Listen to the end for the opportunity to work with me to assess your tax refund BEFORE the end of the year.

Link to the infographic: http://blogs.hrblock.com/2014/02/25/hacking-your-w-4-infographic/

Your (as an employee) file Federal Form W-4 with your employer to withhold the correct Federal income tax from your pay. If you don’t file a W-4, your employer is required to withhold tax from your wages at the highest rate (as if you were Single with no dependents).

The more allowances you claim, the less tax is withheld from your check. This would allow someone with six children the ability to bring home more money to feed them than a single person with no children. Note: The family with six kids would also have more deductions than a single person, which lowers their tax liability anyway. 

Withholding allowances generally include yourself, your spouse (if applicable), and dependent children.

Tip: You can claim a different number of dependents on your W-4 than you actually have in your household. Why? Because there are many, many, many more variables that affect your tax liability like credits and deductions.

 

Life changes could affect your W-4 allowances as well: 

•Marriage or divorce

•New child or adoption

•Retirement

•Increased income and dividend income

•New job, second job, or large pay change

•Purchase of a home with mortgage

 

Don’t get your withholdings back with no interest - contact me http://SteveStewart.me/contact to schedule your tax assessment done in August. I will get you on the schedule and we will make sure you have more money in your check to pay down high interest debt.