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Time to adjust your payroll withholding

The end of the tax year is coming up and if your withholding amount is off, you should submit a new W-4 now.

Yes, as with last week's tax refund tracking Weekly Tax Tip, this week's tip is a repeat. Back in February, I suggested everyone evaluate their withholding as one of that month's daily tax tips.

But there's no limit on how often you can change your withholding.

Well, there's no limit by the IRS. Your payroll office might have other ideas, but that's between you and those folks.

All kidding aside, if your withholding is too large or too little, you'll either owe a big tax bill when you file your return or get back a big tax refund.

Owing the IRS obviously is not good.

Our tax system is pay as you earn and if your payroll withholding is substantially smaller than it should be, the IRS could hit you with an underwithholding penalty and interest on the taxes you didn't pay throughout the year.

The overwithholding is not such a big problem as long as you don't mind Uncle Sam instead of you having access to your hard-earned dollars for the tax year.

In either case, all it takes is filling out an accurate W-4 and giving it to your payroll office. And there's still enough time left in the year to make a difference.

The W-4 has an attached worksheet.

If you prefer, the IRS has on online withholding calculator to help you come up with the correct amount to be taken out each paycheck.

And married couples, be sure y'all coordinate your separate withholding amounts, too.

Take it from this long-time Sadie, Sadie married lady, when what you owe the IRS is correct, it makes for added wedded bliss at tax time!

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