SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Jacobs & Newmark, CPAs
100 Lexington Drive, Suite 250, Buffalo Grove, IL 60089
Phone: 847-537-0100
August 2023
Revisit Your Form W4
Don’t wait until December to review your Form W4. By then, it’s too late to make changes for 2023.
Compare your 2022 tax return with your current financial situation, including changes in income, marital status, or the addition of dependents. These factors can significantly impact the amount you should withhold.
Next, use the IRS Tax Withholding Estimator https://www.irs.gov/individuals/tax-withholding-estimator to calculate the right amount to withhold. This tool considers your income, dependents, filing status, and estimated deductions and credits.
After using the estimator, if you find that you’re not withholding enough, you can adjust your W-4. Fill out a new form and submit it to your employer. You can do this annually.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.