#TalentTipTuesday – Preparing for Tax Time
Tax season officially kicks off this month and if you haven’t started thinking about preparing your taxes yet, remember that it’s always a good idea to start sooner than later! As a temporary, part-time employee of The Hype! Agency you will be receiving a W-2 Form after today, January 14, 2020. If your mailing address has changed in 2019 and you have not contacted the Accounting Department, please do so by emailing: Accounting@thehypeagency.com.
The W-2 form documents the total pay you received from Hype! during 2019. Also on your W-2 Form, you will see the total taxes that have been withheld from your paychecks and submitted on your behalf, along with Social Security Tax and Medicare Tax that Hype! has contributed toward your benefits.
Giving you the option of being an employee of The Hype! Agency versus being treated as an Independent Contractor is a great advantage, especially at tax time!! Your taxes are withheld each week from your pay and having these taxes withheld from your pay take much of the worry out of trying to come up with taxes that may be due at the end of the year.
Here are a few things to remember as you prepare to file your 2019 taxes:
- Think back, or check your 2019 calendar to see all the companies you worked with. Many of you work with other agencies and may need to be on the lookout for multiple W-2 Forms.
- Be sure to notify your past employers if you have changed your address. It can take up to two months for the post office to return mail back to the sender if it has an incorrect address on it.
- Be aware of any 1099 Forms you may be receiving. A 1099 Form reports to the IRS payments totaling over $600 you have received from companies that you did events with, but were not an employee of that company. The amount reported on this 1099 Form must be included as income on your tax return.
- Make sure to double-check all of your amounts and calculations as you are entering them on your tax return. An incorrect amount may result in an incorrect tax liability.
- There are many free, on-line filing services but be sure you are using a secure site.
- Taxes must be filed by Wednesday, April 15 unless you file for an extension.
- Don’t guess! If you are not sure what to put on your tax return, check with a tax professional.
- And don’t forget to keep copies of your tax returns for at least seven years.