Tax Tips & Calculators
- If you work more than 1 part-time job or have both a full-time job and a part-time job, you might need to withhold more tax on each W-4.
- Start contributing to your employer's 401(k) or other retirement plan to take advantage of current and future benefits.
- Take advantage of other pre-tax benefits your employer provides.
The number of withholding allowances you enter on your W-4 might affect your refund or how much you'll owe the government every year. If you don't have experience completing a W-4, figure your withholding amount with the H&R Block withholding calculator at www.hrblock.com/taxes/tax_tips_calculators
Working 2 jobs?
People who work 2 jobs often don´t have enough tax withheld from their part-time earnings. So, they might wind up owing a large sum of money at tax time. To avoid this situation, you might need to increase the amount of money withheld either from your main paycheck or from your second job – or both.
To change your withholding, ask your employer for a new Form W-4. You can also download and print a W-4 at www.irs.gov/formspubs Give the Completed form to your employer to change your withholding.
You should consider contributing as much as possible to your 401(k) or other retirement plan your company offers. Many companies will match your contributions with a certain amount. Ex: For every dollar you contribute, your company might contribute 50 cents.
Your employer usually takes retirement contributions out of your paycheck, so you won´t miss the money. You´ll usually make these contributions with pre-tax dollars, so you´ll defer tax on this portion of your earnings.
Other Fringe Benefits
Take advantage of other pre-tax benefits your employer provides. One common benefit is a Section 125 plan, referred to as a flexible spending account or cafeteria plan. A flexible spending account allows you to pay for medical and childcare expenses using pre-tax dollars. A health savings account (HSA) allows you to pay for medical expenses using pre-tax dollars. Using these plans might result in significant tax savings.
Contact an H&R Block tax professional to learn more.
- Form W-4 - Employee's Withholding Allowance Certificate
- Form 2106 - Employee Business Expenses
- Form 2106 Instructions
- Form 2106EZ - Unreimbursed Employee Business Expenses
- Form W-2 - Wage and Tax Statement (Info Copy Only)
- Form 1099-MISC - Miscellaneous Income (Info Copy Only)
- Schedule C (Form 1040) - Profit or Loss from Business (Sole Proprietorship)
- Schedule C (Form 1040) Instructions
- Schedule C-EZ (Form 1040) - Net Profit from Business (Sole Proprietorship)
- Schedule SE (Form 1040) - Self-employment Tax
- Schedule SE (Form 1040) Instructions
- Form 1040-SS - U.S. Self-employment Tax Return
- Form 1040-SS Instructions
- Publication 505 - Tax Withholding and Estimated Tax
- Publication 919 - How Do I Adjust My Tax Withholding?
- Publication 463 - Travel, Entertainment, Gift and Car Expenses
- Publication 535 - Business Expenses