As a small business proprietor, you most probable dread hearing the words “tax period.” This point of year forces you to wear many hats. You’re not only liable for filing your own taxes, but your workers are also relying on you to issue W-2 forms to them early in the period, so they can get to work filing their own taxes for the year. You require offering them with correct information in an opportune manner, and depending on the size of your business, you may be responsible for doing this all yourself.
Finding the time to simply gather all this information is hard enough. You must first go through your books for the year and make sure that the final income amounts, minus any deductions, are accurate. Then you must to produce copies of W-2 tax forms, as well as any other miscellaneous documents your employees may need, before the federally-mandated deadline passes. Failure to do so can result in fines and penalties. And don’t forget; you have your own taxes to file.
Ordering your W-2 forms straight through the IRS certainly is an option, but it’s a timely one. As a small business owner, time is cash. You must wait for the forms to arrive, and then use even more time physically finishing the several copies each employee needs for filing. For a long time, this was your only selection. Some continue to use this choice because they just don’t realize there’s a much easier way to do it.
Rather than relying on the IRS’ timetable for mailing out the tax forms you require, you’re only relying on your own schedule. If you want to start the procedure after your work day is finished, it isn’t a difficulty.
Not only will you find the tax forms online – http://www.eTaxForm.com, but you’ll also able to present the information electronically.
You can enter each employee’s W-2 information online, just as you would on document. Your margin for error in calculations is far smaller, as you can check your work more simply, working on the computer. If you miss a field when completing the forms, you won’t be clever to submit the information. Submitting W-2 forms online actually benefits you, as the deadline for submission is more generous than that of filing the Paper W-2 form.
Keep in mind your own tax forms can be found online. Therefore, once you’re finished with the needed tax preparations for your employees, you can easily find your own forms online.