The title of this thread has been edited by a Square Moderator from the original: "Would there be a way to have square take out quarterly taxes federal or state?"
Would there be a way to have square take out quarterly taxes federal or state?
I do not think payroll is what I am looking for since I have no employees however i could be wrong. I'm looking to have the quarterly business taxes taken out so I can make quarterly payments for the business not employees, either to have the funds set aside to pay or pay them for me.
Thanks
Rich
Hello @rsnider2 and thanks for your question. Square Payroll is able to work with some tax agencies, but it sounds like you're either looking for State Sales Tax ? or State Income Tax? I do not think Square has a mechanism in place to gather and remit those kinds of taxes for you. You'll have to be saving those funds throughout the year to remit yourself. Are you already setup with your State's Business tax department? If not, you'll want to make sure to do that and get the appropriate forms and methods to remit your taxes. If you work with an accountant or business tax professional, they can also advise you on your State's requirements.
As far as saving for your expenses like Taxes, do you have a Square Savings account? Square makes it super easy to save, and this way you can have a certain amount set aside from your daily sales to automatically go into your Square Savings account. And then when you're ready to pay those taxes, just take your savings out. To find out more and to setup a Savings account, check out this info here.
Thanks Charlie I will look into the savings account, since square is setup with a ton of smaller businesses I kind of thought there might have been a simple way for small or new businesses to automate this.
Rich
Could be a way for your State agency to automate something for you, like an auto debit from a specific account on your timetable, but that would be up to your state tax agency. Good luck. And try Square Savings, it's a very easy way to start putting that money aside.
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