What is a W2 Form?
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. But, the reality is that not all employers are this diligent. What should you do when this is the case?
W2 forms are information tax returns. In this form you will find your wages and tax statement. This forms tells the IRS how much you have received from being an employee and how much you’re your employer has paid in wages. Then the W2 forms will be gathered by the employer so that he can file al the forms 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.
All employers are required to issue W2 forms 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. You might say it sounds fishy, but most of the time, it is just plain negligence. It is just like many employers don’t want doing tax forms.
Get data form the person responsible for the payroll so that you. can accomplish the W2 form yourself. You can understand why the form is delayed since doing this type of job is not an easy one. Ensure that they have your current address if you want things to go smoothly. You can report your employer to the IRS if you see that they are really delinquent in the task. Action will be taken against these employers by the IRS.
IT is important that you try to figure out by yourself your earnings and taxes withheld off your paycheck stub, perhaps seeking help from your payroll offices. When you file your tax returns, you will then have to accompany your tax returns with form 4825.
You can still accomplish your tax returns if you seek the help of a tax professional who can make research on your wages and tax and help you file your tax returns properly. 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. It will no hurt to check if you company is preparing your W2 forms as early as today