How to file W-2 and 1099 forms correctly and on time

If you’re new to filing employee W-2 and 1099 forms, we can help you make sure you have everything in order, starting with a few simple tips.

As a business owner, you’re required to file W-2s and 1099s for your employees. If you’ve never done it before, it can be a little tricky to make sure you have it all right and submitted on time. We can help! Let’s start with the basics.

Determining 1099 Status

1099 workers are independent contractors who file their own taxes. It’s important to know the difference between the two and to file and provide tax forms accordingly. 1099 contractors typically do occasional work for your company. They provide their own equipment and resources, make their own schedules, and can accept or refuse certain jobs or assignments.

As a business rule, though not typically a legal one, you should have a written agreement with each 1099 contractor designating his or her status as such. This removes the question of qualification and helps prevent issues with misfiled taxes.

Preventing Mistakes in Filing W-2s

W-2s, the forms you file and provide to traditional employees, must contain information that has been confirmed to be accurate before they’re submitted. Extensions are not given except under very specific circumstances, and penalties may be issued for late or incorrectly filed W-2s.

One of the most common mistakes made by employers when filing W-2s is not verifying employee information. Check with your employees early to make sure the information on their W-4 forms is correct, and then use those forms to prepare their W-2s. Be sure to double-check personal information such as Social Security numbers, name spellings, and addresses.

Where and When to File

In the state of Louisiana, W-2 and 1099 forms must be filed by January 31st, 2019.

W-2s must be filed with the Social Security Administration, and 1099s should be filed directly with the IRS.

At Geaux Tax Resolution, we have the experience and resources you need to handle all of your tax concerns. If you need help with these forms or have other business tax questions, call us for a consultation at 337-420-1040 or contact us online.

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