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Options – Getting Started & Next Steps

A Guide to W2 Forms

The good thing about working for an employer is that you get a W2 form which summarizes all your earnings and taxes 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. 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. All the W2 forms of employees will be filed by the employer at one time. The IRS will then receive the information on employers wagers and then they will compare it with the deductions and payroll taxes.

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. They don’t have this burden of sending out the W2 forms since there is nothing for them in it. If you think that there is something fishy going on, you might be thinking too negatively. 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. But since tax computations are not really easy, the reason for the delay is understandable. IF you don’t want your W2 form lost in the mail, then you should ensure that they have your current address written correctly. You can report your employer to the IRS if you see that they are really delinquent in the task. The IRS usually takes action on these types of employers.

It is time to put things in your hands. By requesting figures from your payroll or trying to figure it out yourself. With this you will also need to accompany it with another tax 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. 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. The figures on your tax form will also be more accurate. It will no hurt to check if you company is preparing your W2 forms as early as today

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