In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, highlights the significance of regularly reviewing your W-4, especially before filing your taxes for 2023. She points out a common issue where individuals aren’t withholding enough taxes from their W-2s, which could lead to a tax bill shock. Dr. Friday advises on the timely adjustments to your W-4 to prevent owing substantial amounts at year-end and stresses the importance of this review for those with multiple jobs or who have changed jobs within the year. Ensuring the correct withholding can lead to a smoother tax season and prevent financial surprises.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
And I’m going to keep bringing out probably every month one important thing. You need to be reviewing your W-4. If you haven’t filed your taxes yet for 2023, you might need to wait until you file, but if you’re waiting until October, there’s not going to be an easy fix. If you’re going to file in the next month or so, we can probably make an adjustment because so far, what I’m finding is a lot of people are not having enough money coming out of their W-2s. Maybe they have multiple jobs, maybe you change jobs part way through the year. It’s important, otherwise you’re going to have to set up a bank account for taxes, so when I tell you you owe a couple thousand dollars, it doesn’t put you in a tailspin.
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