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The 2011 tax deadline on April 17, 2012 has come and gone.  If you made it through another year, congratulations.  If you had to file an extension, you have six months to get your tax return into the IRS.  There are two groups of people who file tax returns with the IRS. 

Those who owe.

Those who get refunds.

Both have something in common.  Both groups have to figure out what their tax liability will be for the for the upcoming year?  If you received a large refund you had too much of your hard-earned money withheld from your paycheck.  If you have owed a lot of money, you are having too little withheld or underestimating your estimated tax liability.  You should complete a new Form W-4 each year.  The W-4 informs the employer what your withholding should be based on the number of dependents and how often you are being paid.

The IRS has a wonderful tool on their website to help you complete the Form W-4 called the “Withholding Calculator.  The link to the IRS website for the Withholding Calculator  is:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

additionally, the Form W-4 can be found at:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

If your tax circumstances change you should complete a new W-4 to update your payroll records.

Great tax planning starts with the basics of knowing what your withholding and estimated tax should be for the year since it is your hard-earned money.  Have you filled out a new W-4 for 2012?

 

Form W-4

Have you completed a new W-4 for the year?  Leave a comment below.

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