Getting Down To Basics with Forms

What is a W2 Form?

Working for an employers has some benefits especially during tax season, since it is the employers task to accomplish your W2 form and in this form all your earnings are summarized complete with all the taxes that you have paid. Your employer may be doing this each year, but there are employers who neglect this duty. What should you do when this is the case?

Vital information is included in a W2 form and so it is also referred to as an information tax return. Your wages and tax statements are found in this form. There are two things this information tells that IRS and that is the amount that you were paid and what the employer paid out in wages. When everything is in order, the employer will then give the W2 forms to the IRS. This gives the IRS a record of all the wages paid by the employer and match it with all the deductions and payroll taxes.

The accomplished W2 form would then be given to every employee by the end of the first month of the year. A lot of employers, however, have failed to provide the W2 form to their employees. If they don’t send them, nothing happens to them anyway. It is like there is something fishy going on. It is just like many employers don’t want doing tax forms.

If you haven’t received your W2 form, then you need to speak to the person responsible for your payroll. It can be that they haven’t finished doing the tax forms because this is not easy work. Make sure that you current address in their records is correct so that the form will not be lost in the mail. If you see that you company is just sitting down on your W2 forms, then this is the time to go directly to the IRS. Action will be taken against these employers by the IRS.

If you don’t have your W2 form when it is nearing the deadline for filing your tax return, you need to try to figure our on your own your earnings and the taxes withheld off your paycheck stubs. When this happens, your tax returns should be filed with another form, the form 4825.

If this is not getting you anywhere, seek the help of a tax professional who can help you file your tax return and help you research all the wages and withheld tax the company has deducted from your wages. Having a tax professional who will take charge of everything will give you great convenience since he will be the one to ensure that you income tax return in filed on time and not on a later date when you can incur penalties. With a tax professional, you will have more accurate figures on your tax form. So, while it is still early, make sure that you employer is doing something about your W2 forms.

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