You’ll also need to file a Schedule H and pay your household employment taxes with your tax return. If you file electronically, the deadline is March 31. You also have to submit W-2 and W-3 forms to the Social Security Administration by Feb. Like other employers, you’re required to provide your workers with W-2 forms by Feb. If you had hired help in your home, such as a nanny, maid, groundskeeper or private nurse, and you paid over $1,900 in wages last year, you’re considered a household employer. Either way, be sure to file with all your forms. If you don’t get any results that way, contact the IRS and get a copy. If you haven’t received your forms, contact the party responsible for sending them. The penalty for failure to pay is ½ of 1 percent of the unpaid taxes, charged monthly, up to 25 percent and the penalty for failure to file is usually 5 percent of the taxes due, which is also charged monthly up to 25 percent. Otherwise, the penalty compounds quite rapidly,” said Scott Goble, founder of Sound Accounting. “You can’t just ignore income because you didn’t receive a form.
15, you should have received the tax documents for most other forms of income, too - including real estate transactions, retirement distributions, interest and dividends and winnings from gambling. (You still have to file an income tax return if your net earnings from self-employment were $400 or more, whether or not a client sent you a form.)īy Feb. If you were self-employed or worked as a contractor, any clients that paid you over $600 last year must issue you a 1099-MISC by Feb. Employers are supposed to provide you W-2 forms for your wages by Feb.
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