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Payroll service for self ?

Discussion in 'Irrigation' started by Ferti-man, Mar 24, 2008.

  1. Ferti-man

    Ferti-man LawnSite Senior Member
    Posts: 252

    If I want to pay myself a salary and I am the only one on a payroll, do you think it is worth having a service handle it, or can one manage the paperwork / filing issues easily enough? My accountant thinks I should have a service do it. I would think being a salary, the deductions are the same each time. It is a matter of filing on time... am I missing something? I use Quick Books Pro 2008, so setting up the tracking is no big deal.
  2. Mike Leary

    Mike Leary LawnSite Fanatic
    Posts: 21,976

    I had accountants & CPAs for years, still do. I think it's worth it..gives you
    the time to do what you do best.
  3. AI Inc

    AI Inc LawnSite Fanatic
    Posts: 25,390

    They will robably only charge you $12-$13 a week.
  4. Mike Leary

    Mike Leary LawnSite Fanatic
    Posts: 21,976

    And keep you honest.
  5. all you do is pay estimated taxes four times a year, which is 1040-es to the feds and the same for state taxes...
  6. Mike Leary

    Mike Leary LawnSite Fanatic
    Posts: 21,976

    How contractors go belly up..no deductions? Way too simple to make a profit.
  7. Sure you take deductions..file a schedule c and a 1040....if self-employed you just make estimated taxes payments,,1040es is for earnings from self-employment, interest, dividends , rents, alimony, etc...
    I have paid estimated taxes for over 15year...
  8. If you really want an easy payroll service for less than a couple of employees...try paycycle.com.

    They won't however offer you any professional advice that an accountant will. I recommend hiring an accountant/cpa that can grow with you and will help you achieve the highest amount of money in your pocket and the lowest amount of money in the IRS' pocket...

    Just my opinion.
  9. BIG DITTO. Paycycle has been the best thing I ever did and would keep it even if I dropped back to one employee. (myself) If you ever plan to grow having a service set up and understood will be a great benefit. It does all my essential paperwork, spits out my I-9s, w-4s, pays all taxes electronically, direct deposits employee paychecks, I can't praise this service enough. Keeping up with and understanding gov't paperwork is a nightmare and the most hated part of my job but paycycle has eliminated this problem. If they doubled my fees for the service I'd still keep it. Still have an accountant but just for end of the year stuff.
  10. Ferti-man

    Ferti-man LawnSite Senior Member
    Posts: 252

    I use an accountant for year end and as an issue arises as well. Also for tax planning, after year end. She advices me to set up via a service as you have mentioned as well. But really, how complicated is it? You have a fee schedule you can use to figure what the rates are for deductions, the forms do not seem that complex, maybe get help on first to make sure you have done it correctly, but it does not seem like rocket science.
    The accountant wanted to do my quarterly sales taxes, but I do these myself relatively quickly. Of course, the first few took a few hours to get the routine down and the spreadsheet set up the way I wanted it.
    If I get an employee, then I can see that it is worth it. I will pay myself once a month and on a salary basis. Once I get the first one down., should be good to go for the next...
    Am I beating myself into a corner with this? I hate paying out ~ $600 / yr for someone to do payroll just for me.

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