Listen up, y’all. The IRS just dropped the 2019 Form W-4 and we need to make sure we stay on top of our game when it comes to our taxes. This shit can be confusing, but we got this. Let’s break it down.
First things first, what is the Form W-4?
The Form W-4 is basically a way for us to tell our employers how much they should withhold from our paychecks for taxes. It’s important to fill it out correctly so we’re not hit with a big tax bill at the end of the year, or worse, penalties and interest for underpaying our taxes throughout the year.
What’s new with the 2019 Form W-4?
The new form has been updated to reflect changes in the tax law, including the elimination of personal exemptions and changes to the standard deduction. There are also new instructions and worksheets to help us calculate the appropriate number of allowances to claim.
One thing to note is that the new form no longer asks for our withholding allowances. Instead, it asks us to enter the total amount of tax credits we expect for the year, such as for child care expenses or education credits. This means we’ll need to do a little more math to figure out our withholding, but it’s worth it to make sure we’re not over- or under-withholding.
How do I fill out the Form W-4?
First, make sure you have your most recent tax return handy. You’ll need information from it to fill out the form, such as your filing status and the total amount of deductions and credits.
Next, follow the instructions on the form carefully. Use the worksheets provided to calculate the appropriate number of allowances to claim. If you have multiple jobs or a working spouse or dependents, be sure to account for that in your calculations so you don’t end up owing taxes at the end of the year.
Once you’ve completed the form, sign and date it and give it to your employer. Keep a copy for your records.
What if I’m not sure how to fill out the Form W-4?
If you’re not comfortable doing the calculations yourself, there are resources available to help you.
The IRS has a withholding calculator on their website that you can use to estimate your withholding. You’ll need to have your most recent pay stub and tax return handy to use the calculator.
You can also consult with a tax professional for guidance. They can help you navigate the tax implications of your specific situation and ensure that you’re withholding the appropriate amount from your paychecks.
Whew, that was a lot of information. But it’s important that we stay on top of this stuff, y’all. Let’s make sure we’re doing everything we can to minimize our tax liabilities and maximize our refunds. We got this!
