Tag Archive for W-2

Missing Your Form W-2?

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2014 earnings and withheld taxes no later than February 2, 2015 (if mailed, allow a few days for delivery).

If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2.

If you still do not receive your W-2 by February 15th, contact the IRS for assistance at Read More

Written by | Posted in Income Tax • Individual • IRS

Injured Spouse Relief Is Available

The terms “innocent spouse” and “injured spouse” are frequently misunderstood. These are two different situations under our current tax code.  A previous blog discussed the concept of an innocent spouse under IRS rules (See Innocent Spouse Relief by John Stancil). An innocent spouse is one who stands has filed a joint return and is exposed to liability for additional taxes due to fraudulent activity on the part of the other spouse.  An injured spouse is someone whose refund is captured by the IRS to satisfy a debt owed by the other spouse.  An injured spouse claim, if accepted by the IRS, can prevent this from happening.  A claim is made by filing Form 8379 with the IRS.

First, some background.  When spouses file joint returns, each spouse is liable for anything that is included on the return.  In addition, there is joint liability for any Read More

Written by | Posted in Individual • IRS

Missing Your W2’s? What To Do Next!

It’s that time of the year, however cliched that sounds, when your W2 comes in the mail. The W2 as you know shows your annual taxable earnings, tax payments and other deductions. The due date for the employers to send those out was January 31st, 2014. Some employers do send those out via email as well. Whereas others still rely on the pony express errrr the regular mail.

If you have not received yours and are anxious because you need that refund (like yesterday!!). First step, check your Email Inbox (yeah, I know…but please read on), some emails are ignored and may have slipped down the list. Your employer might require you to log in to a separate secure website. Read More

Written by | Posted in Income Tax • Tax Tips

Offbeat Questions Are The “Spices of Life” Regarding Simplified Employee Pension (SEP)

Can You Establish a SEP Plan if you are a Sole Proprietor? What if that Sole Proprietorship Had Historically Passive Income?

Regardless of their nature or topic matter, offbeat questions are one of the spices of life. When it comes to the realm of taxation generally speaking the answers frequently distill down to – it depends.

These two questions were asked of me on my last trip to New York City and I couldn’t restrain a spontaneous sarcastic guffaw as we were in the middle of the Museum of Modern Art attempting to comprehend the Matisse Cut-Out Exhibit and I was day dreaming that my 10 year old daughter may perhaps be an artistic genius. Read More

Written by | Posted in Individual • Retirement • Tax Planning
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