• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Evergreen Small Business

Actionable Insights from Small Business CPAs

  • Home
  • Small Business FAQ
  • Monographs
    • Maximizing PPP Loan Forgiveness
    • Preparing U.S. Tax Returns for International Taxpayers
    • Maximizing Sec. 199A Deductions Monograph
    • Setting Low Salaries for S Corporations
    • Small Business Tax Deduction Secrets
    • Real Estate Tax Loopholes & Secrets
    • Preparing Form 3115 for the Tangible Property Regulations
    • Small Businesses and the Affordable Care Act (Obamacare)
    • Five Minute Payroll Monograph (2019 Edition)
    • Download Your Free Copy of the Thirteen Word Retirement Plan
    • Business Planning Workbook
    • Sample Corporate Bylaws
    • LLC Operating Agreement
    • Joining Our Affiliate Program
  • Our Bloggers
  • Free LLC Formation Kits
    • Alabama LLC
    • Alaska LLC
    • Arizona LLC
    • Arkansas LLC
    • California LLC
    • Colorado LLC
    • Connecticut LLC
    • Delaware LLC
    • Florida LLC
    • Georgia LLC
    • Hawaii LLC
    • Idaho LLC
    • Illinois LLC
    • Indiana LLC
    • Iowa LLC
    • Kansas LLC
    • Kentucky LLC
    • Louisiana LLC
    • Maine LLC
    • Maryland LLC
    • Massachusetts LLC
    • Michigan LLC
    • Minnesota LLC
    • Mississippi LLC
    • Missouri LLC
    • Montana LLC
    • Nebraska LLC
    • Nevada LLC
    • New Hampshire LLC
    • New Jersey LLC
    • New Mexico LLC
    • New York LLC
    • North Carolina LLC
    • North Dakota LLC
    • Ohio LLC
    • Oklahoma LLC
    • Oregon LLC
    • Pennsylvania LLC
    • Rhode Island LLC
    • South Carolina LLC
    • South Dakota LLC
    • Tennessee LLC
    • Texas LLC
    • Utah LLC
    • Vermont LLC
    • Virginia LLC
    • Washington LLC
    • West Virginia LLC
    • Wisconsin LLC
    • Wyoming LLC
  • S Corporation Kits
    • Alabama S Corporation
    • Alaska S Corporation
    • Arizona S Corporation
    • Arkansas S Corporation
    • California S Corporation
    • Colorado S Corporation
    • Connecticut S Corporation
    • Delaware S Corporation
    • Florida S Corporation
    • Georgia S Corporation
    • Hawaii S Corporation
    • Idaho S Corporation
    • Illinois S Corporation
    • Indiana S Corporation
    • Iowa S Corporation
    • Kansas S Corporation
    • Kentucky S Corporation
    • Louisiana S Corporation
    • Maine S Corporation
    • Maryland S Corporation
    • Massachusetts S Corporation
    • Michigan S Corporation
    • Minnesota S Corporation
    • Mississippi S Corporation
    • Missouri S Corporation
    • Montana S Corporation
    • Nebraska S Corporation
    • Nevada S Corporation
    • New Hampshire S Corporation
    • New Jersey S Corporation
    • New Mexico S Corporation
    • New York S Corporation
    • North Carolina S Corporation
    • North Dakota S Corporation
    • Ohio S Corporation
    • Oklahoma S Corporation
    • Oregon S Corporation
    • Pennsylvania S Corporation
    • Rhode Island S Corporation
    • South Carolina S Corporation
    • South Dakota S Corporation
    • Tennessee S Corporation
    • Texas S Corporation
    • Utah S Corporation
    • Vermont S Corporation
    • Virginia S Corporation
    • Washington S Corporation
    • West Virgina S Corporation
    • Wisconsin S Corporation
    • Wyoming S Corporation
  • Contact Nelson CPA
You are here: Home / Monographs / Five Minute Payroll Monograph (2019 Edition)

Five Minute Payroll Monograph (2019 Edition)

mattrd39_04

If you need to prepare payroll in a one-employee situation, such as when you’re a single-employee single-shareholder S corporation, you’ve got a variety of approaches available.

You can, for example, select one of the popular and very competent payroll preparation services like ADP, Paychex, QuickBooks or Gusto Payroll. All these options work well for small businesses. No question.

Dealing with Payroll After-the-fact

If you want to save money and time, however, you also have another option. You can, after the fact, file payroll tax returns that tell the IRS, the Social Security Administration, and any State payroll tax agencies that, yes, last quarter your firm did do a bit of payroll and here’s the money owed and the payroll tax returns required.

Just to make this clear, then, rather than fiddling with payroll checks and deposits and returns every week or month you can instead  just forget about doing anything about payroll over the quarter other than writing yourself some checks. And then you can get to the end of the quarter and say to the tax agencies, “Hey guys? Last quarter I paid myself $10,000. And here are the payroll tax returns I owe you.”

Note: If you write checks in excess of the stated quarterly payroll amount, that excess would be treated as a dividend, distribution or draw and so not subject to payroll taxes.

Limits of After-the-fact Payroll

The only practical problem with this approach pops up due to some IRS rules about timing payroll tax deposits. With the approach described above, you can’t pay shareholder-employee more than $16,000 a quarter or $64,000 for the year. The good news, though, is that that limit should affect almost no one. (Few S corporations pay or need to pay their shareholder-employees more than this amount.)

Where the $20 Five-minute Payroll System Monograph Fits

The first time you use this “after-the-fact” approach, however, the mechanics can seem almost too simple because you do save so much time. Which is why we’ve developed a short $20 monograph that explains the process, that shows you examples of how the quarter-end and year-end forms look, and that provides nearly complete “blank” forms to which you can just add your name, address and employer identification number too.

Note: The “Five Minute Payroll” monograph gives you detailed instructions and example forms for two single-employee payroll scenarios: One where you pay the employee $10,000 a quarter and one where you pay the employee $16,000.

If you’re interested, click the button below to purchase and then immediately download the 2019 version of the monograph:

View Cart

As with all of our digital goods, if the product doesn’t work the way you want or what you purchase doesn’t seem a good value for your hard-earned money, no problem. Just request a refund.

A related point: If you’re a client of our CPA firm, you have complimentary access to all of our digital goods, so don’t purchase this or any other  monograph or kit. Just ask one of us for your complimentary copy, okay?

Additional Free Resources for Simplifying Small Business Payroll

While we’re on the subject of simplifying and expediting payroll for single-employee, single-shareholder situations, let me also point out that four other posts at this blog provide useful background information:

Quick and Dirty Payroll

Electing Out of State Payroll Taxes

Filing California State Payroll Tax Returns in Five Minutes

Texas, Taxes and Your Small Business

Primary Sidebar

Welcome

Nelson CPA publishes this blog to help and encourage small business owners. Click here to learn more about our firm.

Need to help clients with their PPP loan forgiveness applications?

Updated for 2019 tax year changes and now available in print from Amazon!!

Maximizing Sec. 199A Deductions

International tax issues?

Preparing US tax returns for international taxpayers

Maximize S corporation tax savings

Setting Low S Corporation Salaries

Free retirement planning help

Picture of Thirteen Word Retirement Plan book

Featured Posts

How IRS audits work

How IRS Audits Work

Audit anxiety is something nearly every taxpayer has in common.  But, have you ever considered how IRS audits actually work? The IRS processes … [Read More...] about How IRS Audits Work

If you got caught in an ERC scam, take these steps to reduce the damage

If You Got Conned in ERC Scam

You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that … [Read More...] about If You Got Conned in ERC Scam

Lottery tax planning can save millions

Lottery Tax Planning for a Billion Dollar Drawing

Okay. This is silly. You’re probably not going to win. But just for fun, let’s talk about lottery tax planning for one of those giant Power Ball or … [Read More...] about Lottery Tax Planning for a Billion Dollar Drawing

Recent Comments

  • Stephen Nelson CPA on Lottery Tax Planning for a Billion Dollar Drawing
  • Morgan on Lottery Tax Planning for a Billion Dollar Drawing
  • Stephen Nelson CPA on Lottery Tax Planning for a Billion Dollar Drawing
  • Stephen Nelson CPA on Lottery Tax Planning for a Billion Dollar Drawing
  • Chanan Goldberg on Lottery Tax Planning for a Billion Dollar Drawing

Archives

Copyright © 2023 Stephen L. Nelson, Inc. · News Pro On Genesis Framework · WordPress