Financial Literacy for Everyone
Follow Us
FacebookTwitterYouTube
For Broadcasters

Learn how you can play Jason Alderman's weekly Practical Money Matters on your station. Learn more

Subscribe
Play NFL

Challenge yourself with Financial Football
Play our fun video game to test your knowledge about money.
Play now

PMM articles

Practical Money Matters
Disputing a credit card charge? Graduating? Leasing a car? Learn important tips from our weekly article series.
Read now

social media

Connect with us!
For daily money tips, quips and pics, follow us on social media.
Like us on Facebook
Follow us on Twitter

Practical Money Matters Radio Series

March 25, 2013
Should You Adjust Your Tax Withholding?

00:00
00:00
download share



Learn which factors indicate that you should adjust your tax withholding.

Transcript

It's hard to know exactly how much tax you'll owe unless your income and family situation are identical from year to year. But if you consistently get big refunds, you're essentially giving the government an interest-free loan all year. And if your withholding is too low, you could be subject to interest and penalties.

If you're overpaying or underpaying taxes, adjust your tax withholding by filing a new IRS W-4 Form with your employer. You should also recalibrate your withholding whenever your income or family situation changes – say you get married or divorced, have a baby or buy a home. The form contains worksheets that can help with the calculations.

Bottom line: It's your hard-earned money, so make sure you're not giving the government too much – or too little.


Related Articles

Email to a friend

Your Name:
Your Email:
Recipient's Email:
Message:
Enter code:


The information that you provide through this e-mail feature will not be stored by Visa for any other purposes. Please refer to Visa's privacy policy for details.