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Imhere
Level 1

Answer to all

  • How does having a side gig affect my taxes?
  • How do I get more money in my paycheck?
  • How can I avoid owing taxes at the end of the year?
  • Am I withholding enough taxes in my paycheck?
  • How often should I update my W4?
  • How do I handle my W4 if I work multiple jobs?
  • how much do I need to donate (clothes, money) to deduct money from my taxes
  • if a cpa does your taxes, can you get money deducted from taxes?
1 Reply
SoCalGal22
Employee Tax Expert

Answer to all

That's a long list!  There are articles on all of these, you can search here in the turbotax community or under Help in your Turbotax account.

A side gig you make a net profit on means you will be expected to start paying Quarterly Estimated Taxes.

 

To answer most of your W4 questions:

The IRS replaced the old Form W4 with a new system beginning in 2020.

It’s easy to adjust your withholding.  You can do it on paper or electronically.  The old-fashioned way is to walk through the worksheets on the W-4 form.

 

I find the TurboTax W-4 Calculator 2022 easier to use, and it will put in the best solution for you:

https://turbotax.intuit.com/tax-tools/calculators/w4/

Use this tool to:

  • Estimate your federal income tax withholding
  • See how your refund, take-home pay or tax due are affected by withholding amount
  • Choose an estimated withholding amount that works for you

Results are as accurate as the information you enter.

What you need:

  • Paystubs for all jobs (spouse too)
  • Other income info (side jobs, self-employment, investments, etc.)
  • Most recent tax return.

Updating your W4 whenever there is a change in your circumstances, or if you haven't updated it since 2020.

 

I hope that answers your questions. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.

 

Have a great day!

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