tax-calculatorSpending time getting ready for taxes for next year might be the least of your concerns, but now may be the most important time. It’s always a best practice to review your withholding allowance to make sure you are aware of the amount being withheld from your paycheck. By being aware and taking action now (before the year ends) on tax related matters, you can potentially increase your refund next year, or spare yourself from paying higher taxes and avoid any surprises. If you want to see how you can get a bigger refund or have more money in your pocket throughout the year, play around with the number of withholding allowances on our W-4 calculator. It’s quick, easy and accurate. Use your results from this calculator to help you complete a new Form W-4.

Taxbrain’s W-4 Calculator

W4-calculator “Withholding” means the amount of taxes taken out of your paycheck for federal and state taxes. Not having enough taxes withheld from your paychecks could result in a high tax bill and potential penalties when you file your tax return. Once you find what your withholding allowances should be, you will need to get with your employer and complete a new Form W-4 (Employee’s Withholding Allowance Certificate) if there are any needed changes. The information you report on a Form W-4 is used to calculate how much of your tax will be paid from your paycheck every period. Keep in mind you can always complete a new Form W-4 with your employer at any time and adjust your withholding. At Taxbrain, you have access to our free, easy-to-use W-4 Withholding Calculator and Refund Calculator to help keep you on track with your tax strategy.