It’s Time to Review Your Form W-4

Mid-year is a good time to review your form W-4. It allows time to make any necessary corrections. Reviewing your Form W-4 ensures that your tax withholding aligns with your current financial situation. Here are steps to review it:

  1. Update Personal Information: Make sure your name, Social Security number, and filing status are correct.
  2. Review Allowances: Ensure the number of allowances claimed reflects your dependents and tax situation accurately.
  3. Consider Additional Income: Adjust withholding if you have multiple jobs or significant additional income.
  4. Check Deductions: Verify if you qualify for deductions, like child tax credit, to adjust withholding accordingly.
  5. Use IRS Tools: Utilize the IRS Tax Withholding Estimator for accurate calculations based on current tax laws. This tool can estimate your federal income tax withholdings, see how your refund, take-home pay or tax due are affected by your withholding amount, and choose an estimated withholding amount that works for you. Use link below.
  6. Complete W-4 Form: If errors and/or adjustments are discovered, follow the steps in the previous email to complete form. Confirm you’ve signed and dated the form.
  7. Submit to Employer: Provide the updated W-4 to your employer promptly for implementation

A review of the form W-4 should be performed yearly to ensure that there’s no surprises at tax filing.

If you have any questions regarding the Form W-4, send an email to angie@alphabusinesservices.net or click below to schedule an appointment.

Tax Withholding Estimator

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