Tax season quickly approaches, have you checked your situation out

Now that we’re winding down the year, it’s getting closer to tax season. So in honor of that upcoming event, I thought I’d write an article regarding your W-4 and whether you may want to adjust it accordingly. That is to say, if you want more money back at the end of the year, or if you are on the opposite side of the fence where you don’t mind owing a little bit back. This is article is intended to provide a way to provide a more in-depth analysis for your own personal situation.
If you would like to adjust your W-4, you could read this post to determine if you are eligible to adjust your W-4 and by how much.
There’s also a brief calculator on this page and if you would like to use it for you own website, I can provide a link and information on how to use it. The basic math is based off of the premise that you haven’t had a drastic change in your taxable amount from the previous year. With that in mind, you can figure out how close you are to either getting money back or whether you’ll be owing money.
My personal take is that I can use the money during the year, especially since we have 4 children. It allows us to put savings aside during the year, and we can still make use of the child tax credit. Please understand that this calculator is fundamentally basic in that it only takes in a few pieces of information to give you the results.
You should also be aware that you can adjust your W-4 withholding so that you claim more on your W-4 than you do on your 1040/1040A/1040EZ tax form. I currently claim 13 on my W-4 Withholding Allowance Certificate, and due to the child tax credits we are eligible for, we still get some money back at the end of the year.

Hopefully this calculator and information is helpful since it is very generic.

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