Tax season tips
Taxfyle CEO and cofounder Richard Lavina discusses his tax-filing solution and the changes to the tax system this season.
Tax season is underway, and tens of millions of Americans have already filed their returns with the IRS.
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As previously reported by FOX Business, the average refund during the first couple weeks of the 2020 season was $1,952.
But those gearing up to file have hopefully received their W-2 documents in the mail.
A W-2 is a Wage and Tax Statement sent by employers and it is necessary to have when filing taxes.
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Most workers should have their W-2 forms – employers had a deadline of Jan. 31 to issue them.
However, there are often cases in which workers may find their forms are missing. Here are some steps the IRS recommends taking if you fall into that category this year:
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Contact your employer
The agency first recommends contacting your employer, or former employer, and requesting to know whether the documents were sent or could be resent. It is also worthwhile to verify the company has your correct address.
Contact the IRS
After contacting your employer, if you still have not received the forms after a reasonable amount of time, you can contact the IRS at 800-829-1040.
The agency notes you will need to be able to give them the following information: name, address, Social Security number, phone number, employer’s name, employer’s address and employer’s phone number. You will also need to disclose your employment dates and an estimate of wages and income tax withheld in 2019 – which can be derived from your final pay stub.
The IRS may contact your workplace for you, which could be subject to a penalty if it fails to mail the forms.
The IRS may also ask you to fill out a substitute W-2 form, known as Form 4852, on which taxpayers will estimate their income and withholding taxes as accurately as they can.
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File your return on time
Even if you do not receive your W-2 before the tax season deadline, the IRS said you should still file your return on time.
If you need more time you can file for an extension, which you would need to apply for by the tax deadline.
This year’s deadline is Wednesday, April 15.
If you receive your W-2 after filing and the information you provided on your Form 4852 was inaccurate, you will need to correct it using a Form 1040X.
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