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When you setup payroll for the first time, you need to enroll in EFTPS to pay your federal payroll taxes electronically. Make sure to have your EIN number and a check for the bank account that you will pay the taxes from to complete enrollment. Go to www.eftps.gov and click “ENROLLMENT” and follow the instructions from there. Once you enroll onine, you will get a letter in the mail with a PIN and a phone number to call to complete the enrollment in 5 to 7 business days.

Employing Family Members

You can get significant tax savings by employing your children. Watch the video to learn more.

You can reduce your taxable income (and make your tax balance smaller or tax refund bigger) by putting money into a Traditional IRA. You can put money into the IRA as late as April 15th for it to help you in the year that you are filing at the time. For example it is 2011, and you are filing your 2010 tax return. That means money that you put into your Traditional IRA is deductible on your 2010 tax return as long as you put the money into the IRA before April 15th of 2011.

Contribution Limits:
You can contribute up to $5,000 each year if you are 49 or younger, and up to $6,000 if you are 50 or older.

Tax Savings:
If you are single and make about $30,000 throughout the year, you could save as much as $1,300 by contributing the max amount into your IRA.

Complimentary Tax Planning Consultation. Need tax advice for next year, need to make sure that you won’t owe money at the end of the year, want to know what deductions you qualify for, want to know what receipts you need to keep track of, starting a new business, need bookkeeping or accounting services for you current business, need payroll services, need to start a retirement account to save for the future and save on taxes? Contact Fast Tax Services for a complimentary tax planning consultation.

It is important to file your taxes on time to avoid needless penalties and interest. You have 3 penalties to pay if you don’t file on time: Failure To File, Failure to Pay, and Interest.

Failure to File Penalty: The penalty is 5% for each month the tax return is late, up to a maximum of 25%.

Failure to Pay Penalty: The penalty is 0.5% for each month the tax is not paid in full with no no maximum limit.

Interest: Interest rates change every few months, but the current interest rate is around 4% per year.

So, File your taxes on time and save on taxes, penalties and interest. If you still haven’t filed, today is the best day to get your taxes done. Fast Tax Services is open all year round. Call today to get your taxes taken care of.

Incorporating your business is a great way to reduce your taxes. If you are currently operating your business as a sole proprietor, you are paying the highest tax rate possible. The profit you have from your business is subject to regular income tax plus an additional 15% of self employment tax. Setting up an S-Corporation is a great option for most business owners to help reduce the burden of self employment tax. Just pay yourself a reasonable salary (as an employee of your corporation) and the rest of your profit from your business does not get hit with additional 15% of self employment tax. Fast Tax Services provides incorporating services to help you save on taxes right away. Business & Corporate Setup