Easy-to-Follow General Instructions for Filing W-2 Returns
Tax season can be an intimidating time, especially when it comes to filing your W-2 returns. Filing your W-2 forms can be time-consuming and confusing. However, filing your W-2 forms correctly and on time is crucial to avoid any penalties or fines from the IRS. In this article, we will provide easy-to-follow general instructions for filing W-2 returns.
Step 1: Gather Employee Information
Before beginning the filing process, gather all the necessary employee information. This includes the employee’s full name, social security number, mailing address, and wages earned during the year. Ensure that the information is accurate as any incorrect information can lead to discrepancies in the returns.
Step 2: File with the Social Security Administration (SSA)
The next step is to file W-2 forms with the SSA. It is vital to file this form accurately and timely so that the employee’s social security and Medicare taxes are correctly credited in their social security records. You can choose to file paper forms by mail or file electronically through the SSA’s Business Services Online website.
Step 3: Provide Copies to Employees
After filing W-2 returns with the SSA, provide copies of the forms to your employees. Ensure that all copies are given to the employees before the deadline set by the IRS, which is usually January 31st. It is also essential to retain copies of W-2 forms for your records for at least four years.
Step 4: File with the IRS
Finally, file W-2 forms with the IRS. Accompany the returns with a W-3 summary form that shows a total of all W-2 forms submitted. You can file paper forms by mail or file electronically through the IRS’s Filing Information Returns Electronically (FIRE) system.
Conclusion
Filing W-2 returns can be overwhelming, but following these easy-to-follow general instructions can help you file accurately and on time. The most important thing to remember is to gather all necessary information, file with the SSA and provide copies to your employees before the deadline. By following these instructions, you can avoid any penalties or fines from the IRS and ensure correct credit of social security and Medicare taxes.
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