Smart Ideas: Taxes Revisited
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. 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 will then receive the information on employers wagers and then they will compare it with the deductions and payroll taxes.
By the end of the first month of the year, all employers are required to give the W2 forms to their employees. 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. If you think that there is something fishy going on, you might be thinking too negatively. The reality is that it is a burdensome task.
Speak to the person responsible for your payroll if you did not receive your W2 forms and ask for data. 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. 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.
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 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. With a tax professional, you will be able to complete your tax forms and returns on time and would not be in trouble of filing a late income tax return. 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.