More money now or refund later? Get ahead of next year’s taxes

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.

Calculate my W-4.

Factors that can impact your taxes

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:

  • Life changes – Marriage, divorce, new dependents, or your dependent’s age may alter your eligibility for certain credits and deductions. For example, a child turning 17 may mean you can no longer claim the Child Tax Credit (but you could claim the less valuable Credit for Other Dependents).
  • New side hustle – If you have self-employment income, you may not know you need to pay quarterly taxes throughout the year. Missing these payments could mean more taxes when you file.
  • Job changes – If you or your spouse added a job or started a new job, it could affect your overall withholding..

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.

Check your withholding now. Thank yourself later

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.

How an H&R Block tax pro can help

Have questions? Talk to a tax pro about your unique tax situation and how to adjust your withholding.

Saving for unexpected (tax) bills with Spruce

From car repairs to doctor’s bills and even taxes, Spruce can help you create an emergency fund to save for all your unexpected bills. You can even set up automatic transfers toward your saving goals..

With a high-yield interest rate on the Spruce Savings account after opting in, budgeting tools and loads of other powerful features, Spruce is definitely worth checking out.

Best of all, it’s available with no sign-up fees, no monthly fees or minimum balance requirements..

Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward®, N.A., Member FDIC, pursuant to license by Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.