01/30/2023
Just a quick tip. W-4s are changing every year and less taxes are being taken out of every check. So if you like getting a refund like other years then you need to add extra withholdings every pay period. If you don’t know what to add.
Just think about $50.00 a check is $100 a month and an extra $1200 for your refund. $25 a check is $50 a month and a $600 extra… many clients like refunds because it helps them save up $
This year you will notice the refunds are smaller than last year. This is part of the updated tax plans. The IRS does not like to give refunds, they’re trying to break even and only take what you need out. It’s impossible to really estimate the tax this way. So be smart and change it early in the year!
A w-4 is a form that lets your payroll person
Know how much tax you want taken out so. If you make this paper wrong and take out too little, then you will pay. Which the IRS prefers, they do not like giving out refund checks.
Things are going back to before covid. Child tax credit is UP TO $2000. No more covid money! No more extra credits.
