January To-do's

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

 We all know that January can be a very busy month for most of us. The QuickBooksGal is here to help alleviate 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 part form. 
  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 the federal copies until February 25th. This allows you to make changes and prevents any need to file an amended W-2 form.

1099 forms: are required for any service providers that are unincorporated, to whom you pay $600 or more a year. Same deadlines 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 the federal copies until February 25th. This allows you to make changes and prevents any need to file an amended 1099 or 1096 form.

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