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Know the Importance of Your W-2

Every end of the year, an employer must send to IRS or Internal Revenue Service a form called W-2. The annual wages and the amount of taxes withheld from an employee’s paycheck is reported through the W-2 form. This is a requirement from the IRS that an employer has to report wage and salary information of its employees using the W-2 form. The amount of federal, state and other taxes that were withheld from your paycheck are reported through this W-2 form. Therefore know that as an employee, the information found on your W-2 is extremely significant when you prepare your tax return.

If you are transferring to another firm, or even in the same company, if you find out that your W-2 is not yet sent, contact soonest your employer and ask to send your W-2 form, and make sure that your right address is where they would send it.

If you have not yet received your W-2, it is of important that you contact the IRS after February 14 usually, and you may call 800-829-1040 phone number of their office. To avoid some concerns in the future, it is necessary that you file your return on time. Be ready to provide your following information, such as your name, address, social security number and phone number. With regards to the information of your employer, have ready its name, address, phone number, employment dates, and your estimated wages and federal income tax withheld, with pay stubs as support if available.

Be aware that your employer should send your W-2, Wage and Tax statement, by the end of January, and give it like two weeks for the documents to arrive by mail.

Be aware that on or before April 15 is the filing of your tax return if you want to be on time, and just in case your W-2 has not yet arrived, together with your Wage and Tax statement, you can use the 4852 form. Be accurate as possible in estimating your income and withholding taxes when using this form, and know that IRS may delay the processing of your return since it will verify the information you inputted. .

1. Some people may need more time in filing their returns, and so they can use a six month extension of time to do it. Those who have the intension of requesting for an extension, must file on or before the 15th of April, and use form 4868, which is an application for an automatic time extension in filing individual tax return.

Notifying your previous employer of your new address is not your legal obligation, but take note that if you will not give your new address, they will send it to your prior address since they are required by law to send it to you not later than January 31, and if you do not have a mail forwarding order, you will not receive your W-2.

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