Well, the problem is that the more allowances you include on your W-4 form, the less income tax is withheld per paycheck. In fact, you may fall short on the annual tax return as a result of this reduction and end up with an amount owed.
To avoid any surprises, all you need to do is make some updates to your W-4 Form information. If you prefer paying most of your taxes gradually throughout the year, this is the time to revise your W-4 Form.
Did you know that Form W-4 has a field for EXTRA withholding? This item is defined on the form as “Additional amount, if any, you want withheld from each paycheck.” If you indicate an appropriate amount to be withheld, you will most likely receive a federal refund when you file your annual tax return.
The state forms allow you to do the same. In New York State this item can be found in Form IT-2104.
Remember, your final tax liability will not change. In the end, the real difference is that you either pay the state and the IRS or get a refund. What do you prefer?
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