Editing Establishing An LLC (section)

=== Depositing Taxes ===

One of the things you'll have to do if you have an employee is pay taxes on time. I use [https://payroll.zoho.com/ Zoho Payroll] to run payroll. It was the most affordable thing and since I already use Zoho Mail it was quite simple to do.

[[File:Form 941 on EFTPS Subcategories.png|thumb|alt=Form 941 showing subcategories unfilled|Form 941 showing subcategories unfilled. It's okay to do that. If you have an employee who is exempt from Social Security and Medicare filling this in will be tough since 0 is not an accepted value.]]


[[File:EFTPS - Form 941 First Time Submission Warning.png|thumb|alt=A screenshot of EFTPS showing the warning it displays on first time submission:  Your payment has not been scheduled yet because: (X) You are not enrolled for this tax form. If you don't want to proceed with this payment, select Abandon below. If you want to change the tax type, date, or amount for this new payment, select Edit below. If you want to continue and schedule this payment, select Continue below. If you want to cancel the original payment, click on "Cancel a Tax Payment to the left. Note: Payments cannot be canceled less than two business days before their scheduled date.|This warning shows up the first time you pay this tax. Despite what it's saying it's intended to say that you haven't previously paid this before.]]

The other thing you should do is sign up for [https://www.eftps.gov/eftps/ EFTPS] to pay taxes online to the Federal Government. This is quite straightforward, but you should do it ahead of time since they'll take a week to send you a mail with your PIN in it and your enrollment number. You'll need your EIN to get this done and the address you receive mail at.

Once you have your PIN, you can complete registration and pay your taxes. I haven't missed my date so I can't tell you what happens if you do but your payroll software will tell you everything. Just set a reminder to look at it every month and schedule what it tells you is due within the month.

EFTPS is not the most user-friendly software. It will display a warning the first time you pay for a form to make sure you're not accidentally depositing money to the government. This is probably because it's hard to get it back. You should hit Continue if you want it to go through.

[[Category:Tips]]