Consequences Of Not Filing W2 Statement
Being an abiding citizen when you are employed, you will be liable to file taxes every year and ensure that you have submitted your W2 as this records the wage and salary paid to you by your employer and will also indicate the withheld amount from your paycheck for the year.
For most, this is the least of the things that they will have in mind as some would think that their employer will automatically make all the updates when necessary, however, there can be chances that the information you had written when you first filled out the form may have changed. You have to immediately request this form from your employer so that you can duly update the information, especially if you had a change of work to fully make all the necessary changes and be accounted for.
You must be accurate as much as possible in all the details in your W2 form because any mistake might lead you to owe taxes from the government and making the amendment when it is already sent to IRS may incur several fees and penalties.
If you are unsure about the information asked or what to input of the form, get help from a more knowledgeable person like someone from your payroll staff so you can be guided accordingly and you can also make yourself familiar with the IRS regulations to see what forms are for what so you will not be innocent on these matters.
No matter what type of job you have, it is in our best interest to make sure that you are up-to-date when it comes to filing your tax returns as this gives you enough breathing room to go about your day and avoid the endeavors of having to pay for late penalties and whatnot.
By ensuring that you are also up to date, though, tax filing may have its extension for due dates, you can escape from the possibility of going to IRS yourself and file the tax on your own and join the crowd of people who just like to forget their responsibilities. By considering this move, you are guaranteed to get more benefits at the end of the day, especially since you can then secure and confirm that you are able to save time – or even an entire day’s wage.
Knowing your responsibility as a citizen and making the possible action when required especially filing of W2 shows your professionalism and patriotism.
Now that you know what the consequences are, it is very important that you have to keep track of the dates, especially your due dates, to make sure you are not risking or putting yourself in a very bad situation of fees and more payments.