If you are a current or former business owner with employees and owe 941 or Employee Withholding Tax, it's crucial to resolve your tax issue immediately. Low Cost Tax Relief provides various services to assist you with payroll tax relief.

The IRS is especially aggressive when it comes to payroll taxes. Failure to pay payroll taxes puts your income, assets, and business reputation at risk.

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If payroll taxes are ignored for an extended period, your business may be forced to close, and all assets can be seized to settle the debt. Regardless of whether the business is closed, you must make arrangements to pay the taxes. The IRS will not be deterred, and not paying or making arrangements puts your personal finances in jeopardy.

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How are Payroll Taxes Different from Personal Income Taxes? Payroll taxes are taxes on the salaries and wages of employees, shared between the employer and employee. The revenue generated from these taxes goes toward social security and Medicare programs. This differs from income tax, which comprises 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 Payroll Tax Relief? All employers, including self-employed workers, qualify for payroll tax deferral. The amount will depend on your tax status. For small businesses, payroll taxes can be entirely deferred, while self-employed workers can defer 50% of their Social Security Tax calculated from their net earnings.

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Get Professional Help with Payroll Tax Relief Low Cost Tax Relief provides various services to help you resolve your tax issues. Schedule a consultation with one of our professional tax consultants specializing in payroll tax relief. They can discuss the available options and determine the best course of action for you.