Time to Update Your Withholding
If your 2021 tax return yielded unwelcome results (either too much money owed or too much money paid in throughout the year and then refunded), you may want to consider updating how your taxes are withheld on your paychecks. If PPG Partners does your tax planning, we’ll continue to take care of adjusting your withholding to meet your (and your spouse’s) current salary and tax situation. Otherwise, all taxpayers can use the Tax Withholding Estimator on IRS.gov. You can then use the results from the Estimator to complete a new Form W-4 and submit it to your payroll processor. Taxpayers should also complete a new state withholding form if needed.
If you have children who are of working age but may not be tax- or financially-saavy yet, you may want to mention this to them. They may not realize that they can (and should) update their withholding as they need to.