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Need Help Completing a W-4 Form?

by Schwartz and Schwartz CPAs | Oct 4, 2017 | 2017 Fall Newsletter | 0 comments

If you change jobs, you need to submit a W-4 form with your new employer. What seems like a very straightforward form can often result in a surprisingly large overpayment or balance due when you file your taxes the following year.

Some underlying issues with the W-4 form are:

– If you work for more than one employer, each employer withholds taxes as if they are your only employer.
– If you claim ?married? on the W-4, your employer withholds taxes as if your spouse does NOT work.

To address these issues, the IRS has created a new online tool, the IRS Withholding Calculator, to help you complete the W-4 in such a way that you should come close to breaking even on your taxes.

You can check out the tool at: https://apps.irs.gov/app/withholdingcalculator/ (Java script needs to be enabled)

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