If you currently own or have owned a business with employees and owe 941 or Employee Withholding Tax then you need to resolve your tax issue immediately! The IRS is most aggressive when it comes to these types of taxes. If payroll taxes are not paid, you are putting your income, assets, and business reputation at risk.

If these taxes (Payroll Tax 940/941) are neglected long enough, the business may be forced to close, and all assets can be seized to satisfy the debt. Regardless of whether the business is closed; you must make arrangements to pay the taxes. The IRS will not be deterred and by not paying or making arrangements your personal finances are at risk.

How are Payroll Taxes different from Income Taxes

Payroll taxes are taxes on salaries and wages of employees. It is a shared tax between employer and employee. The revenue generated form these taxes goes toward social security and Medicare programs. This differs from income tax which is comprised of federal, state, and local income taxes. Almost every employee pays federal income tax and, in most states, there is an additional state income tax.

Who qualifies for the Payroll Tax Relief

All employers including self-employed workers qualify for the payroll tax deferral. The amount will depend on your tax status. For small businesses, payroll taxes be entirely deferred while self-employed workers can defer 50% of their Social Security Tax calculated from their net earnings.

Get Professional Help with Payroll Tax Relief

Optima Tax Relief offers a range of services to help you resolve your tax issues. Book a consultation with one of our professional tax consultants who specializes in payroll tax relief. They can discuss what options are available and what will be the best course of action.

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