Happy February! This is W-2 Month!

Feel free to bug your boss, because the first week of February is generally the deadline for all employers to provide their employees with the all-important form.

We have some tips for those people left hanging as tax season gets into full swing.

Q: What exactly does W-2 Month mean?

A: It is not an official month, but as far as many tax preparers are concerned, W-2 month is the deadline for employers and payroll providers to send out W-2 forms to taxpayers. It’s also an exciting day because this is at the peak of the tax season when taxpayers like to file their taxes early so they can get their tax refund.

Q: Can your employer use the “it’s in the mail” excuse?
A: If you don’t receive your W-2 by the second week of February, contact your employer.  If the employer refuses to provide the W-2 to you, contact the IRS at (800) 828-1040 with the employer’s name, address, telephone number and employer ID number.

Q: What do you do if you still strike out?
A: If you still can’t get a W-2 form, file Substitute W-2 Form 4852 with your tax return, based on your final pay stub from that employer for 2015.

Q: Does it pay to try to start your taxes before receiving your W-2?
A: Yes, it does pay to get a jump-start so you can see where you stand with your taxes since there may be additional ways to maximize your tax refund, like contributing to an IRA or taking other above-the-line tax deductions like unreimbursed moving expenses from a job move or education deductions.

Q: What other tax documents should be on their way?
A: If you were self-employed you may see 1099-Misc forms or 1099-K forms, which is a fairly new tax form from merchants.

If you own a home you will see a 1098 form.

You may also see some forms related to the Affordable Care Act. If you purchased health insurance in the Health Insurance Marketplace you will see a 1095-A form.

If you have employer-provided, private insurance or Medicaid or Medicare you may see some new forms, the 1095-B or 1095-C. Per the IRS you do not need to file these forms. They are for information purposes only.

Q: Anything else taxpayers should be aware of right now?
A: This is the best time to file so you can get your tax refund earlier.

The Financial Advisors Group, is celebrating its 20th year as a fee-only financial planning firm that specializes in solving one’s financial problems. Many staff members are recognized financial experts and have been featured in many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, BronxNet, Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, 1010 WINS, The Bronx News and The Bronx Chronicle. The firm can be reached at (347) 575-5045.