January To-do's

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Welcome back for anotheryear of advice, tips, and helpful information from The QuickBooksGal! 

We all know that Januarycan be a very busy month for most of us. The QuickBooksGal is here to helpalleviate any stress and worries that you may have with a January To-do list.
January To-do List:
Step one: W-4's

•  Download or order your IRS W-4 forms and have all employees fill out and sign them. If there are any changes to withholding that need to be made, now is the time to do it.                

       *As of today the forms are still not available, but you can find them here at IRS Forms when they become available. 

Step two:W-2's

• Order W-2 forms at QBGal Store to receive a 20% discount. 
• Send W-2 forms to employees no later than January 31st.

W-2's are a four partform. 

1. Copy A goes to the Social Security Administration
2. Copies B & C go to the employee
3. Copy D the employer retains for their records

Step three: 

• Use W-3 form which is a recap sheet that indicates how many forms there are and the total amount of W-2's in transmission
• Photocopy your W-3 form and attach to your file copy D. 

SMART TIP!It's a good idea not to mail in thefederal copies until February 25th. This allows you to make changesand prevents any need to file an amended W-2 form.
1099 forms: are required for any service providers thatare unincorporated, to whom you pay $600 or more a year. Samedeadlines apply for 1099 as they do for the W-2 forms

1. Copy A for Internal Revenue Service Center
2. Copy B for the independent contractor or 1099 vendor
3. Copy C for the business owner (you)
4. Copy 1 and 2 to the recipient

1096 Form: Transmittal form:
Is submitted with copy A and then submitted to the IRS.Make sure to check the"mail-to" address on transmittal forms, since they vary.

SMART TIP!It's a good idea not to mail in thefederal copies until February 25th. This allows you to make changesand prevents any need to file an amended 1099 or 1096 form.