To kick off the year, make sure your payroll is up to date and ready for 2014.
For our friends in Canada, that means updating employee TD1 forms. A lot can happen in a year, so have your employees fill out a new TD1. This will ensure that any changes they’ve made are accurately captured in their 2014 tax withholdings.
In the U.S., you’ll need employees to fill out a new W-4 to reflect any changes they’ve made throughout the year. You can find the new forms for 2014 on the IRS website: Form W-4 2014.
Once you’ve collected the new forms, updating the information in Payroll by Wave is easy!
Just select an employee from the Employees tab, and click Taxes in the left menu. You will be able to update any changes easily from this screen.
Need help? No problem. Just send us a note at questions.waveapps.com.
The information and tips we’re sharing in this article are meant to be a starting point for your year-end tax prep, so you can be informed and feel confident when working with your accountant. Be sure to check with a tax expert in your country or region for any specific advice you need, as each business (and tax district) is different. As our lawyers would say: “This article is for informational purposes only. It should not be considered legal or financial advice.”