Federal Tax, Tax

Business Owners Can Electronically File Payroll Tax Returns

The IRS is reminding business owners of the option to electronically file their payroll tax returns and make tax payments. Also known as employment taxes, payroll taxes include federal (and possibly state) income tax withheld from employee wages, as well as the employer and employee portions of Social Security and Medicare taxes. Taxpayers can file payroll tax returns through the mail using a paper return or electronically. However, paper filers miss out on the advantages of electronic filing. For example, the IRS acknowledges receipt of an electronically filed return within 24 hours. That doesn’t happen with paper filing. Contact us for more information regarding your payroll taxes. © 2022