire process more simple. 123PayStubs provides users with step-by-step guidance when filing their tax returns which help make filing quick and easy.
- It’s secure and accurate.
Filing online ensure that, as long as the information you input is accurate, the forms sent to the IRS will be accurate. When filing with 123PayStubs, users can take advantage of the built-in audit feature. The audit feature will review your return for any IRS instruction errors and allows you to fix the errors immediately.
- Filing Status Updates
When you e-file, you will receive, in near real-time, acknowledgments on your returns filing status. When filing with 123PayStubs, we will send you frequent updates regarding the status of your tax return. When you paper file, you do not have the advantage of knowing when your return has been processed or even transmitted to the IRS.
Here are some of the forms employers can e-file:
Quarterly Payroll Taxes
- Form 940, Employer’s Annual Federal Unemployment Tax Return.
Employers use this form to report the annual Federal Unemployment Tax Act tax. - Form 941, Employer’s Quarterly Federal Tax Return. Employers use this form to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. They also use it to pay their portion of Social Security or Medicare tax.
Annual Filing Requirements
- Form 1099-NEC is a form used by businesses to report payments made to independent contractors.
- Form 1099-MISC is a form used to report certain types of miscellaneous compensation, such as rents, prizes, awards, healthcare payments, etc.
- Form W-2 is a wage tax form used to report wages paid to employees and the taxes (social security, income, and Medicare tax) withheld from the employees to the Social Security Administration.
123PayStubs
123PayStubs supports e-filing for all of the above-mentioned forms. When e-filing with 123PayStubs, you can take advantage of the automatic tax calculations, built-in audit feature, filing status updates, and helpful customer support team. Sign-up for a free 123PayStubs account now to get started!
