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When it comes to year-end payroll, it's better to be early than late. In fact, your payroll processor wants you to do this early as well. And if you don't currently have payroll in your business but you're a growing entrepreneurial organization, then you will be doing this eventually.
So we’re telling you now – don't skip this process because it can save you a lot of time, money, and energy in the new year. And especially because the IRS has what it takes to take what you have.
In this episode, we want to discuss a few things you need to be mindful of because this is a process you need to put inside your operational systems every single year. So we’re going to do a quick, little rundown of the things you have to understand to get this stuff done ideally before the W-2 gets run right after the first of the year.
In this episode, you will hear:
- Why you need to do your year-end payroll early
- Why it’s better to get some help from a payroll processor
- The cost of getting the information wrong on the W-2
- Things to know about voided checks and escort payroll and health insurance
- Prepping for 1099
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Supporting Resources:
Episode 030 Ins & Outs of How to Treat Self-Employed Health Insurance
