Video instructions and help with filling out and completing form 8879-eo 2017
Today we're going to talk about the w-4 there's gonna be a two-part video in the first part of the video it's going to be how to fill out the w-4 to make sure that your federal income tax withholdings are correct in the second part of this video it's gonna be seven mistakes to avoid when filling out the w-4 my name is Travis sickles certified financial planner with sickle on or financial advisors the w-4 is the IRS tax worksheet that helps you determine the federal income tax withholdings that your employer should apply to each one of your paychecks it's essentially an estimate of how much taxes you'll owe on your income while the IRS hasn't provided the 2018 w-4 they have provided guidance that the 2017 form and any changes that they're gonna make or guidance that they're gonna provide will be able to be used with last year's 2017 w-4 if you need a copy of the w-4 or just want to print it out and follow along I've attached the link below this is form w-4 and it's for 2017 however you can still use it according to the IRS and if we're looking at the guidance the guidance from the IRS and I highlighted it right here is the IRS emphasized that this information was designed to work with the existing forms w-4 that employees have already filed so if you've already filled out your w-4 for 2017 or you're just starting out and you're filling it out now then you don't have to necessarily worry about what form it is 2018 is not out yet the w-4 is a worksheet that's essentially gonna help you figure out how much federal income tax withholdings should be applied to your paycheck and it's gonna do that through figuring out the amount of allowances that you qualify for or through additional withholdings that should be applied to your federal income tax on each paycheck now you don't want any surprises at the end of the year so you don't want to have a huge tax liability at the end of the year and you also really want to avoid having a huge refund as well a large refund is essentially a tax-free loan to the IRS where you could have gotten back that money throughout the course of the year in each paycheck the w-4 allowances the more allowances that you have the less federal income taxes that you're gonna pay on each paycheck but that doesn't affect the amount of tax liability that you're gonna have overall it only affects how much you're withholding from each paycheck the goal of the w-4 is to anticipate the amount of tax liability that you're gonna have so you can pay it on each paycheck so we'll start with line a enter one for yourself if no one else can claim you as a dependent so pretty much anyone that's filling us out is going to