W-4’s when having two jobs and a small business

[ClarkC11]

Hello,

I wanted to see if someone would be able to guide me with filling out my W4’s correctly when having two jobs and now a small business. I want to make sure I am avoiding owning taxes and possible receiving a refund. 

[conniem123]

Hi ClarkC11,  It's so tricky finding that sweet spot of withholdings to not owe taxes and not receive a large refund, especially when you have multiple jobs and sources of income.  

There is a W4 Calculator that walks you through the steps,

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

To ensure accuracy, use your combined income to figure out the appropriate withholding. 

 Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding.  Keep in mind there is not a full year of 2022 for the change to affect since we are late July already.

You can also use your 2020 tax return as a starting point, and if need can add Additional Withholding in Step 4 (c) – Extra Withholdings – put an amount here to be withheld each pay period.

I hope you find this helpful!