Welcome to the Sure Payroll Minute, I am Michael Alter. As a small business owner not only do you need to pay the right amount of taxes on time but you also to pay them the way the IRS wants you to. If your total federal tax liability for the year is more than $200,000 the IRS requires you to pay your taxes electronically. As a bonus you don’t have to worry about submitting IRS form 8109 The Federal Tax Deposit Coupon. But if your business has a toll federal tax liability for the year that is less than $200,000. You can choose to make regular federal tax deposits using form 8109 or by filling electronically. The IRS will send you a book of these forms after you apply for your federal employer identification number. You will receive 24 coupons. pre-printed with your name, address and ID number. You won’t need to reorder when you run out, as the IR’s will automatically mail you a new coupon book.
For the simple answers small business issues, I am Michael Alter with your Sure Payroll Minute.