Form W-2 Explained
As a business owner, you have to deduct federal and state taxes from your employees’ incomes throughout the calendar year. Then, when tax season arrives, you’ll have to compile all of this information into W-2 forms. The Internal Revenue Service will need to receive each employee’s W-2 form. Each employee will also need three copies of their form. One copy stays with the employee, and the other two can be attached to the employee’s federal and state tax returns if they plan to mail in their taxes during tax filing season.
When you prepare your tax return each year, your W2 comes in handy as your W2 form displays the amount withheld, that would then be subtracted from your taxes. The IRS could refund you a specific amount if by any chance, more income was taken out than necessary. As a general rule, always remember to attach a copy of your W2 form as you get ready to file your taxes. If you use online platforms to prepare your tax returns, a W2 online would deem very useful here. You could also benefit from trying out our W2 creator and create a W2 online! If you’re wondering how does a w2 form look like, well look no further.
Beware The Penalties: A Missing W2 And The IRS
A lost W2 can cause you more than mere inconveniences. If you have not used a W2 creator to get your W2 online and did not file your W2 , watch out! The IRS charges significant penalties for incomplete tax filing and they vary depending on if you are an employer or an employee. Your safest and cheapest option is to file your tax return by its due date, even if you have a missing w2 form. To avoid such retributions a reliable solution is to use a W2 creator to issue yourself a W2 online and avoid the punishments associated
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