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.