Keeping the financial ideas rolling…

If you end up owing the government money at the end of the year, change your tax withholdings by filling out a new W4 form & giving it to your payroll or HR department.  You are allowed to change your tax withholdings at any time during the year, as many times as you want, by law (see Topic 753 on the IRS website for lots of info) (however, you don’t want to upset your HR/payroll person/dept – ALWAYS try to be on their good side – they tend to like chocolate, cold drinks brought in during the afternoon, etc…).  You cannot make retroactive changes, only changes moving forward.  You can also specify to withhold a specific dollar amount extra on each paycheck and you can have different withholdings for Federal and State taxes.  The rule is the higher the number of exemptions, the less tax you will pay.  If you owe money, you want to reduce the number of exemptions.  The IRS website,, has an IRS Withholding Calculator that is a good tool to use.  Don’t be afraid of the IRS website.  I’m not sure if they can track you or anything like that (meaning, if you search on “how to never pay taxes”, not sure if any IRS MIB will show up and arrest you, annihilate you or erase your memory), but it is a good source.  They also provide links to how to file your taxes for free. 


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