For many people, the tax season can be stressful. Not only is it hard to have money taken out of your paychecks throughout the year, but you have to file for everything at the end of the year. That includes your taxes and a form W-2 if you are an employee. Here are three reasons why everyone should file on time and in full to avoid penalties and fines.
3 Reasons to File Your W-2 on Time
- It’s required by the IRS.
- It’s the only way to get your refund on time.
- It’s the best way to avoid penalties and interest.
The deadline for W2s to come out is quickly approaching. Are you prepared?
The deadline for W2s to come out is quickly approaching. Are you prepared? This is a question that many people are asking themselves as the date looms closer. For those who are not prepared, there is still time to get everything in order. The IRS provides a guide on how to file your personal taxes including the W-2. You have until April 15 to file both your personal and corporate taxes for the previous year.
What Is the Deadline to File Form W-2?
Form W-2 is used to report wages and other compensation paid to an employee during the year. The tax form is issued by the employer and tells the IRS how much you made, which is helpful for paying income taxes.
How to File Form W-2 Before the Deadline
If you’re an employee, you should receive a Form W-2, Wage and Tax Statement, from your employer by January 31. The form shows the amount of wages you were paid and the taxes withheld from your paychecks. To ensure that you receive your W-2 in a timely manner, you should file your Form W-2 Electronically (W-2 e-file) with the Social Security Administration (SSA) by January 31.
Where to Get Help Filing Form W-2
If you need help filing your Form W-2, the best place to go is the IRS website. There, you can find step-by-step instructions on how to file the form, as well as a link to the online form itself.
What to Do If You Can’t File Form W-2 on Time
If you can’t file your Form W-2 by the due date, you can file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to request a 6-month extension. However, this extension of time to file is not an extension of time to pay.
How to Correct a W-2 That Was Filed Late
If you have filed your W-2 late, you may need to correct it. To do so, you will need to file Form 8809, “Application for Extension of Time to File Information Returns”.
What are the penalties for not submitting your W2 on time?
The penalties for not submitting your W2 on time can be severe. You may be fined up to $100 per day for each W2 that is not submitted on time.
What happens if you file your W2 late?
If you file your W2 late, you may face penalties from the IRS. You may be fined for each day that your W2 is late, up to a maximum of $25 per day.
As the deadline for W2s rapidly approaches, the importance of this form cannot be overstated. Issued by employers, W2s tell the IRS how much you earned over the past year. Failing to submit your W2 on time can result in severe penalties, so make sure to file your personal and corporate taxes by April 15!