Americans must have all of their paperwork ready for the upcoming 2025 tax season so that they can submit it on time.
Although the exact date has not been announced, the Internal Revenue Service (IRS) is expected to begin processing 2024 tax returns later this month.
Employers must provide the W-2 form to their employees by the end of January and submit it to the IRS and the Social Security Administration.
Employers must submit this required paperwork by Friday, January 31, 2025, to allow employees enough time to file their tax returns before the deadline of Tuesday, April 15, 2025.
The Internal Revenue Service (IRS) has confirmed the Form W-2 deadline for all taxpayers
The W-2 tax form lists each employee’s previous year’s income, including the amount of taxes deducted from their paychecks and any perks received.
A W-2 tax form contains critical information about your employer’s income, withheld taxes, and benefits for the year, which is used to file federal and state taxes. This form can help the employee file federal and state taxes.
The following information will help you file the Form W-2 as an employer or employee.
W-2 form conditions for the employer
During tax season, one of the most important tasks for businesses is to submit a W-2 form on behalf of each employee. The completed forms must be submitted to the IRS and the Social Security Administration (SSA) by January 31, at the latest.
Businesses that meet at least one of the requirements for exceptional circumstances may apply for a 30-day extension using Form 8809.
Employers can file electronically or by mail with the IRS and SSA. However, unless the IRS waives it, employers who file ten or more information returns, including Forms W-2, must do so electronically, according to the tax agency.
For more information on how to submit the form, visit the IRS’ Where and When to File page.
W-2 form conditions for the employee
You should have a completed W-2 by the end of January, so contact your employer by early February if you have not yet received one.
If you’re still waiting for the paper version to arrive in the mail, your employer may be able to provide you with an electronic copy to help you file.
Inform your employers immediately and request that any errors on your W-2 be corrected, such as a misspelled name or an incorrect income number.
Failure to do so may result in problems if you base your tax return on inaccurate information.
According to the IRS’s guidelines for W-2 form filers, Form W-2 must be prepared accurately and promptly because it contains information used to calculate employees’ Social Security and Medicare benefits.
How should taxpayers use the Form W-2?
Form W-2, which your employer fills out, contains important information needed to complete your tax return.
The amount of federal, state, and other taxes deducted from your paycheck is displayed, as well as your total earnings for the year. It could also include details about:
- tips
- contributions to a 401(k) account
- subsidies to a health savings account
- premiums for health coverage
What is the difference between Form W-2 and W-2G?
In most cases, gambling winnings must be reported as taxable income. You may receive a Form W-2G from the casino or other gambling operator at the gaming establishment immediately or by the end of January, which you can use to file your tax return.
As a result, you must keep track of all of your gambling winnings, even if you do not always receive a W-2G. If you receive multiple W-2G forms, you must include the winnings from each one on your tax return.
Read Also :- Social Security SSI payments: Who can get the January 31 advance payment?
