What Is a W2 Form?

What Is a W2 Form?

Miami Tax Return

Understanding the W2 Form

You’ve probably have gotten a W2 form, but do you understand everything in the form?  Our Tax Consulting Services Miami can provide you with assistance on comprehending the W2 form better. Being able to understand everything in the form helps you increase your tax deductions, and maximize your tax refunds. A W2 form is provided by the employee which contains a listing of all taxes and deductions taken out of an employee’s paycheck. The employer is required to give out a W2 form to employees who received salary or wages before January 31. Your W2 form contains your work history and your eligibility for Social Security benefits. It’s important that you fill in the correct social security number, or it will lower your monthly payments received from retirement. Our Tax Consulting Services Miami give you the opportunity to learn more about filling out the W2 form. You are require to attach or upload the W2 form along with your tax return. In the W2 form, there are 34 boxes containing addresses, names, and numbers.

Specific Boxes from the W2 Form

Box 1: These are the wages, tips, or other taxable compensations earned throughout the year, minus the 401K plan, health insurance premiums, payroll deductions.

Box 2: This box reports the total amount of federal income taxes taken from your paycheck. You are able to adjust the amount of tax withheld from your paycheck which allows to change the amount of your tax refund.

Box 12: This is the benefits that are non-taxable received from your employer that do not show up in your wages.

Boxes 16 & 17: Reports the amount of taxable wages for state taxes purposes and amount of state taxes withheld from your wages. Shows an estimate of taxes should look like this year.

Our Tax Consulting Services Miami help you save money and maximize your tax refunds through the understanding of the W2 form. This form contains important information to help you get ready for your tax return. Prepare for your taxes with assistance from our Tax Consulting Services Miami, we will teach you ways on how to increase your tax refund.

Our Tax Consulting Services Miami can help you figure out ways on how to increase tax deductions while maximizing your refund through the understanding of the W2 form. Call today at 305-387-5880 or click here to make an appointment.