IRS Form W 4 Bigger Paycheck and Lower Taxes

IRS Form W 4 Bigger Paycheck, Lower Taxes and more retirement savings.

In this video I'm doing a walkthrough in explaining the IRS Form W4 and how you can increase your paycheck by savings into a retirement plan pre-tax. The savings in taxes will end up back in your paycheck.

I'm also explaining how taxes are paid throughout the year and the w4 estimates those taxes. The IRS Form W4 and your withholding won't change your total tax liability. It does change when you pay those taxes.

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606

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Information in this video is for educational and entertainment purposes only.
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#travissickle

[thomas]

Yeah these forms AREN'T more simple. In the past if we wanted more money on the paycheck we just claimed more dependents. No math involved

[jasoncohen]

Hey man I’m married with 1 son. I’m trying to get as much as I can on my paychecks. What should I put?

[govan]

You explained it very well and simple. Thanks

[michaelhsia]

Hello I followed your instructions and use the IRS estimator to input my income, why do I have a number in box4a and box 4c

[marykrafts]

wanted to know is if I clam more dependents will less money be removed from my paycheck not all this go to this chart so This is really know help want more of my money in my pocket, not let the gov have my money and draw intrest off it all year till they give my little chunk back at the end of the year. They are getting Intrest off your refund money thats yours

[brieresteve]

So if I wanted to get more money in 1 or 2 paychecks a year? What would I put in section 4b of the w4 so they don’t take all my money in taxes and it stays in my check?

[mg-keji]

Im entering a job that has the option to exempt automatic fed taxes but tells you to file for a W4. It sounds attractive since I also work as a 1099 with the same company.

[kbeans]

This didn’t help at all. Adding $20 to my check isn’t a larger check. I used to claim a bunch of allowances and really see my money but they took that away. Ughhh. They took a few thousand dollars from me last year and I only got a refund for $1300. It doesn’t add up.

[Captaintrader]

Hi Travis, I read the IRS is bankrupt and gives our money to foreign countries so freely and now under the IRS currently is under the US treasury department. I want a bigger paycheck by putting that money in the SP 500, qqq or my life insurance to build more equity to pay myself first for the rest of the year. What penalties will the IRS give me if they are bankrupt? Also, I do not consent they take my taxes from my paycheck at this time because I want to pay myself first and invest it better then government! I rather pay them in March of 2023. If I end up owning the IRS $2, 300 for example around tax time. Any feedback from you would help. Thanks.

[SorrentoShore]

please ANSWER your loyal viewers below; thank you

[evenclothing]

And what if the max decitions or dependent can you claim

[g]

where did the 15, 000 come from. please explain

[marisolbalderas]

This is so confusing, Why do we have to do this now??😭😭

[paulsmecker]

How can you properly use the estimator when you dont know what the knew job is actually going to pay you? Im also starting a new job later this novemeber of 2023 and i have to use the estimator based on numbers i do not have. What do i do

[RecruitingJunkie]

I increased my allowances from 0-2, but I unfortunately wound up owing (about $1000 between federal and state) at tax time.

[cretivity]

I noticed you didn’t mention anything about dependents. I was told to claim something like 7 even though I only have 1 dependent in order to get more in my paycheck and little to no refund when taxes are filed. Thoughts?

[evenclothing]

If you claim exempt on your w4. You should have a larger check right?

[Americawtff]

One of my employees is asking for "all 1's" in the exemptions, they want the biggest paycheck possible per pay period. I would assume that would mean all 0's, right? No extra money withheld?

[jeffw]

If you have a tax credit coming, like the ITC for solar, are you ok to increase the number of dependents during the year, creating a liability, to offset the tax credit due? Seems it's not 'true' per the perjury statement, but how else can you create that liability to claim the ITC you are rightly entitled to claim?

[wmmarquez]

Thank you for the info Travis. So i have 2 jobs and 2 w2s. Do I repeat same informations on both w4s. Like source of income 1 and 2 on both w4s. And if my wife is working with her own w2 is that considered 3rd source of income?