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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.