The Beginner’s Guide to Options
W2 Forms and Your Income Tax Returns
When it comes to tax season, employees are not as worried as business men are in filing their tax returns since employers usually give a W2 form which includes all the earnings you have received from the company and all the taxes you have paid. Your employer may be doing this each year, but there are employers who neglect this duty. So when this happens you will have to find a way to know these important information so that you can file your tax returns accurately.
Vital information is included in a W2 form and so it is also referred to as an information tax return. In this form you will find your wages and tax statement. 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. All the W2 forms of employees will be filed by the employer at one time. The IRS, upon receiving the W2 forms will then compare the amounts paid by the employer and compare them with the taxes and all the deductions.
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. They don’t have this burden of sending out the W2 forms since there is nothing for them in it. You might say it sounds fishy, but most of the time, it is just plain negligence. This task is something that you don’t really want to do.
If you haven’t received your W2 form, then you need to speak to the person responsible for your payroll. You can understand why the form is delayed since doing this type of job is not an easy one. Make sure that you current address in their records is correct so that the form will not be lost in the mail. However, if your company is really delinquent in this task then you can go straight to the IRS. Action will be taken against these employers by the IRS.
It is time to put things in your hands. By requesting figures from your payroll or trying to figure it out yourself. When you file your tax returns, you will then have to accompany your tax returns with form 4825.
If you cant handle it yourself, a tax professional an help you accomplish your W2 form by researching and perhaps approaching your employer and asking for details. IF you seek the help of a tax professional then your tax form will be completed and filed on time so you don’t have to file a late tax return and be penalized for it. You can also have great peace of mind that your tax professionals make accurate calculations on your tax returns. As early as today, ensure that your company is doing something about your W2 forms.