Give Yourself a Tax Break; Texas CPAs Say Adjust Tax Withholding for 2006
Posted on: Thursday, 13 April 2006, 12:00 CDT
DALLAS, April 13 /PRNewswire/ -- Most Americans think a big tax refund is cause for celebration and perhaps a big purchase or two. However, Texas CPAs say you may want to curb your enthusiasm. If you're getting a large tax refund this year, you probably had too much money withheld from your paycheck. That means you're giving the government free use of your money -- money you could use throughout the year to generate income, pay off debt, or meet expenses.
To make sure you are not overpaying your taxes in 2006, consider adjusting the amount of withholding tax you pay. To do so, file a new Form W-4, Employee's Withholding Allowance Certificate, with your employer. Form W-4 includes several worksheets: a personal allowance worksheet, a deductions and adjustments worksheet, and the two-earner/two-job worksheet. To determine the appropriate number of allowances, the IRS suggests that you complete each of the Form W-4 worksheets that apply to your circumstances. Your CPA can also help you estimate your tax bill and recommend the number of allowances you should claim.
Need more tax help? Visit the Texas Society of CPAs' free online consumer resource, http://www.valueyourmoney.org/ , and get answers to frequently asked tax questions.
WHAT: Tips for adjusting your withholdings WHERE: http://www.valueyourmoney.org/ , the Texas Society of CPAs' free online consumer resource
ABOUT TSCPA: TSCPA (http://www.tscpa.org/ ) is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and has 27,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.
Texas Society of Certified Public Accountants
CONTACT: Sarah Seals of Texas Society of Certified Public Accountants,+1-972-687-8688, or +1-800-428-0272, ext. 688, or sseals@tscpa.net
Web site: http://www.tscpa.org/http://www.valueyourmoney.org/
Source: PRNewswire
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