Ensure Smooth Tax Filing This Season with Essential W-2 Guidance
Navigate the Tax Season: Key W-2 Tips from PayrollOrg
As tax season kicks off in the wake of the new One Big Beautiful Bill Act (OBBBA), both employees and employers must navigate this period with care. The IRS has decided to maintain the existing W-2 forms and federal tax withholding tables for the 2025 tax year. This decision aims to prevent any disruption during the tax filing season, allowing employees to feel some relief amidst tax changes. However, notable provisions from the OBBBA could impact employees, particularly regarding deductions for qualified tips and overtime compensation. To aid individuals in this process, PayrollOrg presents five indispensable tips to help employees manage their wage statements effectively, reduce processing delays, and identify potential tax credits.
1. Verify Your Personal Information
Upon receiving your Form W-2, it is vital to meticulously check all your personal details, including your name, address, and Social Security number. An error as minor as a misspelled name can lead to significant complications, potentially resulting in rejection or delays of your tax return. Should you discover any mistakes, promptly contact your payroll department for corrections.
2. Cross-Check W-2 Data with Your Final Paystub
It’s essential to ensure the data on your W-2 aligns with what you see in your final paystub. Pay particular attention to the following:
- - Box 1: This number might be lower than your year-to-date (YTD) gross pay if you contributed to a 401(k) or similar employer-sponsored savings plan.
- - Box 3: Be aware that this amount should not exceed $176,100, which is set as the 2025 Social Security wage base.
- - Boxes 1, 3, and 5: Any variations compared to your gross pay could be because you utilized pre-tax deductions for insurance premiums, transit benefits, or flexible spending account contributions.
3. Look Out for Refunds and Credits
Even if you believe you had little to no federal income tax withheld, it’s crucial to check your eligibility for the Earned Income Tax Credit (EITC). You can find this information on the back of
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