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Accounting Forms Guide, Miami Beach Accountant

Guide To Some Accounting Forms and Filing Deadlines

Accounting Forms – The end of the year is fast approaching. Before you know it, we’ll be celebrating Christmas and New Year’s. So for this Miami Beach accountant, IRS filing deadlines and accounting form reporting is what’s top of mind.

What Is a W2 Tax Form?

accounting forms w2This accounting form shows the amount of taxes that are withheld from your paycheck for the entire year and used to file federal and state taxes. The IRS requires your employer to report your salary information.

A W2 accounting form is given only to employees so if you’re an independent contractor or own your own business , you’ll probably get a 1099 instead. There are various areas to fill out in a W2 form, including your annual wage, salary payments, social security taxes and medicate tax. In some states, but not in Florida, income tax withholding shows up on a W2 form too.

The month withheld amounts from your paycheck are actually paid to the IRS throughout the year, which your employer takes care of on your behalf. This Miami Beach accountant reminds you of how important it is that your correct name and social security appear on the W2. No spelling mistakes, forgotten numbers or any other mistake. If the income you report doesn’t match the details on your W2, then the IRS will have questions for you. The IRS will also match the reported payment amounts with your employer’s corporate tax.

What Is a 1099 Tax Form?

accounting forms 1099This accounting form is also called information returns, these come in a variety of documents to report different types of income that you get from other sources than your employer.

The person or corporation is responsible for filing the appropriate 1099 tax form and sending it to you by January 31. Many freelancers, independent contractors, part-time workers and consultants get 1099-Misc forms if they received more than $600 from a specific entity. Once tax returns are prepared, the IRS requires them to report the total income and pay taxes on it.

If you withdraw from a retirement account, you also get a 1099 form, specifically a 1099-R. For deb cancellations, it’s a 1099-C. This happens when a creditor cancels a portion of an outstanding debt, which is treated like income by the IRS so it’s also taxable. Even the federal and state governments report the income it pays to taxpayers. For that, they use a 1099-G.

Filing Deadlines and Other Changes

Miami Beach AccountantThere are some changes affecting W2 Forms and 1099 Forms. Did you know the filing deadline for all federal W2s is January 31? This affects both employee and agency copies as well as print and electronic returns.

This new deadline also impacts certain types of 1099-Misc such as the Box 7: Nonemployee Compensation. The IRS also recommends the 1099 forms are sent with a completed Form 1096 separately, that don’t report the NEC to ensure timely processing.

Other than, for this accounting form deadline is February 28 for paper filings and April 2 for electronic ones. Another thing to note is that the federal and state tax forms now have to be printed differently: printing all forms to a PDF first.

If you don’t want to do you own tax returns, contact Manal Oliver for help with all your accounting forms and more. From filing the right forms to tax deductions and ensuring you meet deadlines, you can count on countless years of experience .


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