The Money Blog

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W2's SUBMITTED

After signing on and applying for access (Jan 9) with the Social Security Administration in their Business Services Online portion, I had to WAIT for a letter in the mail with a specific code number. 

The letter(s) arrived on Saturday, Jan 20 ... YEAH!

I went to the BSO (via SSA.gov) link and entered the codes .... I was 'IN'!! The first W2 I submitted was my own for my S-Corporation ... abiding by the compliance of submitting wages or a payroll. Seeing that when you have an S-Corp (for pass-thru tax purposes), you need to be 'on' payroll. 

The next step was to apply for an ID number from EFTPS (Electronic Federal Tax Payment System). I had also applied on January 9th ... then, WAIT for the PIN to access the website.

As of Monday, Jan 22, I hadn't received the PIN, so I called. The lady was VERY nice and explained that the letter was mailed out on the 10th, but she would send out another PIN, but if the first one came to go ahead and use that one!

Of course, the letter arrived that day! LOL ... so, I signed on and entered the PIN and I was 'IN'! So, now changing 'hats', I entered my business FICA and paid for my employee and company's SS & Medicare and scheduled it for Jan 30 withdrawal from my bank.

Today, Jan 23, I signed into the SSA.gov for the Business Service Online link and entered in all of the rest of the W2's for 2023. All was a success!!

Each time I need to go into either of the websites, I have to sign-in to ID.me; email, password, then have them text me a code to get in. It's always good to have your phone close by to get that code. Or they can call you (which works fine, too), or they can email the code.

All in all, it was a great day! Now that part is done until next January! Waiting on bank info for 3 more clients to set up their 944-Annual FICA payment. Then, let tax season begin!

THE PROSPERITY NEWSLETTER

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