Year-End Tax Reporting

Year-End Tax Reporting

Year-end tax reporting refers to the process of preparing and submitting various tax-related forms and documents at the end of a fiscal year to ensure compliance with federal, state, and local tax laws.

For employers, this involves preparing forms such as Form W-2 (Wage and Tax Statement) for employees, Form 1099 for independent contractors, and Form 941 (Employer’s Quarterly Federal Tax Return) or Form 944 (Employer’s Annual Federal Tax Return) for reporting payroll taxes.

Additionally, businesses must reconcile their financial records and submit income tax returns, such as Form 1120 for corporations or Form 1065 for partnerships. Employees use their year-end tax documents, like the W-2, to file their individual income tax returns. Year-end tax reporting ensures that employees and businesses meet tax obligations, avoid penalties, and contribute to social programs like Social Security and Medicare.

Fingercheck and any related entities do not offer tax, accounting, or legal advice. This content is designed for informational purposes only and should not be considered a source of tax, legal, or accounting advice. It is recommended that you consult your tax, legal, and accounting advisors before undertaking any related activities or transactions.