It’s that time, April is coming up fast and many people start stressing. Let’s go back to the basics to better understand W-2’s so you don’t have to worry about the word, Deadline.
What is a W2?s
A W-2 is a tax form used in the United States to report an employee’s annual wages and the taxes withheld from those wages. Employers are required to provide their employees with a W-2 form by January 31st each year. The W-2 form includes information such as the employee’s total wages earned during the year, the amount of federal, state, and local income taxes withheld from their paycheck, and the amounts of Social Security and Medicare taxes withheld. Employees use this information to file their federal and state income tax returns.
What if I still don’t have my W-2?
If you do not receive your W-2 form by January 31st, you should first contact your employer to inquire about the status of your W-2. It’s possible that your employer may have sent it to the wrong address or there may be some other delay.
If you still do not receive your W-2 form by mid-February, you should contact the IRS for assistance. You can call the IRS at 1-800-829-1040 and they will contact your employer on your behalf to request a copy of your W-2.
Filing and Extension| Form 4868
Form 4868, also known as the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, is a tax form used by taxpayers in the United States to request an automatic extension of time to file their federal income tax return.
If you are unable to file your tax return by the April 15th deadline, you can use Form 4868 to request an automatic extension until October 15th. However, it’s important to note that Form 4868 only extends the time to file your tax return, not the time to pay any taxes owed. You must still estimate and pay any taxes owed by the April 15th deadline to avoid penalties and interest charges.
Disclaimer: The information provided above is not meant to
be legal or tax advise. You should consult your CPA and attorney to
determine the best course of action for your situation.
Mitzi E. Sullivan, CPA is a cloud based professional services provider
specializing in cloud accounting.