As a small business owner, you most likely dread hearing the words “tax season.” This time of year forces you to wear many hats. You’re not only responsible for filing your own taxes, but your employees are also relying on you to issue W-2 forms to them early in the season, so they can get to work filing their own taxes for the year. You need to provide them with accurate information in a timely manner, and depending on the size of your business, you may be responsible for doing this all yourself.
Finding the time to simply gather all this information is difficult enough. You must first go through your books for the year and ensure that the final income amounts, minus any deductions, are correct. Then you must to produce copies of W-2 tax forms, as well as any other miscellaneous documents your employees may need, before the federally-mandated deadline passes. Failure to do so can result in fines and penalties. And don’t forget; you have your own taxes to file.
Ordering your W-2 forms directly through the IRS certainly is an option, but it’s a timely one. As a small business owner, time is money. You must wait for the forms to arrive, and then spend even more time manually completing the several copies each employee needs for filing. For a long time, this was your only option. Some continue to use this option because they simply don’t realize there’s a much easier way to do it.
This process can be streamlined with the help of accessing online tax forms. Rather than relying on the IRS’ timetable for mailing out the tax forms you need, you’re only relying on your own schedule. If you want to start the process after your work day is finished, it isn’t a problem.
Not only will you find the tax forms online but you’ll also able to submit the information electronically.
You can enter each employee’s W-2 information online, just as you would on paper. Your margin for error in calculations is far smaller, as you can check your work more easily, working on the computer. If you miss a field when completing the forms, you won’t be able to submit the information. Submitting W-2 forms online actually benefits you, as the deadline for submission is more generous than that of filing the Paper W-2 form.
Keep in mind your own tax forms can be found online. Therefore, once you’re finished with the necessary preparations for your employees, you can easily find your own forms online.