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Wendy01
Returning Member

Taxes question

How do I get more money in my paycheck they take out a lot of taxes. 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 when you have dependents. 

1 Reply
OmM1
Employee Tax & Finance Expert

Taxes question

 

Hello Wendy01,

Thank you for reaching out with your tax withholding question.

To not owe taxes at the end of the year, it is important that enough taxes are taken out of each paycheck. Owing taxes at the end of the year may not only be upsetting to budget but can also cause penalties and interest, so it is impossible to over emphasize the importance of proper withholding.

To ensure that enough amount of taxes is taken out, your W4 form needs to be filled our correctly. A new W4 form can be submitted any time there is a change in life situation – new job, second job, side gig, new addition to the family, changes in the dependents that you are going to be claiming, getting married or divorced, you decide you are going to file your taxes differently (from Married filing jointly to married filing separately or vice versa) , …..

HOW to adjust my Form W4?

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.

An even easier way is to use the TurboTax W-4 Calculator.

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

Please feel reach back, should you need further help.

Thank You,

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