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. 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. In this form you will find your wages and tax statement. The specific amount that you were actually paid, and the amount the employer paid out in wages is contained in this form. All the W2 forms of employees will be filed by the employer 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.

By the end of the first month of the year, all employers are required to give the W2 forms to their employees. You will find certain employers who are delinquent in this task of providing W2 forms to 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. The reality is that it is a burdensome task.

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 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.

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. 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. 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.

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