This is the time of year when employees receive their W2s for the previous year’s earnings. Employers are required to ensure W2s are mailed out by January 30. Most employees immediately file away that W2 to give to their Tax Preparer, but they fail to look at it first! This is a big mistake. Here's why………
Mistakes happen. Don’t assume your W2 is 100% correct. Compare each W2 with the year-end pay stub for each corresponding job. Most importantly you want to ensure the following figures are correct on your W2 for income, taxes withheld, etc. Check boxes 1-5 and boxes 16-17. If you find any discrepancies, be sure to notify your employer immediately.
And of course if you have any questions, I’m happy to help answer them. Contact me any time!