W2 and 1099 Preparation in Houston, TX - Molen & Associates

Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

W2 and 1099 Preparation in Houston, TX

It’s that time of year again! As a small business owner in Houston, TX, you are responsible for ensuring that your employees’ W2 forms and 1099s are accurate and filed on time. Do you know where to start? Let Molen & Associates help!

 

W2s

The first step is to gather all of the information you will need to prepare your employees’ W2 forms. This includes each employee’s Social Security number, their address, and the amount of money they earned during the year. You will also need to have your business’s Employer Identification Number (EIN) on hand.

Once you have all of the necessary information, you can begin filling out the W2 form. If you need help, there are many resources available online, including the IRS website. You can also hire a professional tax preparer or accountant like Molen & Associates to assist you.

1099s

In addition to W2s, you may also need to prepare 1099 forms for any contractors or self-employed individuals who worked for your business during the year. Similar to the W2 form, you will need each individual’s Social Security number and address, as well as your EIN. You will also need to know how much money was paid to each contractor or self-employed individual during the year.

 

Once you have all of the required information, you can begin filling out the 1099 form. If you need help, there are many resources available online, including the IRS website and various accounting software programs. You can also hire a professional tax preparer or accountant to assist you. 

 

Preparing your employees’ W2s and 1099s can seem like a daunting task, but it doesn’t have to be. With a little planning and understanding of what forms need to be filed and when, you can ensure that your business is in compliance with all applicable laws and regulations.

 

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

Credits vs Deductions: What is the Difference?

When it comes to filing taxes, understanding the difference between tax credits and tax deductions is crucial. Both can significantly reduce your tax liability, but they work in different ways. This article will delve into the distinctions between tax credits and...

IRS Audits: Understanding the Process, Red Flags, and Preparation

Navigating the complexities of the U.S. tax system can be daunting, and one of the most anxiety-inducing aspects for taxpayers is the possibility of an IRS audit. Understanding the audit process, recognizing potential red flags, and knowing how to prepare can...

Energy Tax Credits: Tax Incentives for Energy-Efficient Home Improvements and Renewable Energy Installations

In an era where environmental sustainability is becoming increasingly critical, energy tax credits offer homeowners a financial incentive to make energy-efficient home improvements and invest in renewable energy installations. These tax credits not only help reduce...

Foreign Income and Taxes: Understanding the Foreign Earned Income Exclusion and Tax Implications for Expatriates

Foreign Income and Taxes: Understanding the Foreign Earned Income Exclusion and Tax Implications for Expatriates Living and working abroad can be an exciting adventure, but it also comes with unique tax challenges. One of the most significant considerations for U.S....

Understanding the Alternative Minimum Tax (AMT): Who It Affects and How It Works

The Alternative Minimum Tax (AMT) is a crucial component of the U.S. tax system, designed to ensure that individuals with higher incomes pay a minimum amount of tax, regardless of their deductions and credits. This article explores the concept of AMT, its implications...

Tax Implications of Inheritance: Understanding Estate Taxes, Inheritance Taxes, and Step-Up in Basis Rules

Inheriting assets can be a complex affair, especially when it comes to understanding the tax implications involved. This article delves into the intricacies of estate taxes, inheritance taxes, and the step-up in basis rules, providing a comprehensive overview for...

Healthcare and Taxes: Navigating Health Savings Accounts (HSAs) and Medical Expense Deductions

Healthcare costs can be a significant financial burden, but tax-advantaged accounts like Health Savings Accounts (HSAs) and deductions for medical expenses can help mitigate these costs. Understanding these benefits can lead to substantial tax savings and financial...

Tax Credits for Families: Navigating the Child Tax Credit and the Child and Dependent Care Credit

Tax credits are essential tools for reducing the tax burden on families, helping to increase disposable income and financial stability. Among these, the Child Tax Credit (CTC) and the Child and Dependent Care Credit (CDCC) are particularly beneficial for parents and...

Retirement Contributions and Taxes: Understanding the Tax Implications of Contributing to IRAs and 401(k)s

When planning for retirement, understanding the tax implications of contributing to retirement accounts such as Individual Retirement Arrangements (IRAs) and 401(k) plans is crucial. These accounts offer valuable tax benefits, which can significantly impact your...

Texas has been declared a Federal Disaster. What does this mean?

With the storm and power outages last week, Texas has been declared a Federal Disaster. What does this mean? When a state is declared a federal disaster area by the President of the United States, it triggers a series of federal assistance measures under the Robert T....

Request an Appointment Today

14 + 15 =

Call us at

Pin It on Pinterest

Share This