What is Form W-2? W-2 is the annual salary summary form obtained from the employer at the beginning of each year, which summarizes your total salary and tax deductions for the previous year. The employer will give you this form no later than February. If you do not receive it, please contact the employer to ask for it. ​ W-2 has a very significant feature (or it is different from 1099-NEC). Once the employer decides to issue W-2 to the employee, he must also pay certain social security benefit tax and medical security tax (also known as FICA). This is

In the United States, if the income reaches a certain level, it is necessary to prepay some taxes to the government in the current month or quarter. Penalties will apply if taxes over $1000 are not prepaid. Therefore, the entry of a full-time job often starts with filling out the W-4 form, which is the calculation and signing form specially used by the tax bureau to authorize companies to withhold federal taxes for you, including marital status, withholding income tax relief wait. When you want to change the preferential amount of tax credit on W-4, or when your marital and

Form 1099 is an income summary form given to you by an individual or organization, with the tax ID number of the issuing organization and the SSN of the recipient (you). When a company, organization or someone else gives you a 1099 form, it means that they have also reported to the IRS the behavior and amount of money they gave you this year. The one in your hand is for tax declaration. Remember to declare when you file tax at the beginning of next year, otherwise it will be easy to be taxed and even fined.   Usually our

IRA stands for Individual Retirement Account, the full name is Individual Retirement Account, also known as traditional IRA. This is a savings retirement plan that you create, fund, operate, and withdraw completely by yourself. It is characterized by: ​ No need to go through the employer: IRA only needs you to decide to open the plan, and you can go directly to the bank or financial institution to open an account. There is no limit to the number of accounts, and you decide how much to save and which IRA account to save each year. But when you file your

What to get notified from the IRS？ ​ The IRS will send a notice or letter when: you have a balance due; You will get a higher or lower tax rebate than stated on the tax return; The tax bureau has questioned the tax return; The tax office needs to verify your identity; the tax office needs more information; the tax office has changed your tax return; You have been notified by the tax office that there is a delay in processing your tax return. ​ ​ what to do after receiving？ ​ Read carefully: Most IRS letters and notices

The form in which tax records are stored？   Storage of tax records (including, for example, bank statements, tax returns, insurance policies, etc.) can be achieved by means of scanning, electronic documents, cloud backup, etc. ​ How long tax records need to be stored is sufficient？ ​ Federal law requires keeping copies of tax returns and supporting documents for three years. However, if the IRS believes that you have significantly underreported income (25% or more), or believes there may be indications of fraud, it may go back six years in the audit. To be on the safe side, please use

Why do I need to file a tax return?？ No matter which country you are in, every resident has the obligation and responsibility to file tax returns. In the United States, tax filing is closely related to renting a house, loans, social benefits, entering a higher school, applying for status, and even finding a job. For example, during the epidemic period, the federal government’s bailout funds are primarily targeted and determined based on whether they have filed taxes; for example, when submitting applications to immigration bureaus, courts and other agencies, they are often required to attach previous years’ financial statements.