Manage your business finances with Wave—it's free.

Send invoices, get paid, track expenses, pay your team, and balance your books with our free financial management software.

Get started

Small business owners: did you know?

Jun 20, 2013 | 1 minutes read | Entrepreneurship
Infographic: Small business owners: Did you know?
Infographic: Small business owners: Did you know?

Small Business Owners: Did you know?

According to the IRS, 40% of small businesses pay an average penalty of $845 per year for late or incorrect payroll filings and payments." - Craig Hurlbut, Director of Payroll and U.S. payroll tax expert for Wave

Top 3 tax penalties for not making timely federal tax deposits:

  • Failure-to-Deposit penalty percentage rates range from 2% for up to five days late, to 15% for more than ten days after your first IRS bill.
  • Failure-to-File penalty is 4.5% per month of unpaid tax, up to 22.5% of your unpaid taxes.
  • Failure-to-Pay penalty is 0.5% per month of unpaid tax, then 1% per month after your Notice of Intent to Levy, up to 25% of your unpaid taxes.

Award-winning financial software designed for entrepreneurs

Read next