Your Mid-Year Care Check-In is a great opportunity to set yourself for the tax outcome you want — either more money per paycheck now, or a tax refund later.
It involves adjusting your W-4, an IRS form you complete for your employer to determine how much should be withheld from your paychecks for federal income taxes.
Our handy W-4 calculator makes it easy. It can help you adjust your withholdings so you can avoid surprises and you’ll know what to expect at tax time.
If you didn’t get a refund or your refund was lower than expected this tax year, it could be due to a variety of factors that could potentially change your tax situation and affect your bottom line.
Here are a few things that can influence whether you owe money or get a refund:
Why your withholding is key. With every paycheck, you’re paying taxes as you earn. How much is determined by W-4 withholding. Those life changes and side jobs? Your W-4 form factors it all in.
Why check your W-4 withholding now? Well, now time is on your side. Let’s say you want to end the year with a refund. If you don’t have enough taxes coming out of each paycheck each period, you may find you owe at tax time.
Wait too long to update your W-4 and you might not have enough pay periods to catch up. If you’re not sure where to start, don’t sweat it. That’s what we’re here for.
Use our W-4 withholding calculator to adjust how much tax comes out of your pay, account for any side hustle income, and create an updated, ready-to-sign W-4 form.
Have questions? Talk to a tax pro about your unique tax situation and how to adjust your withholding.
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