Remember filling out a W-4 form when you were first hired? It’s the form that determines how much money your employer withholds from your paycheck to pay federal and state taxes—based upon the number of “allowances” that you claimed. But have you checked to see if it’s still applicable? Consider adjusting your W-4 form if the following applies:
You owed the IRS money last year – You may want to have more money withheld from your paycheck. In fact, if you owe too much, the IRS can assess you and add a penalty for not depositing enough money into your account.
You’ve experienced a “life change” like:
Marriage
Divorce
Birth or adoption of a child
Purchase of home
Refinance of mortgage
Retirement
You expect to earn money from your home-based business or other source that does not withhold income taxes from the check.
Change in itemized deductions
Medical expenses
Gifts to charity
Dependent care expenses
Education credits
Child tax credit
To INCREASE the amount of taxes from your paycheck, you will need to DECREASE the number of dependents. You can also specify a larger dollar amount—like $50 per pay period. Likewise, to have LESS money deducted, INCREASE the number of dependents or specify a smaller dollar amount per pay period. I recommend that you check your withholding every year—right after you’ve filed your income tax return. The IRS offers a withholding calculator at http://www.IRS.gov. You’ll need your most recent tax return and current paycheck stub. Or, ask your tax preparer to help you adjust your withholding so you don’t owe too much—or get a large refund from the IRS—at the end of the year.
Published by Heather Paige Moody
Welcome! I'm Heather ( AKA: Paige) Moody . A Little About me: I was born and raised in a small town in Eunice, Louisiana where I started my first mortgage company in 2005 at the age of 21 years old. Since 2005 I’ve grown to know everything when it comes to the industry, from owning a mortgage company, processing loans, mortgage underwriting rules, to now managing.
Why I’m in the Mortgage Business:
My family has a history of Banking and real estate . I could see at an early age how satisfying the real estate profession was for them, so I started off as a Real Estate agent and quickly realized that the mortgage side was my passion.
I am a mother of 4 very active kids that have been/ are being raised in the Real Estate /mortgage world. I have always said that their first baby blanket was a file folder.
I love to be able to teach that going the extra mile for others is such a blessing to us as well as the other person. Most importantly that no matter what the obstacle is that we must work hard and give it our all in all that we do. Our family lives at a field or a gym for most of the year. Between baseball, cheer, volleyball, football and anything they can possibly sing up for, I have developed little-known disease called Bleacher Butt.
When I am not working ( or should I say.. not behind my desk) or attending an event for one of the kids . I really enjoy bible studies , reading and listening to podcast. My children go to 2 different schools and I am so blessed to be part of two Mom’s in Prayer groups. It is a National Organization that Moms can get together to pray for our children and our school.
As the Southern Mortgage Mom, I help homebuyers and Real Estate Agents make the Mortgage buying process as stress free as possible. I have been called the miracle worker by clients and agents( on occasion) because I have saved some mortgage loans that others have denied . It has nothing to do with miracles , but all to do with knowing how to get a loan approved.
If I am lucky enough that you chose me or my team as your go to lender, I promise that I will be fair, I will be honest and you will feel like family when you sign the final papers and I will keep in touch (till you tell me not to) long after the mortgage loan is closed. Looking forward to working with you when it comes time to buy a home or refinance your current mortgage.
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