As the end of the year approaches, many companies are preparing for the necessary task of printing out their employees’ W-2 forms. For those who choose to file quarterly with the IRS, this is a must-do item to be completed by mid-February. In order for your company to do its part and be compliant with tax law, we have to print 1099s as well!
When it comes to withholding and payroll, business owners have a lot on their plate. It can be a complicated process, but with the right system in place and some time put into it, it’s not as difficult as you might think.
How to get your Employer’s W-2 form
If your employer offers electronic W-2 filing, be sure to take advantage of that option. Many employers now offer online forms so you can submit your W-2 electronically. Create and Print W2 Forms in QuickBooks Desktop, Online, Payroll If your employer does not offer online filing, be sure to ask if you can print out your W-2 form and bring it in to be filed.
Be sure to check with your employer about the best way to get your W-2 form printed and sent out. Some employers print out W-2 forms and mail them out as part of the employee’s paychecks. Other employers may require employees to pick up their W-2 forms from the office or have them mailed directly to them.
Whatever method your employer uses, be sure to ask if there is anything you need to do in order to receive your W-2 form. For example, some employers may require employees to sign a receipt indicating they received their W-2 form.
How to get your own W-2 form
Instructions for printing and mailing your W-2 form depend on whether you are an employee or self-employed individual.
If you are an employee, your employer will print and mail your W-2 form to you. If you are self-employed, you must print and mail your own W-2 form.
To print and mail your W-2 form as an employee:
- Log in to your online account at www.irs.gov/employer.
- Click on “My Account” in the top right corner of the screen, and then click on “E-File & Print My Return” in the left column of the MyAccount page.
- On the E-File & Print My Return page, under “Return Type,” select “Employment Income – Wages & Tips,” and then click on the button that says “Print My Return Now.”
- On the Print My Return Now page, under “Wage And Tax Highlights,” select “Wages & Tips Summary – Copy A (Form W-2).”
- Under Employee Identification Numbers (EINs), type in your social security number (SSN) and other required information, and then click on thebutton that says “Print my return now with these EINs .
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Where can I use my W-2?
If you’re an employer, it’s important to send out your employees’ W-2s as soon as possible.
Here are some places you can get your W-2 printed and sent out:
- Your company’s HR department
- Local print shop
- E-file provider
If you are an employee, you can use your W-2 to claim tax refunds or pay taxes owed. You can also use it to apply for government benefits, such as food stamps or welfare. If you are self-employed, you will need to file Schedule C with your taxes. This document will list all the income and expenses from your business. You can also use your W-2 to get a mortgage or borrow money. Make sure to keep a copy of your W-2 in case there is a problem with the original. You can also print out copies for your employees.
Types of forms that you will need
Official W-2 Forms
The first step is to gather all of your official W-2 forms. This includes your W-2 form from your employer, any 1099 forms you may have received, and any transcripts or degree certificates that prove you are qualified for the job. You will also need to provide documentation of your Social Security number (SSN).
W-3 Forms
If you are self-employed, you will need to fill out a W-3 form. This form is used to report your income and taxes. You will also need to provide documentation of your business name and tax identification number.
EIN Number
If you are an employee who does not have a W-2 form from your employer, you will need to obtain an EIN number. This number is used as the taxpayer identification number for businesses in the United States. You can get this number by visiting www.irs.gov or by calling 1-800-829-3676.
Tips for getting the most from your W-2
There are a few tips to help make sure that you get the most from your W-2 form.
- Keep a copy of your W-2 form: You should always have a copy of your W-2 form on hand in case you need to file an income tax return or request a refund.
- Request a W-2 transcript: If you’re self-employed, you may be able to receive a W-2 transcript. This document will show the amounts earned and taxes paid on your behalf.
- Request copies of your bank statements: If you have bank statements from the past year, you can request copies to see if any funds were incorrectly deposited into your account or withdrawn without being reported to the IRS.
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- Review your Form 1099s: Forms 1099 provide information about taxable income and payments made to other individuals or businesses during the year. Review these forms carefully to ensure that all relevant information is included and that no erroneous payments were made.
- File an amended return if there are errors: If there are any errors on your W-2 form, file an amended return as soon as possible to correct them and avoid penalties and interest charges.
