Most employees complete a Form W-4 when they start a new job and never think about it again. The number of allowances claimed on a W-4 determines how much will be withheld from your paycheck for taxes. The more allowances you claim, the less income tax will be withheld.

If you generally receive a large tax refund you may want to consider changing the number of allowances you are claiming. This will allow you to receive more of your income each pay period and not have to wait on your refund each year.  A new W-4 can be submitted to your employer at any time.

If you have any questions about how much should be withheld, please give us a call.