Hi, my name’s Justin. I’m the customer and product expert on the payroll team at Wave. I know that year end can be an incredibly busy time for small business owners just like you. That’s why I’m going to be blogging every Monday through the new year to help get you through.
With this blog series, I’ll be demystifying the payroll year-end process so you have more time to focus on what you love. If you start spending a little time each week preparing, you can avoid a last minute panic when the time crunch hits.
We’ve worked diligently over the past few months to ensure it’s easier than ever to complete your year end tax filings. All you have to do is verify your employees’ addresses and Social Security Numbers (SSN) in America, or Social Insurance Numbers (SIN) in Canada, and we’ll automagically generate your year end forms. Print them out, file them with the relevant agencies, provide copies to your employees, and you’re all set.
Not sure which agencies you need to file with? Don’t worry, we’ve got you covered there too. Stay tuned for an update later in our newest blog series.
Step 1 in your Payroll Year End Guide
Now is a good time to think about verifying your employee information. On your next payday, ask your employees to confirm that the address information on their paystub is correct. If it’s out of date, you’ll need to update their address information before generating year end forms.
My employee’s information is out of date. How do I update it?
If you have invited your employee to Waveso they can access paystubs online, they can log in and update their info. Have them take the steps below to update their address:
Log into their Personal Wave account.
Navigate to ‘My Pay’
Select ‘My Profile’
Update Address fields as needed. Don’t forget to ‘Save’.
If your employee doesn’t have a personal account, it’s easy for you to update their information once they provide you with their current address.
Log into your Payroll by Wave account.
Click the Employees tab at the top. Select the employee whose address you want to update.
Update the address fields. When the employee profile loads, don’t forget to ‘Save employee’.
Note: You also need your employee’s SSN for year end, but should have already collected this with the new hire forms at the start of their employment. If you don’t have it yet, don’t worry, just make sure to add it using the same steps outlined above prior to generating the forms.
Now, when you generate your employee year end forms, their information will all be correct. One less thing to think about in January!
If you have any questions about this or anything else, please reach out to ourCustomer Support Heroes for help!
Check back next week. I’ll be doing a deep dive into the forms you’ll be providing to your employees; W2s in the US, and T4s in Canada.
Your Payroll Customer and Product Expert
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.”