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Knowing you have a tax bill and owe Uncle Sam more money than you already gave him throughout the year is not a good feeling.
It may be time to update your W4 form. This form tells your employer how much taxes to withhold from your paycheck. The last time you probably looked at this form is when you started your job. However, I’m sure life events may have happened since then and now it’s time for an update.
Anytime you have a major life event, such as getting married, having a baby, or getting divorced, you should adjust your withholdings. That’s because these events will likely affect the number of withholdings you claim. Additionally, if you have a second job, you will want to update your W4 as well.
I don’t want to get into too many specifics as it relates to what to put on your W4 form because everyone’s tax situation is different. If you found yourself owing taxes this year and needing to update your W4, now may be the time to consult with your CPA or tax planner to help you properly complete this form.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.