I own my own business and pay estimated quarterlies. What is the benefit to having a payroll company?

by Luz
(Yonkers, NY USA)

I pay estimated quarterlies. My income is dependent on how my business did. In other words, I get a percentage of any profits made. When I don't make profits I don't give myself a check, etc. Is there a benefit to having a payroll company? I live and work in NY. Thanks

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Compliance Tops the List
by: Best Business Payroll

We are filling in the blanks of what you did not tell us, and assuming you have either no employees or just a handful. In your case, the biggest benefit of having a payroll company is to keep you in compliance with all Federal, State, and NY County payroll taxes.

If you make your payments every quarter and have never had any issues with the IRS or the State of New York, it is probably not necessary to have a payroll company--just keep doing what you are doing.

But if you have had any of compliance issues in the past, that is an indication you may benefit from having a payroll company ensure you are meeting all those state, local and federal laws.

One other reason for hiring a payroll company might be if you find the time spent figuring payroll, taxes, etc. burdensome and would like this administrative task off your plate. In this case, you might consider hiring a payroll company.



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