Are you asking “When do you get a W2?” Read this article to learn everything you need to know about a W2 including when you get them.
Tax times comes every single year and if you’re like a lot of people, you might be dreading this event.
Taxes certainly aren’t an event most people love. In fact, they tend to be one of those nuisances in life you wish you could just get rid of for good. But you can’t unfortunately.
One of the reasons you might not like tax time is because you always end up owing money. Another reason, though, could be that you have questions about your taxes such as:
When do you get a W2?
What expenses can you write off?
What is the best way to reduce your tax liability?
If you have questions like this, let’s start off by learning more about a W2 so you can understand when you get one and how to get one if you’re self-employed.
What Is a W2?
A W2 is one of the most commonly used tax documents around. It is something an employer creates for every employee who worked during the previous year, and it contains a lot of really important details.
The main details you’ll see on a W2 are gross earnings for the year and taxes withheld during this time period. You could also see other types of withholdings such as 401-k contributions and premiums for healthcare costs.
If you worked for a company during the year, you should receive a W2 from them as long as you earned at least $600.
If you earned less than this, you may or may not receive one. It just depends on the company and whether they withheld taxes or not.
When Do You Get a W2?
Employers are legally required to mail W2s to everyone who is eligible to receive one for the year, and they must mail them by January 1st of the next year.
Income taxes are generally due around April 15 so this gives people enough time to receive the tax forms and complete their taxes.
If you worked for a company as an independent contractor and not as an employee, you would not receive a W2. Instead, you’d receive a different form called a 1099.
How Do You Get One if You’re Self-Employed?
On the other hand, if you own your own business, you would be responsible for providing yourself with a W2 if you earned money through the business you own and run.
This means that you’ll have to add up and print your own tax statements, and you can do this by visiting paystubs.net. This site will walk you through the process of printing all kinds of forms including pay stubs and tax documents.
Reduce Your Tax-Related Stress by Starting Early
One last thing I’d like to mention is that a lot of people experience stress from taxes simply because they procrastinate.
If you want to reduce your stress and find out all the answers you have, including, “when do you get a W2,” then start your tax planning early.
Check out our blog for more great tips related to taxes and financial planning!
