The W4 Form

Posted By: Dr. Frugal in Taxes on 08/04/2007 at 13:42:30

The amount you have withheld is based on your filing status as well as the number of withholding allowances you selected on the W4 that you filed with your employer. You should file a NEW W4 with your employer if a) you got a big refund last year b) owed more than $100 last year c) got married, divorced or had a child d) can't claim a dependent you claimed last year.

Most people have too much tax withheld and let the IRS borrow their money without interest for the entire year. You could be (and should be) earning interest on that money or, as a minimum, saving that money for future expenses. You know the government wouldn't give you a tax-free loan for a year.

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