12 Oct The basics of a W-2 Form and who needs one
For many, the end of the year may be a chance to tie up loose ends within a business and look forward to the next year. As the year draws to a close, looking at you bookkeeping and accounting picture is a must.
For a small business, organizing important documents and other items is vital and should be a breeze if you have been maintaining accurate practices throughout the year. For most businesses, a W-2 form is a basic form if an employee has been paid more than $600 during a calendar year. If you’re new to this area, this Quickbooks article has detailed many questions regarding W-2 Forms.
In basic form, a W-2 includes the earned wages along state and federal tax deductions. Within your average business, a W-2 form should be issued to employees by January 31 for the previous year.
As an employer, time is of the essence for getting employees forms delivered in a timely and systematic manner. If you are using Quickbooks, then the process should be effortless.
The main goal is to report to the government the amount of money employees were paid, so if you follow the process step by step then you should be on your way.
To download a W-2 form form the IRS website, click here. If you’re interested in help with your taxes and bookkeeping, feel free to reach out to a member of our staff at Dempsey Vantrease & Follis.