{"id":1815,"date":"2022-09-08T11:00:02","date_gmt":"2022-09-08T15:00:02","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1815"},"modified":"2022-09-08T11:00:02","modified_gmt":"2022-09-08T15:00:02","slug":"update-your-tax-withholdings-to-avoid-year-end-surprises","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2022\/09\/08\/update-your-tax-withholdings-to-avoid-year-end-surprises\/","title":{"rendered":"Update Your Tax Withholdings to Avoid Year-End Surprises"},"content":{"rendered":"

During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due.<\/p>\n

Young people new to the full-time work force can be especially vulnerable to incorrect withholding, especially in the first complete year of full-time employment, since their income in prior years as part-time students was often offset by the generous standard deduction available to taxpayers. (For example, in 2021, single taxpayers received a standard deduction of $12,550, meaning if they earned less than that amount they owed no tax and any federal income tax withholding would be refunded.)<\/p>\n

Frequently, unexpected surprises at tax time come from insufficient tax withholding.<\/p>\n

Fortunately, it is not too late for taxpayers to adjust their 2022 tax withholding to avoid this result. The Internal Revenue Service website has a tool to assist taxpayers in determining the correct payroll tax withholding<\/a>.<\/p>\n

Armed with a recent pay stub and a copy of last year\u2019s tax return, taxpayers can perform a payroll check-up and, if necessary, adjust their payroll tax withholding to avoid an unpleasant surprise in the spring. To change their federal tax withholding, taxpayers will want to complete a new W-4<\/a> and submit it to their payroll department.<\/p>\n

In 2020, the W-4 was redesigned to closely align tax withholding with expected tax liability. However, if a taxpayer wants to make sure they receive a tax refund at tax filing time (many people rely on tax refunds as a form of forced savings), they should include an amount on line 4(c) for additional withholding per pay period.<\/p>\n

For example, a recent college graduate was disappointed to learn in February 2021 that an expected $2,000 refund was actually a $60 refund. The new graduate decided she would have an additional $40 per bi-weekly pay period withheld by completing a new W-4 and including $40 on line 4(c). If she has no other income, she should expect a refund in the $1,000 range when she files next year (26 pay periods x $40 =$1,040).<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due. 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