Does your New Year bring tax anxieties with it? Well, you can ring in 2020 with no worries this year! Here are some easy tips that will help you finish in time for the holiday festivities!
Pre-file If You Can!
One of the easiest ways to get ahead on the W-2 Process is to pre-file. If you already have the year-end payroll information that is required, why not get the information off of your desk and out of the way?! You can begin generating your forms easily in TaxBandits today! Keep in mind that pre-filing opens for W-2s on December 9th! If you aren’t sure how many forms you need, that’s ok! You can purchase prepaid credits this way you will save money and time! Plus they never expire!
Identify Your Employees vs. Independent Contractors
Be sure to determine who in your workforce is a permanent employee and who is an independent contractor. Remember, an employee is someone who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. An independent contractor is self-employed. They may carry out duties and tasks for your business, but you are ultimately not in control of their position.
How Should You Send W-2’s To Your Recipients?
The best way to stay on top of recipient W-2’s is to have a plan for distribution. All of your employees must receive their W-2’s by January 31st, so the sooner they go out in the mail, the easier your life will be come January! If you want to avoid becoming a frequent flyer at the post office this year, consider using TaxBandits services! We can print and mail W-2’s for you!
Fill Out Your W-2’s, Check Them Twice!
It’s the end of the year and as a business owner, you have a LOT on your plate. Take a tip from jolly old Saint Nick and check it twice…maybe three times. If you’re overwhelmed by the volume of W-2’s that you’re filling out, you might make a few mistakes. It is so much easier to catch an incorrect SSN or misspelled name before you file the first time, that way you don’t have to go through the trouble of filing a correction or mailing out corrected forms to your employees.
Check Out Your State’s Regulations For W-2’s
When it comes to filing W-2’s at the state level, uniformity goes out of the window. There are so many states with different requirements. Some states require filing, while others do not. You can reach out to our U.S based support team for confirmation on what your state expects! TaxBandits is the solution for your tax season struggles this year!