Do this right after you file.
If your 2021 refund was smaller or bigger than you expected, or you received a tax bill you weren't expecting this year, the IRS said that using the Tax Withholding Estimator can help"make sure it doesn't happen again" next tax season. The toolfederal income tax withholding and then show you how your refund, take-home pay, or owed taxes would be affected by your withholding amount.
If you want to change how much tax you're withholding from each paycheck after using the estimator, you can complete a new Form W-4 and submit it to your employer."Checking withholding can ensure the right amount of tax is withheld and prevent an unexpected tax bill or penalty at tax time and determine whether to have less tax withheld up front, thereby boosting take-home pay and reducing any refund at tax time," the IRS explained.
And if your tax situation is"more complex" than the average person's, the agency said you should use the instructions in its Publication 505 instead to calculate your withholding amount."This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends," the IRS explained.
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