To wrap up our series on when, how, and why to adjust the amount withheld from your taxes, here’s a list of major life experiences which justify a review of your w4.
Marriage. If you’ve recently been married, you should definitely review your W4. Married couples are typically listed in a separate tax category because they get certain unique taxes and deductions.
A New Child. The IRS also places parents in a special tax category. Children and other dependents qualify you for certain deductions.
The Purchase of a Home. Have a new mortgage? Then you’re probably in the minority of tax payers who can actually tale advantage of historically low real estate values. Buying a home also qualifies you for certain exceptions, so be sure to review your W4.
As mentioned in previous posts, you should also change your W4s if you have experienced or expect a big change in income this year.
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