{"id":1277,"date":"2025-04-19T01:24:33","date_gmt":"2025-04-19T01:24:33","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&#038;p=1277"},"modified":"2025-04-19T01:24:33","modified_gmt":"2025-04-19T01:24:33","slug":"do-you-need-to-adjust-your-tax-withholding","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/do-you-need-to-adjust-your-tax-withholding\/","title":{"rendered":"Do You Need to Adjust Your Tax Withholding?"},"content":{"rendered":"<p>Tax withholding is a balancing act. If you have too much tax withheld, you will receive a refund when you file your income tax return. If you prefer to receive more in your paycheck, you will need to reduce your withholding. However, if you have too little tax withheld, you will owe tax when you file your tax return and might owe a penalty.<\/p>\n<p>Two tools \u2014 IRS Form W-4 and the Tax Withholding Estimator on <a href=\"http:\/\/irs.gov\/\" target=\"_blank\" rel=\"noopener\"><strong>irs.gov<\/strong><\/a> \u2014 can be used to help figure out the right amount of federal income tax to have withheld from your paycheck. Using these can be beneficial when tax laws change, your filing status changes, you start a new job, or you have other major life changes. You might make a special effort to review your withholding if any of the following situations apply:<\/p>\n<ul>\n<li>Filing as a two-income family<\/li>\n<li>Holding more than one job at the same time<\/li>\n<li>Working for only part of the year<\/li>\n<li>Claiming credits, such as the child tax credit<\/li>\n<li>Itemizing deductions<\/li>\n<li>Having a high income and a complex return<\/li>\n<\/ul>\n<h2>How to adjust your withholding<\/h2>\n<p>Your employer will withhold tax from your paycheck based on the information you provide on Form W-4 and the IRS withholding tables. In some cases, you will need to give your employer a new Form W-4 within 10 days of a change in personal circumstances (for example, if the number of allowances you are allowed to claim is reduced or your filing status changes from married to single). In other cases, you can submit a new Form W-4 whenever you wish. See IRS Publication 505 for more information.<\/p>\n<p>If you have a large amount of nonwage income, such as interest, dividends, or capital gains, you might want to increase the tax withheld or claim fewer allowances. In this situation, also consider making estimated tax payments using IRS Form 1040-ES.<\/p>\n<p>You can claim exemption from federal tax withholding on Form W-4 if both of these situations apply: (1) in the prior tax year, you were entitled to a refund of all federal income tax withheld because you had no tax liability, and (2) for the current year, you expect a refund of all federal income tax withheld because you anticipate having no tax liability.<\/p>\n<p>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2024 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1278,"template":"","meta":{"_acf_changed":false},"newsletter-category":[27],"class_list":["post-1277","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-june"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do You Need to Adjust Your Tax Withholding? - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/do-you-need-to-adjust-your-tax-withholding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do You Need to Adjust Your Tax Withholding? 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