Still Don’t Have Your W-2?

by Trent L Arnold MA CPA on February 3, 2012

Your employers should have mailed your W-2 forms by January 31.  Hopefully they’re “in the mail”, and you will receive them soon.

If you haven’t gotten your W-2 by the end of next week, here are some basic steps for you to take:

1) Contact your payroll department/boss. Be nice about it — after all, they’re just as burdened by the paperwork junk as you are!

2) If, however, the days roll by and the form is indeed lost or your employer is inordinately slow in issuing a replacement, or you worked for a company that went out of business and there’s no one to bug about getting a W-2 … what then?

“Make” your own! Well, actually, you contact the IRS at this number: (800) 829-1040 with the following info from your last paystub (you do keep those, don’t you?):

Year’s wages.
Payroll taxes withheld.
Federal and state income taxes withheld.
Contributions to your company retirement/401(k) plan.
Employer’s tax identification number.

Wait on hold, and ask for Form 4852. Basically, this will inform your employer “officially” that they’re delinquent, and you can even use this form in a pinch, if your employer never gets their act together.

If your employer doesn’t provide you the W-2 form, they do face some consequences for their failure.  Unfortunately, these consequences don’t often carry much teeth for employers and sometimes HR departments or very small businesses don’t get their act together.

(Here’s a link to concise information about what happens on the business owner side of things: http://smallbusiness.chron.com/happens-dont-make-w2-deadline-employees-15702.html)

If you have any questions, contact me at 803-649-9147
or on our website at http://www.aiken-cpa.com

Check out my Facebook page for tax and business tips

http://facebook.com/ArnoldAdvisorsLLC

and click on the LIKE button!

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Tax Time Document Chase List

by Trent L Arnold MA CPA on January 29, 2012

Trent’s Tax Time Document Chase List
Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive!  But, these items will cover most of what you need.

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees

Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income

Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions

We hope this helps!

If you have any questions, contact me at 803-649-9147
or on our website at http://www.aiken-cpa.com

Check out my Facebook page for tax and business tips
http://facebook.com/ArnoldAdvisorsLLC
and click on the LIKE button!


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