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Ace Payroll Blog

 

Dec 12 2014

An ounce of prevention

By: Craig Rogers

Posted in: Payroll Taxes

 

As we approach year end there are some very simple measures that can be taken to avoid future problems with tax returns and informational returns. Every employee should check their paystub for accuracy. May common errors individuals face when filin gtheir tax returns are an incorrect Social Security Number. Checking before the W2's are issued can prevent unwanted notices from the IRS in the future. Employees should also verify that their correct address is on their stubs and they have the proper withholdings claimed. Employers should encourage employees to submit any expense reimbursements as quickly as possible and also request any information needed from thirds party's that are needed to be put on a W2. Emplyees shoould also be checking to see that they have been having withholding taxes educted from the proper state and any local jurisdictions. Every year when an individual is filling out his or her income tax return, they ask why they owe so much money, and many times the answer is because no local withholding tax was being deducted from their check. A simple review of a check stub would have caught that error and would have prevented them from owing a large sum of money with their return. Remember, you are responsible for yourself, so taking some time to review some basic items on your pay stub can save you a world of unneccessary grief down the road.

 




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