Do you know how much money is being withheld from your pack check? Probably not. In fact, 45% of the people polled by the American Institute of CPAs said they don’t know when they last reviewed the amount of tax withheld from their paychecks.
Truthfully, many people we talk to do not really understand their tax implications nor understand their W-4 forms. Why should you care about your W-4 forms? Because, even though your taxes and filing a tax return may seem daunting, it’s important to remain on top of the situation to know how it will impact your finances.
You might think that you just owe taxes, but thats not necessarily true. Indeed, the IRS issued 125.3 million refunds for the 2019 year, with recipients getting back an average of $2,535, according to agency data as of Nov. 20.
With the new year approaching, it’s important to become aware of your financial situation so that you can be in good shape come the beginning of next year.
While tax season can be confusing and stressful, it’s crucial to understand your situation. Consider seeking help from a financial advisor or accountant when it comes to your taxes to help you better understand your withholdings. If you have any questions, please reach out to us at firstname.lastname@example.org or schedule a complimentary 30-minute consultation.