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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. It is also shown on the W-2 the amount of federal, state and other taxes that are withheld from your payroll. Therefore know that as an employee, the information found on your W-2 is extremely significant when you prepare your tax return.

When you happen to transfer to another company, it is important that you contact your previous employer first and ask to send your W-2 especially if it has not yet been sent to IRS, and make sure that they have the right address.

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. It is very important then that you file your return on time to avoid problems. Among the personal information that you should have ready are 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.

You will be needing your W-2 and Wage and Tax statement if you are going to another company, and your previous statement should have sent it by the end of January, with a two week period by sending through mail.

Filing of your tax return should be on time, and you can do this on or before April 15th of the year, and if you have not yet received your W-2, you can use in filing form 4852 together with your Wage and Tax statement to take the place of your W-2 form. It is advisable that you estimate your income and withholding taxes as accurately as you can, because take note, IRS will still verify your information that may cause delay in the processing of your tax return. .

1. Be aware that if you need more time in filing your return, you can still get a six month extension of time. 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.

When you change your address as you change the company you are working with, it is not your legal obligation to notify your past employer, however, take note that your employer is required by law to send your W-2 not later than January 31, and if you do not have a forwarding mail order in place, you will not receive your document.

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