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Dealing with Payroll Taxes for a small business/ Non-Profit

post #1 of 7
Thread Starter 
Ok, so I am on the board of a small Non-Profit and it irritates me that it costs us $70 a month for this company to do payroll for us and take care of the taxes associated with it. It seems like a small amount of money to not have the headache, but like I said it is a small non-profit and we only have one employee on payroll. Is dealing with the taxes and such a huge hassle? Could I do this myself and get rid of the $70 per month? We currently use Quickbooks for everything and I recently looked into their service for payroll, which is $40 per month, which is cheaper, but if somebody has advice on how I can take over the whole thing myself and save a full $840 a year I would gladly do it. It can't be that hard right, or wrong?
post #2 of 7
Quote:
Originally Posted by patrickBOOTH View Post

Ok, so I am on the board of a small Non-Profit and it irritates me that it costs us $70 a month for this company to do payroll for us and take care of the taxes associated with it. It seems like a small amount of money to not have the headache, but like I said it is a small non-profit and we only have one employee on payroll. Is dealing with the taxes and such a huge hassle? Could I do this myself and get rid of the $70 per month? We currently use Quickbooks for everything and I recently looked into their service for payroll, which is $40 per month, which is cheaper, but if somebody has advice on how I can take over the whole thing myself and save a full $840 a year I would gladly do it. It can't be that hard right, or wrong?

I wouldn't want to, but it is up to you. I used to work in public accounting. I got out and work in real estate now, but I do bookkeeping/accounting work on the side (using QuickBooks) and payroll is the worst. I always recommend using a third party as it is tedious and the payroll tax returns are annoying. I have a non profit with one person as well and the cost to do payroll is worth it. Best part is that if the payroll tax returns are messed up, it is on them, and not you. Payroll sucks.
post #3 of 7
I think it's well worth it just to avoid the possibility of liability for screwing up the withholding/reporting.
post #4 of 7
Quote:
Originally Posted by VaderDave View Post

I think it's well worth it just to avoid the possibility of liability for screwing up the withholding/reporting.

Definitely. Meanwhile I have a client who is doing payroll himself and keeps messing up the withholding. I think he has been penalized at least once every year now. Unfortunately, he still won't use a third party provider.
post #5 of 7
Thread Starter 
Hmm, I guess it would be best to just find the lowest cost option then. Thanks for the advise.
post #6 of 7
It is that hard. Avoid doing it at all costs.
post #7 of 7
ZenPayroll. Or Wave Payroll. Both great.
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Styleforum › Forums › Culture › Business, Careers & Education › Dealing with Payroll Taxes for a small business/ Non-Profit