Valuable Information for you and your business
Electronic Filing || W-4 Form || W-2 Form || Reporting Tips |
Did you know that you can now file electronically? It's accurate, secure and fast. There is quick proof from the IRS that your return has been accepted. No more worrying about whether you made the deadline or wondering when your refund check will arrive. You can choose Direct Deposit and you will get your refund even faster. If you owe taxes, you can get the benefit of quick acknowledgement and still make your payment by April 15th. Let us e-file your taxes. A.F. Lee Business Corp. is an authorized IRS E-File provider. For more information about e-file go to the source or visit the IRS web site today.
Now is the time for employers to use the W-4 Form to verify information about employees including their name, address, Social Security number, and withholding allowances. Don't remember the W-4? When an employee is hired they must complete a Form W-4. The Form W-4 tells an employer how many withholding allowances to use when deducting federal income tax from the employee's pay. The detailed instructions on the form help the employee figure the correct number of allowances to withhold. This form verifies that employers are withholding federal income tax according to the employee's instructions. Changes for the employee such as marriages, births, relocation, or deaths can affect the number of allowances or name of the employee. If any of these changes occur, be sure that the W-4 Form gets updated. For more information about the W-4 go to the source or visit the IRS web site today.
The Form W-2 is the only document used to transmit information on your employees' social security and Medicare wages for the year. It is your responsibility as an employer to file Forms W-2 with the Social Security Administration for your employees, showing the wages paid and taxes withheld for the year. The Form W-2 comes with 6 copies. Copy A must be sent to the Social Security Administration with the transmittal Form W-3 by March 2. Keep the last copy of the Form W-2, Copy D, for your own records. Send Copy 1 to your State Tax Department for requirements and transmittal information. You must give the remaining copies to the employee by February 2. If an employee stops working for you before the end of the year, you may give your former employee the copies anytime prior to February 2. If the employee asks for the Form W-2, you must give the copies to the employee within 30 days of the request or final wage payment, whichever is later.If you want to learn more about the W-2 go to the source or visit the IRS web site today.
Did you know that if you as the employee receives tips of $20 or more in a calendar month while on the job, you are required to report the amount you receive? You must give your employer a written report by the tenth day following the month the amount received in tips. Employees who receive less than $20 per month are not required to report the tips to the employer. However, they must report tips in gross income on their tax return. If you want to learn more about the reporting tips go to the source or visit the IRS web site today.
The IRS web site has more in-depth information about these and other tax related questions. Visit there site today.