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