How To Get a New Copy of Your W-2 Form

Employers are responsible for distributing W-2 Forms to their employees by January 31st of each year. Share this informative blog with your employees to give them insight on what to do when they lose their W-2 Form.

Employer researching how to get a copy of Form W-2Every year, around of the end of January, you should receive a Form W-2, Wage and Tax Statement, from your employer, which is needed when filing your personal taxes by the annual April income tax deadline.

But I have to ask you... Have you ever misplaced your Form W-2? ...Yea? So have I, don’t feel bad. Searching frantically for your tax information can stress you out, but it doesn't have to.

Here is your inside scoop on how to get a new copy of your W-2 Form fast so you can get organized before the second quarter.

How To Get a New Copy of Your W-2 Form

Why Should I Keep a Copy of Form W-2?

Whether you are a small business owner or work for a company, keeping track of your tax information is very important. Here are just a few things that W-2 Forms are used for outside of filing your personal taxes:

  • Employment Verification 
  • Loan Approval 
  • Maintaining Tax Compliance (Businesses) and more
With the 2nd Quarter Form 941 deadline around the corner, you will need to report the information listed on your W-2 Form. Unsure if you need to request a transcript or copy? Here's a quick breakdown of each and how they can be obtained. 

Form W-2 Transcript

A transcript shows the data reported to the IRS on information returns such as Forms W-2, Form 1099 series, Form 1098 series, and Form 5498 series. However, keep in mind state or local information is not included with Form W-2 information.

The IRS provides a convenient Get Transcript Tool that allows you to request your wage and income transcript online. Transcripts are available for the past ten tax years; however, your current tax year information may not be complete until July.

Tip: IRS Form 4506-T, Request for Transcript of Tax Return, can also be used to request a wage and income transcript the good, old-fashioned way of paper filing.

Copy of Form W-2

The IRS only retains the copies of W-2 Forms that were attached to a paper tax return filed with the IRS. Receiving a Form W-2 copy is a little tricky because the only way to get a copy is to order a copy of the entire tax return using Form 4506, Request for Copy of Tax Return, and paying a $50 fee for each requested return.

The fee for requesting a return will be waived if a federally declared disaster impacted the taxpayer.

ExpressExtension not only provides you with personal income tax extensions, but we are your sources relevant IRS tax information.

If you find yourself unable to locate your Form W-2 and need to take care of tax matters before an upcoming tax deadline, be sure to file an extension with ExpressExtension to receive extra time to file. We provide extensions for individual income tax returns, information returns, business income tax returns, exempt organization returns, and more!

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How to File Your Form 990 Extension?

How to File Your Form 990 Extension?

Before we get started, many of you might be asking, “When is the Form 990 extension due date?” Well, it's today! If you need more time to file 990 online, your best bet for avoiding IRS penalties is to file a tax extension. Here is how to file your Form 990 extension before it’s too late.

How to File Your Form 990 Extension?

Despite your reason for needing additional time, the IRS will automatically grant you a six-month extension of time to file your IRS Form 990, the nonprofit tax return. The application process is quick, easy, and you will receive approval within the hour.

Form 990 Extension Due Date

2017 Nonprofit Tax Return

ExpressExtension has your back if you need more time to file IRS Form 990 online. Use our simplified e-filing guide to instantly file an IRS Form 990 extension; Form 990 is the Exempt Organization Tax Extension Form. With our unique online tax filing software, you do not need to know any complex IRS jargon, and there is zero hassle as you follow our streamlined step-by-step Form 8868 (extension for Form 990) instructions to transmit your tax extension directly to the IRS. 

When Is My Form 990 Due?

Your Form 990 extension due date is today, June 15th, if your tax-exempt organization's accounting period runs from February to January.

What Happens if I Fail to File a Form 990 Extension?

If you fail to file or submit your IRS Form 990 (or extension) late, there is a $20 penalty per-day up to $10,000 or 5% of your tax-exempt organizations total gross receipts.

E-File Form 8868, your Form 990 extension, before tonight’s IRS tax deadline.

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How To Extend Your IRS Form 990 Deadline

If your tax-exempt organization operates on a fiscal tax year starting in February, your IRS Form 990 is due Friday, June 15th! Yes, like THIS FRIDAY! 😳

Do you need some extra time to gather your 990 tax form information or just don’t like being rushed? That’s where ExpressExtension comes in. We are here to show you how to extend your IRS Form 990 deadline.

When is Form 990 Due?

As a tax-exempt organization, you are required to file a 990 tax form (Return of Organization Exempt From Income Tax Form) annually. If your accounting period runs from February to January your Form 990 extension due date is June 15th, 2018. If you file an extension for your 990 tax form on or before this date you will receive an additional six months. However, there is no extension available for Form 990-N.

The Form 990 extension due date for fiscal tax year organizations that start in February is Friday, June 15, 2018.

How To Extend Your IRS Form 990 Deadline

You can receive a 990 extension in less than 2 minutes when you e-file with the #1 tax extension software in the U.S., ExpressExtension.

ExpressExtension provides a hassle-free, simplified e-filing process that will directly transmit your completed form to the IRS. Zero complex IRS terminology all you need to do is follow our step-by-step instructions guide to submit information.

To file Form 8868 you first need to gather your organization’s basic details, which includes the organization’s name, address, EIN, tax year period, and which IRS 990 Form you typically file.

1. Create or log in to your ExpressExtension account 

2. Click “Create Exempt Org Tax Extension” from your account Dashboard.

3. Follow the step-by-step guide to complete tax extension Form 8868 online.

4. Transmit directly to the IRS

If you fail to file your nonprofit tax return or extension by the 990 due date you will face some pretty hefty IRS penalties that you don’t want to deal with.

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Successful Tips Every New Business Owner Should Know About

This is a guest post by Austin Jefferson of PayWow; Paywow is an authorized payroll solution designed with the needs of small businesses in mind.

Owning and operating your small business is not always easy. There are several challenges and road bumps along the way that you try to avoid but sometimes have to face head-on. Here are some successful tips every new business owner should know about.

Successful Tips Every New Business Owner Should Know About

1. Build a Network of Fellow Business Owners

If you and your business want to stay relevant, it is important to network with fellow business owners and associates. Interacting with like-minded individuals that experience some of the same challenges and successes as yourself will help build a network that can support you in the long-run.

2. Set Specific Obtainable Goals

Goals are more easily attainable when they are very specific. If you have a big goal that you want to reach, break this goal into smaller ones. For example, take a year-long goal and instead make quarterly goals for your business. This way you can gradually reach your goal and possibly exceed it.

Have your employees set individuals goals for themselves as well and help track them. When employees set their own goals, they are more prone to work towards reaching them. 

3. Delegate Responsibilities To Your Team

Some leaders are great at doing this while others, like myself, struggle to delegate responsibility well. People who tend to struggle with delegating responsibility are typically multi-taskers that can perform various tasks well. However, there comes a point where you realize that you genuinely can’t do it all. Your business will grow when you train equipped talent to handle various aspects of your business.

Note: Never forget that each member of your staff has a talent that should be utilized. 

4. Eliminate Unnecessary Overhead Costs

Always be mindful of unnecessary and overly expensive overhead costs. Things such as office space rental, top of the line supplies, and more can be adjusted if you put some effort into keeping your overhead costs low. The more money you save off the top, the more that goes in your pocket. 

5. Find Your Niche Market & Stick To It

One of the greatest tips you can take as a small business owner is finding the niche (comfortable/ideal) market for your business and cater to them.

Once you have determined who wants your product, buys your product, and will tell others about your product, you’re quickly on your way to success. Stay innovative, and you will have consistent clientele. 

6. Don’t Quit Your Day Job

Like many entrepreneurs, you probably have strongly considered quitting your day job so you can fully immerse yourself in your new business. This is a common trap that most fall in to.

As hard as it may be, I strongly suggest that you keep your day job for a little while until you have the foundation laid for your business and things begin to run smoothly. Once you see the business taking off and producing numbers that can sustain you, then leave your day job.

Take Control of Your Small Business Payroll

As a small business owner, running your business is complex, complicated, and unique to you. Let our sister product PayWow, an all-in-one small business payroll solution, make your payroll simple, uncomplicated and unique to your type of business. We give you the tools your small business needs to run payroll and stay tax compliant because we know you have a lot on your plate.

Sign-up for your free PayWow trial today say goodbye to the days of filing a last-minute extension!

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How To Bounce Back From an IRS Collections Notice

This is a guest post by Ariel Black of PayWow; Paywow is an authorized payroll solution designed with the needs of small businesses in mind.

Nothing could ruin a perfectly normal trip to the mailbox more than an unexpected and unwelcomed letter from the IRS. If you have received a letter with a big I.R.S. stamped in red on the front try not to panic. Don’t automatically assume it’s a business tax notice about to levy your account. However, if it is, today we will learn how you can bounce back from an IRS collections notice. 
Tax payer shocked when receiving an IRS Collections Notice

How To Bounce Back From an IRS Collections Notice

Step 1: Pick Your Stomach Off The Ground

After your stomach drops to the floor try and take a few deep breaths. Don’t panic...yet. Each year the
IRS and other state tax agencies send millions of business tax notices to owners like you, delving out little envelopes of sheer panic in the mail. Thankfully the majority of these notices are automatic and are typically harmless.

Step 2: Read The Notice Carefully

No matter the content be sure to read both the front and back carefully. Make sure you understand what it has to say and what it is concerning. Typically these are merely automatic notifications that do not require any action on your part. If this notice is because of a tax mistake on your part be sure to understand the situation clearly.

Step 3: Recognize The Sender

Both the IRS and the state tax agency can send you crucial business-related tax information. Depending on your state, either could be sending you panic via snail mail.

If you question the validity of the notice in question, it is a good idea to contact the agency that sent the notice.

Step 4: Identify The Type of Notice

There are several different types of IRS notices and the most urgent being an IRS collections notice. However, the collections notice will give you all the information you need to process and resolve the issue.

Step 5: Respond Before The Deadline

Once you understand the situation, you should respond immediately. Typically the IRS gives business owners a 30-day deadline for avoiding further action from IRS collections. But it is important to act fast if you receive a business tax notice. If you are still confused, write down your questions and call the corresponding agency. The number for the IRS collections agency will be listed on the notice itself.

Moving Forward

Please keep in mind this PayWow blog is purely information and it is not official tax advice. While this blog provides a general guideline for handling business tax notices and IRS collections notices, it is always best to consult a tax advisor or CPA about your specific situation.
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Restructuring Your Business May Be The Best Thing To Do

This is a guest post by Ariel Black of PayWow; Paywow is an authorized payroll solution designed with the needs of small businesses in mind.

Most likely when you choose your business structure or entity type it was a snap. Your accountant or lawyer helped you to consider a few facts and then you came to one of the most popular entity types: an S corporation (S Corp) or a limited liability company (LLC.) But following President Donald Trump’s Tax Reform Bill, restructuring your business may be the best thing to do.

Restructuring Your Business May Be The Best Thing To Do

The Tax Cuts and Jobs Act (TCJA) passed last December has made the choice of structure challenging for both new and established businesses. While in the past a C Corporation was hardly ever considered but now companies can not ignore the new 21 percent corporate tax rate which was previously lowered from 35 percent.

What Business Structure Will Benefit the Most

The Tax Cuts and Jobs Act (TCJA) has successfully impacted almost every type of business, but rather than going through each form here are the two main groups.

Pass Throughs

Pass Throughs are partnership business structures, S corps, and LLCs. The Tax Cuts and Jobs Act (TCJA) introduces a new 20 percent deduction on qualified business income. However, his deduction is temporary and will expire in 2025 if another law is not passed to extend its time.

C Corps

The rate for C Corps took a major plug from a whopping 35 percent to 21 percent. And unlike the 20 percent deduction for pass-through structures, this change is permanent. This means the top rate will stay at 21 percent until Congress changes it. This is a huge shift and it is sending many business owners running to their accountant’s office.

Payroll Made Simple, Sorry We Can Help With The Rest

Here at PayWow we understand the complexity of processing payroll and trying to manage the day to day business. This is failing to mention the ever-changing political and tax policy scene. Which is why we strive to simplify your payroll needs with our innovative payroll software solution. Utilize our informative payroll blogs to read the latest small business news and information.

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6 Summer Tax Deductions You Should Know About

Summer is heading your way at full force which means your small business is getting ready for the busy season. Families and individuals across the country are out and about making deals, traveling on vacation, renovating their homes, enjoying some needed time off, and more.

With all this summer hustle and bustle the last thing on your mind is taxes. However, this means you are missing out on some major savings! Here are six summer tax deductions you should know about.

6 Summer Tax Deductions You Should Know About

1) Home Office Deduction

Do you work from home and have an office space where you complete your work? If so, then you can count that as a deduction as long as the home office meets IRS requirements (space solely devoted to your business).

Now if your children use this space in your home as a play area, you cannot count that as a deduction (Lol).  Placing your laptop on a table or laying on the couch working won’t cut it either. However, an entire room does not have to be devoted to your home office; part of the room will work.

Don’t even try to claim your whole house unless you want someone from the IRS knocking on your door sooner rather than later.

2) Office Space Rental

If you need to find a larger business or office space to accommodate your growing business or staff, you can deduct the difference in cost for renting the space.

The interest on your mortgage loan can also be deducted!

3) Utilities

Did you know that you could deduct the cost of utilities for running your business? Yep, things such as your electricity bill, A/C bill, phone bill, internet, and more can be deducted.

Note: If you have a home office, a family landline cannot be deducted. However, the 2nd line for business calls only can be. You can also deduct the percentage of calls that are used for business calls from your mobile phone bill.

4) Office Supplies

Although we live in a tech-savvy world, there are just some office supplies that you need in your office space. Materials such as pens, pads, sticky notes, etc., can be deducted. You can also deduct cleaning supplies that are used to keep your space nice and clean.

Furniture upgrades and software subscriptions can also be deducted so that you can give your team the comfortability and tools they need to produce results.

5) Travel Costs

Do you need to travel to handle business-related concerns? Deduct those expensive travel costs for airfare, train tickets, and lodging.

Meals and entertainment costs can also be deducted, but don’t splurge too much; only 50% of these costs can be deducted.

6) Equipment Repair

No matter how much money you spend on an equipment purchase, things break and need maintenance at some point. If equipment for your business needs to be repaired, you can deduct these costs.

Enjoy summer and all of the perks that come with the season! Make sure to keep a detailed record of your business-related receipts and take advantage of these common tax deductions. When it’s time to file handle tax filings for your business, our sister product TaxBandits has you covered. Whether it’s 1099, W-2, 941, or an extension form, TaxBandits has everything you need in order to file on behalf of your business using one account. Need extra time to file? You can also apply for an extension with TaxBandits or stick with ExpressExtension; we are always here to help you get extra time to file.

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