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Nolan Accounting Center
4262 South 108th Street
Greenfield, WI 53228
Phone: 414-425-5690
Fax: 414-425-2373
Website: www.nolanaccounting.com
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.
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