W4 - nailed it or failed it?

By this time, most of us know how well or awful we did with our withholdings this year. When you look at the big picture, either way you're getting the same amount of money out of your pay. It's just much easier when small amounts are taken from each check then when all at once you owe hundreds to thousands of dollars.

If you want to strategize better for this year so that you won't be in the same situation next year, we can schedule a time to sit down and estimate what your income will be for the next year so that you'll be better prepared for the unexpected tax bill. The ideal goal is to break even. Many people love the sound of refunds, but the fact is it's just your own money that you're getting back. Why wait so long to use it? Why not nail it the first time and get the right amount out of your check every time and break even? What is the perfect balance? When both sides are even. If you apply that to taxes, it would be you received the maximum of your check each month and the IRS and state taxing authority received their minimum. That's the best way to make everyone happy.

---

"Time and balance the two most difficult things to have control over, yet they are both the things that we do control." Catherine Pulsifer

---