ClearValue Tax can you help me out with this new tax form bc I use to claim 0 but sick of Uncle Sam taking to much from me so I want to change it to a 1 but not sure how it done with the new form
4 days. For 4 days i read everything I could when I had time to try and understand the 2020 w4 to full comprehension. I was still confused until this video - thank you
@@mr.mikedaniel2376 be that as it is in their current circumstance The extent of which taxes affect us all Demands knowledgeable to the proficient degree at an early age
It is funny watching older videos of B and still seeing his passion hasn't changed! Thanks for this video, as I wanted to get closer to the Small Balance Due. Thanks!
You understand how to teach very well and and break things down so that anyone can understand. You explain things we all wish we would have been taught. Thank you! 🖤
Thank you! You have no idea how stressed out I have been trying to figure this out going from head of household, one dependant, and one job to single, no dependants and two jobs. I can't believe I did not think of looking it up on RUclips sooner. My HR don't know crap. So I have been left to fend for myself. I've looked all over everywhere and have been so scared to make adjustments that would leave me broke! You are my hero today!!!!! Wooooo!!!!! 👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
Best video on RUclips right now! Thank you thank you! I had been struggling with a lot less in my paycheck in 2020 with the new W4. I'm a commissioned sales rep so I'm taxed heavily and always receive a large refund. With the 2020 W4 I was lost and I couldn't find a good explanation. Your video was great. I went right online and did my adjustments to my 2020 W4 for my payroll. Thanks again!
You know Brian, you are pretty amazing. I just want to say thank you for all the information you put out here and I can't believe how many people you answer with their questions. I read through the comments and found my question about the messed up IRS calculator telling me to add additional tax money when I want to drop my refund from 1,500 to 500. Thank you for answering and I can do the math on my own. Just thank you for answering people, it is sooo helpful.
Hi Margie, yes, I have a lot of people telling me the same thing that the IRS calculator is outputting bad advice and recommending you add more withholdings when you trying to reduce the withholdings. Perhaps the IRS is trying to trick you for their own benefit? haha, jk. And thank you for the kind words. I'm just trying to help as many people as I can! But thank you again for your kind comment and your support Margie!
I am so happy I found you! I am going crazy over this new process! I didn't realize the form had changed, was on maternity leave and had gone exempt to get my xmas bonus. Upon changing my what I thought was exemptions, i listed 6 as I've been doing for years. This triggered no federal taxes being taken out. Call my HR and they said I was now given a deduction as exemptions were removed. I freaked out and changed my form, left everything blank except where it asks if I have kids under 17, I listed 3. Had a federal refund of about 2800 in 2019 (only had 2 kids then, I have 3 now. I just did my taxes and got 4800 back from fed. Married filing jointly with 3 kids. Currently I'm the only one working since daycare insanely expensive. This year I'll make about 60-65K. I definitely don't want to owe and would like a little something back next year. How can I achieve this? If I set the form to maybe take out about $55 a check will I be ok? Or will leaving it with 3 kids will I still be ok? California resident. PLEASE HELP!
Good information! The irs is not clear, thats why we have CPA/lawyers. What I enjoy about your videos is that you speak to me as I’m a 4 year old. You keep the IRS bs so that I can get my head around there wording. When I was working it was tough. Then have to worry about my taxes at the end of the year. I would often say,”Why did I do that extra work/money only to pay extra taxes and not spend the time with my family “ Been together family 35 years, 71 years old now and divorced . Hopefully your readers will understand that , not having a good CPA could add extra havoc ... Bob
Thank you!. Even though I am married with 2 kids my wife and I claim single with no dependants to ensure we never owe taxes and use the return to invest into college funds, retirements accounts, and or health/dental/life insurance fund for the next year. We do this by using high yield savings accounts or cds.
You have a new subscriber. This was the only vid I found to confirm that anticipated tax credits can just go on line 3 directly with nothing being on the dependent lines. I know the instructions say it can be listed, but wasn't 100% if there were any other notations needed. Thanks again!
didn't learn anything from this. basically your answer is to read the W-4 form and fill it out correctly. I'm not a tax professional and don't understand legal/tax jargon. If I did then I wouldn't need to watch tax videos.
Why do I have to spend time trying to figure this out? The IRS is a joke. They know exactly how much we should be paying and they take extra by default.
I think I figured out the problem with the IRS withholding calculator. If you run it through at your current withholding (i.e. from your 2019 or earlier W-4) it does show you a good estimate of what your refund will be at that much less accurate annual withholding but with your accurately calculated 2020 tax liability. If you're fine with that refund amount, it obviously suggests no changes to your W-4. However, if you try to adjust your refund at all up, down slightly, or all the way down to $0, it assumes you'll be filling out a new 2020 W-4 with the new, more accurate withholding tables. That's how I was getting a suggestion to withhold extra even when I wanted my refund to go down. It looks like, for me at least, the new withholding tables are only about $400 off from my expected 2020 liability, so any attempted refund adjustment higher than $400 would require extra withholding beyond the new tables.
Margie Kaiser Yes, it was that way for me anyway because I’ve already had two pay periods and will have a third before the new withholding will be applied to me.
Please do one of these for the 2021 w-4 form! I want to break even or get a VERY SMALL refund. Married, filing jointly. Make under $40k per year. Used to do M-2.
My experience, doing both payroll and taxes, the withholding tables now are low. I almost always override the withholding to 10 - 12% fed and 5% KS. In 20 years, this is about where most of my clients wind up most of the time.
Hey Brian, you should do an update of this video since w4s changed in 2020. I recently got screwed by my own ignorance. I am married filing jointly with a second job, my wife also works. My weekend job was not withdrawing any federal income tax and now not only am i not getting a refund, i owe the feds big time! We are blessed enough that it isn't going to break the bank but still...
Do you have any youtubes that we can use to teach Working Minors how to file their taxes, I've used your 2020 W4 youtube in class, so they know how to complete it properly. Thank you
Awesome, and thank you so much Mrs Whetzel, I appreciate your support! Unfortunately, we don' t have a video covering that topic, but you know what, that's a GREAT TOPIC to discuss. Thank you for your suggestion and feedback, I appreciate it a lot and it helps a lot!
What are the penalties and ramifications of claiming "exempt" or increasing the dependents claimed (when you have no kids) in regards to the goal of keeping as much of your paycheck throughout the year. I.e owing the IRS during tax season instead of receiving a refund.
You have to meet certain criteria in order to claim exempt from federal withholding taxes. I do payroll and I've gotten letters from the IRS demanding my company to start withholding from employees who thought they were exempt.
@@clearvaluetax9382 how do I know if I qualify? I have an LLC aside from my W2 job and would rather just assume I'm going to owe on all my sources of income and not give the gov an interest free loan
Hey Brian, thank you for this informative video. I had a question on how to set my W-4. I really want a small balance due. I'm single, no kids, with mortgage, closed the year with $180k. I paid a whole lot of taxes the entire year. I want to try your Step 3, I really like to have a small balance and still pay taxes. I'm paid biweekly. I just don't know how much I should enter on step 3 to ensure that I'm still paying the proper tax I need to pay so I don't owe to much but keep some of the money throughout the year.
You can go onto the IRS website and mess around with how much tax you want taken out of your paycheck. You can even have the W4 autofilled to the correct adjustments ready to be sent to your employer.
this dude had like less than 50k subs pre covid. he became THE ASIAN news guy to go to during the pandemic. well over a million subs now. lol. great job.
Thank you for this video. I just filed my taxes for 2019 and was in tears over how much I owed. I was claiming S-2 on my Federal when I lived in Texas, but moved to California and never adjusted it. (RIP my wallet) I requested a new W-4 and was completely unfamiliar with it (which just made me feel worse) Here's to hoping I don't owe in 2021!
I'm sorry to hear that happened Lauren =( Yes, let's make sure that doesn't happen for 2020 when you file those taxes in 2021. Thanks for watching and for your support!
Oh LMAO California doesn’t play. Born and raised. Currently being taxed $1300 per month on my measly 68k salary. That’s why I’m on this video - hopefully I’ll figure out how to manipulate step 3 to have more money per month and owe just a few hundred dollars 🤞🏽
I'm an EA, and I've been getting this question all year. What's even worse is I have clients who have multiple jobs with inconsistent income, so they don't know if they'll be making $20k, $50k, or $70k each year. This new W-4 has been a nightmare because they'll ask me how to claim zero and I'll have to explain several times that they can't "claim zero." From now on I'll just forward them this video ;)
Yes, it's been very difficult for the people with variable income or unpredictable income. I totally agree! Thanks for sharing my video, I appreciate your support Jeffrey!
This video helped me out SO MUCH. I have never understood taxes and have always put exempt since my first job…I now owe MAD money…but I also now know better thanks to your video. Thank you so much
4th class of your teaching today. I'm going to have to rewatch I must say. Is there a % one should use to set aside if you want to pay more on April 15? In addition if you have to pay in a lot won't you be required to pay quarterly taxes if your not a business and work for a business. Once again thanks for class.
Hi Comment, that's hard to answer since how much you should set aside depends on your income level, as your tax rate depends on your income levels. But you generally don't want a big balance due, if you do, you could be getting penalized for the underpayment penalty.
Hi Imbarnes3, there actually was no "filling out a W-4" correctly in 2019 and prior. That partly a reason why they changed the system because it was inaccurate in so many cases. So if you fill out the 2020 W4 correctly, it should lead to break-even results. I hope you get the proper results this year for 2021!
I’m single and want less money possible taken out I make 28,000 a year and need all my money how do I stop them from taking so much out? My job doesn’t let me go exempt
Francisco Galvan Jr , you job cannot tell you how you file! That’s crazy but to file exempt if you are claiming single filing Exempt would cause you to owe the IRS. If you were to file head of house hold and you had at least one dependent then you could make more. I’m not sure if there is a video for this. I hate this new form. Lol
@sadonomo I’m single and I I’m getting robbed out my paychecks should I go exempt? Will I owe a shit load of money come tax season. I changed my taxes to head of house hold and put 1 dependent and in the box where it says multiply number of dependents by $500 I put 500 but my checks still seem to get taxed a shit load
sadonomo I need help on filling out the new W4 Im single no kids but I want more net pay so I want to adjust my withholding where I only get a small refund .
What a great video. Some times I wonder why I did not find videos like yours when I really needed to understand how fill the W4 form. Overpaying would be a good way to "force" your self to save, except that the one making any interest is the IRS. Instead of giving your money to the IRS to use for free, do you have the self discipline that it takes to just transfer x amount of money from checking to savings. Thanks again.
Yes, I'm so happy you saw this video! I'm trying to prevent as many bad surprises as I can for when people complete their 2020 taxes in 2021. Thanks again for your support E Galindo!
So I know this video is 3 years old. But this year I filed my taxes after putting zero all year at a job where I made the most money out of ANY job in past years. And I claimed both my kids like indo every year.. however, this year I got WAYYYYY less back in a refund. (Which make absolutely NO sense!) Cause in past years starting at 2014, I was working jobs making like 7.75 minimum wage, claimed zero on w4 and when filing taxes I claimed both kids and got back much bigger refunds. Make it make sense, please!! This past job I was making 17.50 an hour plus huge bonuses all year, yet only getting a 4900 refund back. Whereas I got 10 grand in previous years with jobs where I made wayy less per hour. Filed at same place and no, I didn't owe any money in.
Very useful information since I discovered your videos a week ago. I’ll be a getting a mid size refund this year. Claimed S0. I usually like to go exempt on maybe 3 or 4 paychecks throughout the year. I get paid bi weekly. Assuming I can do the same this year?
Hi Scott, yes, you can go exempt for a few paychecks, just please don't forget to change it back! Thanks for watching and for your support, I appreciate it!
I claim S0, and do the same thing Scott does throughout the year. Where exactly do I adjust the allowances or exemptions in the new w4? Is it in step 3 where it asks me to enter the total amount or no?
@@lordcavender there's no more allowance on this new form. I was wondering if we could just write more dependents. I used to write 8 allowance in the older form. But now I have no idea. I was just thinking of writing EXEMPT for about 6 months and then changed it to 1 dependent. Don't know what to do🤔
If I choose EXEMPT, how much percentage should I put away to pay taxes later? I'm thinking I could save it in a high interest savings account. Keep the interest and pay uncle Sam at the end of the year.
Just subscribed to your channel after watching a few stock tax vids from you. Thank you for all the good info by the way! I am single with 0 dependents and 0 claimed allowances on my w-4. I make about 50k a year net. The last 3 years I receive about 5k back as a refund. How do I set up my w-4 form to where I will only get a smaller return and bigger paychecks throughout the year ?
Thanks so much tlbue32! I appreciate that comment and that feedback. I've had my tax practice for 10 years and I just started making these videos for fun just last year. It seems like people are enjoying my videos so I think I'm going to keep at it! Thanks for the encouraging words tlbue32!
Hi Ishta, if you didn't see it, if you don't have a kid, then you'll leave STEP 3 blank (don't input $2,500). If you do, you'll owe $2,500 when you do your tax return.
How do i make sure i just do the least amount of withholding requirements so i can take home the most of my paycheck ? I am married with 2 kids. I don’t mind to pay tax more at the end of the year
I know your busy with tax season. However, if able . I'm head of household, and i want to get the most out of my paycheck as Im single with 2 children. I make 96000 per year. Should I put 6000 or 4000. ? I would rather have no refund and get my money within my paycheck
Filing married jointly-Does it matter on the form whom claims the dependents? My dependent is not with my current husband. I have always claimed my dependent on my taxes. However with this form I am not sure whom would be claiming that dependent.
Pelosi clearly stole the rip up from you!
OMG thank you for calling her out on that one! Yes, I did that a few days before she did. She totally RIPPED that one from me. Get it? LOL.
At least he didn’t have to pre rip it😂
ClearValue Tax can you help me out with this new tax form bc I use to claim 0 but sick of Uncle Sam taking to much from me so I want to change it to a 1 but not sure how it done with the new form
but trump did not
Pelosi is a beta unlike Chad Trump
4 days. For 4 days i read everything I could when I had time to try and understand the 2020 w4 to full comprehension. I was still confused until this video - thank you
This needs to be taught to kids in middle school...
My 12 yr old son was just saying the same thing!
High skool
Amerikkka doesn’t want us to be great without them being in control
Why? How many middle school kids are filling out W-4s??
@@mr.mikedaniel2376 be that as it is in their current circumstance
The extent of which taxes affect us all
Demands knowledgeable to the proficient degree at an early age
It is funny watching older videos of B and still seeing his passion hasn't changed! Thanks for this video, as I wanted to get closer to the Small Balance Due. Thanks!
You understand how to teach very well and and break things down so that anyone can understand. You explain things we all wish we would have been taught. Thank you! 🖤
Thank you! You have no idea how stressed out I have been trying to figure this out going from head of household, one dependant, and one job to single, no dependants and two jobs. I can't believe I did not think of looking it up on RUclips sooner. My HR don't know crap. So I have been left to fend for myself. I've looked all over everywhere and have been so scared to make adjustments that would leave me broke! You are my hero today!!!!! Wooooo!!!!! 👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
Best video on RUclips right now! Thank you thank you! I had been struggling with a lot less in my paycheck in 2020 with the new W4. I'm a commissioned sales rep so I'm taxed heavily and always receive a large refund. With the 2020 W4 I was lost and I couldn't find a good explanation. Your video was great. I went right online and did my adjustments to my 2020 W4 for my payroll. Thanks again!
I'm sooooo happy to hear it helped! Thank you so much for the feedback and kind words, I appreciate it Reeshard!
This change on the w4 forms are gonna screw a ton of people next tax season...
What about soc.sec
People!!!???
It did! We owe over $2k after using the estimator tool last year!!!
Yeah I got screwed this year lols, you a psychic
Yes i'm one of them owe now over $3k! :(
Yup. They fucked a lot of ppl
You know Brian, you are pretty amazing. I just want to say thank you for all the information you put out here and I can't believe how many people you answer with their questions. I read through the comments and found my question about the messed up IRS calculator telling me to add additional tax money when I want to drop my refund from 1,500 to 500. Thank you for answering and I can do the math on my own. Just thank you for answering people, it is sooo helpful.
Hi Margie, yes, I have a lot of people telling me the same thing that the IRS calculator is outputting bad advice and recommending you add more withholdings when you trying to reduce the withholdings. Perhaps the IRS is trying to trick you for their own benefit? haha, jk. And thank you for the kind words. I'm just trying to help as many people as I can! But thank you again for your kind comment and your support Margie!
Did they fix the calculator?
It's needs to be disbanded
I love you man. All i needed was to write exempt. I pay over 37k in taxes and i want to invest it to gain interest before paying it back.
I’d love to do this but have read the irs will penalize you at the end of the year if you claim exempt without qualifying. Any thoughts on this?
I am so happy I found you! I am going crazy over this new process! I didn't realize the form had changed, was on maternity leave and had gone exempt to get my xmas bonus. Upon changing my what I thought was exemptions, i listed 6 as I've been doing for years. This triggered no federal taxes being taken out. Call my HR and they said I was now given a deduction as exemptions were removed. I freaked out and changed my form, left everything blank except where it asks if I have kids under 17, I listed 3. Had a federal refund of about 2800 in 2019 (only had 2 kids then, I have 3 now. I just did my taxes and got 4800 back from fed. Married filing jointly with 3 kids. Currently I'm the only one working since daycare insanely expensive. This year I'll make about 60-65K. I definitely don't want to owe and would like a little something back next year. How can I achieve this? If I set the form to maybe take out about $55 a check will I be ok? Or will leaving it with 3 kids will I still be ok? California resident. PLEASE HELP!
Good information! The irs is not clear, thats why we have CPA/lawyers. What I enjoy about your videos is that you speak to me as I’m a 4 year old. You keep the IRS bs so that I can get my head around there wording. When I was working it was tough. Then have to worry about my taxes at the end of the year. I would often say,”Why did I do that extra work/money only to pay extra taxes and not spend the time with my family “ Been together family 35 years, 71 years old now and divorced . Hopefully your readers will understand that , not having a good CPA could add extra havoc ... Bob
Thank you!. Even though I am married with 2 kids my wife and I claim single with no dependants to ensure we never owe taxes and use the return to invest into college funds, retirements accounts, and or health/dental/life insurance fund for the next year.
We do this by using high yield savings accounts or cds.
You have a new subscriber. This was the only vid I found to confirm that anticipated tax credits can just go on line 3 directly with nothing being on the dependent lines. I know the instructions say it can be listed, but wasn't 100% if there were any other notations needed. Thanks again!
didn't learn anything from this. basically your answer is to read the W-4 form and fill it out correctly. I'm not a tax professional and don't understand legal/tax jargon. If I did then I wouldn't need to watch tax videos.
This man literally told step by step how to get to the tax balance you’re looking for 😂 Listening skills are essential
Perfect. I was really clueless. This was the simplified version I needed.
Clear, concise and simple! Much appreciated, Bryan!
For such a complicated NEW form you broke it down for dummies! Thank you sir, you rock!
Thank you Josh, YOU rock!
Thank you!!!! seriously, all the other videos people don't take the time to explain each step the way you did!
Why do I have to spend time trying to figure this out? The IRS is a joke. They know exactly how much we should be paying and they take extra by default.
I appreciate all the breakdowns man! Thank you! Every second was appreciated
That recommendation around step 3... very helpful and simplified it nicely. Thank you!
Thank you. Either my wife or I are filling out our W4 incorrectly. We think we are doing it correctly but we end up owing $5k+ each year.
Thank you! You literally just saved my Christmas
I think I figured out the problem with the IRS withholding calculator. If you run it through at your current withholding (i.e. from your 2019 or earlier W-4) it does show you a good estimate of what your refund will be at that much less accurate annual withholding but with your accurately calculated 2020 tax liability. If you're fine with that refund amount, it obviously suggests no changes to your W-4. However, if you try to adjust your refund at all up, down slightly, or all the way down to $0, it assumes you'll be filling out a new 2020 W-4 with the new, more accurate withholding tables. That's how I was getting a suggestion to withhold extra even when I wanted my refund to go down. It looks like, for me at least, the new withholding tables are only about $400 off from my expected 2020 liability, so any attempted refund adjustment higher than $400 would require extra withholding beyond the new tables.
Good find and thank you for sharing Rural Jefferson. I'm pinning this message for people to see. Thanks so much again!
Margie Kaiser Yes, it was that way for me anyway because I’ve already had two pay periods and will have a third before the new withholding will be applied to me.
10:00 I have been looking for an explanation for this for three days!!!!!!
Wow, you are the accountant of the future, or the accountant Apostle.
Very straight forward explanation.
Thank you.
That's the first time I've been called that, thank you Angel Torres!
Man you are better then most these pastors out here I appreciate this gospel you just preached 🙏🏽
Thank you for making a clear cut video that explains everything in detail! We appreciate it !
This was by far the BEST breakdown I have seen so far! Kudos!!
This was so easy to understand. Also I was able to do this properly using the IRS tax calculator and chatgpt to figure out my YTD earnings.
I came to realization that nobody really know how to fill the w4 withholding form
Yo the algorithm is sending me just the knowledge I’ve been wondering about.
Good explanation. Thank you.
Please do one of these for the 2021 w-4 form! I want to break even or get a VERY SMALL refund. Married, filing jointly. Make under $40k per year. Used to do M-2.
Just do it "correctly" lol. Bro idk how to do that
My experience, doing both payroll and taxes, the withholding tables now are low. I almost always override the withholding to 10 - 12% fed and 5% KS. In 20 years, this is about where most of my clients wind up most of the time.
Hey Brian, you should do an update of this video since w4s changed in 2020. I recently got screwed by my own ignorance. I am married filing jointly with a second job, my wife also works. My weekend job was not withdrawing any federal income tax and now not only am i not getting a refund, i owe the feds big time! We are blessed enough that it isn't going to break the bank but still...
Do you have any youtubes that we can use to teach Working Minors how to file their taxes, I've used your 2020 W4 youtube in class, so they know how to complete it properly. Thank you
Awesome, and thank you so much Mrs Whetzel, I appreciate your support! Unfortunately, we don' t have a video covering that topic, but you know what, that's a GREAT TOPIC to discuss. Thank you for your suggestion and feedback, I appreciate it a lot and it helps a lot!
What are the penalties and ramifications of claiming "exempt" or increasing the dependents claimed (when you have no kids) in regards to the goal of keeping as much of your paycheck throughout the year. I.e owing the IRS during tax season instead of receiving a refund.
Love your channel, am an aspiring CPA/Accounting Student and your videos are very inspiring!
You have to meet certain criteria in order to claim exempt from federal withholding
taxes. I do payroll and I've gotten letters from the IRS demanding my company to start withholding from employees who thought they were exempt.
Yes, but some people qualify to claim exempt.
@@clearvaluetax9382 how do I know if I qualify? I have an LLC aside from my W2 job and would rather just assume I'm going to owe on all my sources of income and not give the gov an interest free loan
Hey Brian, thank you for this informative video. I had a question on how to set my W-4. I really want a small balance due. I'm single, no kids, with mortgage, closed the year with $180k. I paid a whole lot of taxes the entire year. I want to try your Step 3, I really like to have a small balance and still pay taxes. I'm paid biweekly. I just don't know how much I should enter on step 3 to ensure that I'm still paying the proper tax I need to pay so I don't owe to much but keep some of the money throughout the year.
Are you single?
You can go onto the IRS website and mess around with how much tax you want taken out of your paycheck. You can even have the W4 autofilled to the correct adjustments ready to be sent to your employer.
It’s called the tax withholding calculator on the IRS website.
I make 130k a year plus your 180k that puts us at 310k a year. I’m 6 ft tall tanned and handsome latino. Tattooed. Let me know
this dude had like less than 50k subs pre covid. he became THE ASIAN news guy to go to during the pandemic. well over a million subs now. lol. great job.
OMG thank you so much for this simple explanation!! I was going crazy trying to figure out the new w4 form. Great video
Love the way Brian explain Taxes...thank you sir!
Perfect man thank you.. you explain it very well
Thank you for this video. I just filed my taxes for 2019 and was in tears over how much I owed. I was claiming S-2 on my Federal when I lived in Texas, but moved to California and never adjusted it. (RIP my wallet) I requested a new W-4 and was completely unfamiliar with it (which just made me feel worse) Here's to hoping I don't owe in 2021!
I'm sorry to hear that happened Lauren =( Yes, let's make sure that doesn't happen for 2020 when you file those taxes in 2021. Thanks for watching and for your support!
Oh LMAO California doesn’t play. Born and raised. Currently being taxed $1300 per month on my measly 68k salary. That’s why I’m on this video - hopefully I’ll figure out how to manipulate step 3 to have more money per month and owe just a few hundred dollars 🤞🏽
Finally ..someone broke it down explain it !!!
Very helpful! I feel like you never get the credit you deserve for the work you do, Thank you !
there's a tax pun in there somewhere. well played. 🤣
You drop such good knowledge, thank you.
Yes! Thank you so much! Great info and videos as always
Thank you, thank you. I have to change my withholding and I was totally confused with the new process.
The visual really helps. Thank you
Thank you so much. This helped me perfectly!
I'm an EA, and I've been getting this question all year. What's even worse is I have clients who have multiple jobs with inconsistent income, so they don't know if they'll be making $20k, $50k, or $70k each year.
This new W-4 has been a nightmare because they'll ask me how to claim zero and I'll have to explain several times that they can't "claim zero." From now on I'll just forward them this video ;)
Yes, it's been very difficult for the people with variable income or unpredictable income. I totally agree! Thanks for sharing my video, I appreciate your support Jeffrey!
This video helped me out SO MUCH. I have never understood taxes and have always put exempt since my first job…I now owe MAD money…but I also now know better thanks to your video. Thank you so much
He explain this perfectly
I'll do this after I get my next job. Thank you so much sir!
I LOVE LOVE LOVE your videos!
I’m single with no kids and no dependents and want to break even. Do I just leave the W-4 form completely blank since nothing applies to me?
I need to too
I need this too*
did anyone figure this out?
PLEASE REPLY TO THIS QUESTION
@Nestor Alegre how much do you make a year?
4th class of your teaching today. I'm going to have to rewatch I must say. Is there a % one should use to set aside if you want to pay more on April 15? In addition if you have to pay in a lot won't you be required to pay quarterly taxes if your not a business and work for a business. Once again thanks for class.
Hi Comment, that's hard to answer since how much you should set aside depends on your income level, as your tax rate depends on your income levels. But you generally don't want a big balance due, if you do, you could be getting penalized for the underpayment penalty.
Thank you very much for this video instruction. Very helpful to us that aren't tax savvy
Thank yoooouuu for this!!! Sharing to all!!
Thank you bro I put my value on 4c instead of 3 at first and was wondering why my check was so low I'm trying to owe a bit
Thank you for this... was extremely helpful !!
Filled out w4 correctly. Owed a large balance. Married filing seperate. Had to file married filing at a single rate plus 50 dollars per paycheck.
Hi Imbarnes3, there actually was no "filling out a W-4" correctly in 2019 and prior. That partly a reason why they changed the system because it was inaccurate in so many cases. So if you fill out the 2020 W4 correctly, it should lead to break-even results. I hope you get the proper results this year for 2021!
@@clearvaluetax9382 I will fill it out tonight.
omg thank you thank you thank you thank you thank you i literally love u sm for this you helped me sooo muchhh
Thank you, Thank you!!!! Excellent explanation. 😎
Ah thanks sooooo so much Skylar, I appreciate it!
Starting the year right thanks
I’m single and want less money possible taken out I make 28,000 a year and need all my money how do I stop them from taking so much out? My job doesn’t let me go exempt
Hi Francisco, there's an easy work-around for that. On STEP 3, input $6,000 and then you should be good.
@@clearvaluetax9382 Why 6,000?
Francisco Galvan Jr , you job cannot tell you how you file! That’s crazy but to file exempt if you are claiming single filing Exempt would cause you to owe the IRS. If you were to file head of house hold and you had at least one dependent then you could make more. I’m not sure if there is a video for this. I hate this new form. Lol
@sadonomo I’m single and I I’m getting robbed out my paychecks should I go exempt? Will I owe a shit load of money come tax season. I changed my taxes to head of house hold and put 1 dependent and in the box where it says multiply number of dependents by $500 I put 500 but my checks still seem to get taxed a shit load
sadonomo I need help on filling out the new W4 Im single no kids but I want more net pay so I want to adjust my withholding where I only get a small refund .
Can you do this video for the new w4 form?
Perhapsyou should start with the benchmark, and then explain each option. How does one fill out the W-4 To achieve the benchmark “correctly”?
What a great video. Some times I wonder why I did not find videos like yours when I really needed to understand how fill the W4 form. Overpaying would be a good way to "force" your self to save, except that the one making any interest is the IRS. Instead of giving your money to the IRS to use for free, do you have the self discipline that it takes to just transfer x amount of money from checking to savings. Thanks again.
Yes, I'm so happy you saw this video! I'm trying to prevent as many bad surprises as I can for when people complete their 2020 taxes in 2021. Thanks again for your support E Galindo!
Coming back here after watching your latest!
If you don't already do so, you should teach. Outstanding job.
This is the Content that makes SENSE! Thank You. Keep it quick and simple. It makes sense.
Hi....great video!
If I'm married filing jointly with 4 kids and want a big refund, do I just leave the new W-4 form 0.00 for steps 3 and 4?
Hi Francis, yes, that would produce you a bigger refund.
Francis Silva you got my question answered! Thank you so much for asking that!
@@clearvaluetax9382 Would that be the same if married filing jointly and no kids?
You are the man ! Thanks for breaking this new IRS shizz down.
So I know this video is 3 years old. But this year I filed my taxes after putting zero all year at a job where I made the most money out of ANY job in past years. And I claimed both my kids like indo every year.. however, this year I got WAYYYYY less back in a refund. (Which make absolutely NO sense!) Cause in past years starting at 2014, I was working jobs making like 7.75 minimum wage, claimed zero on w4 and when filing taxes I claimed both kids and got back much bigger refunds. Make it make sense, please!! This past job I was making 17.50 an hour plus huge bonuses all year, yet only getting a 4900 refund back. Whereas I got 10 grand in previous years with jobs where I made wayy less per hour. Filed at same place and no, I didn't owe any money in.
You posted this on my birthday. Thank you for sharing!
Happy belated birthday Oblong Polka Dots!!!! How old did you turn 21?
@@clearvaluetax9382 Close, 41! Thank you! :)
Very useful information since I discovered your videos a week ago. I’ll be a getting a mid size refund this year. Claimed S0. I usually like to go exempt on maybe 3 or 4 paychecks throughout the year. I get paid bi weekly. Assuming I can do the same this year?
Hi Scott, yes, you can go exempt for a few paychecks, just please don't forget to change it back! Thanks for watching and for your support, I appreciate it!
I claim S0, and do the same thing Scott does throughout the year. Where exactly do I adjust the allowances or exemptions in the new w4? Is it in step 3 where it asks me to enter the total amount or no?
@@lordcavender there's no more allowance on this new form. I was wondering if we could just write more dependents. I used to write 8 allowance in the older form. But now I have no idea. I was just thinking of writing EXEMPT for about 6 months and then changed it to 1 dependent. Don't know what to do🤔
I’m so confused by all of this….thank you!!! This helps
If I choose EXEMPT, how much percentage should I put away to pay taxes later? I'm thinking I could save it in a high interest savings account. Keep the interest and pay uncle Sam at the end of the year.
Just subscribed to your channel after watching a few stock tax vids from you. Thank you for all the good info by the way! I am single with 0 dependents and 0 claimed allowances on my w-4. I make about 50k a year net. The last 3 years I receive about 5k back as a refund. How do I set up my w-4 form to where I will only get a smaller return and bigger paychecks throughout the year ?
I'm in a similar situation. Did you find the solution?
Same! Help!
i liked Brian's more assertive attitude in his old videos lol
Great video! Easy to understand. You should have a higher audience count for the content your providing.
Thanks again wishing you continued success!
Thanks so much tlbue32! I appreciate that comment and that feedback. I've had my tax practice for 10 years and I just started making these videos for fun just last year. It seems like people are enjoying my videos so I think I'm going to keep at it! Thanks for the encouraging words tlbue32!
Hi! Thank you for your reply! Then what should I do?
Hi Ishta, if you didn't see it, if you don't have a kid, then you'll leave STEP 3 blank (don't input $2,500). If you do, you'll owe $2,500 when you do your tax return.
How do i make sure i just do the least amount of withholding requirements so i can take home the most of my paycheck ? I am married with 2 kids. I don’t mind to pay tax more at the end of the year
Taking a Time Machine and I thank u Sir.!
Bro you really need to a video and how to fill out a W4 for just claiming yourself
You skip over STEP 3. It'll be easy. That's it.
Thank you I was pretty close I knew a little something 🙂
As a fellow CPA, I feel exactly like this when some rando asks me, “If I make x, how much tax will I pay?”
i actually have an exempt box. i viewed another video that said to put 10 instead of fully exempt. does that mean exemlt for 10 pay checks?
Thanks for the informative video.
Thanks for the feedback and for your support Hagar, I appreciate it!
I know your busy with tax season. However, if able . I'm head of household, and i want to get the most out of my paycheck as Im single with 2 children. I make 96000 per year. Should I put 6000 or 4000. ? I would rather have no refund and get my money within my paycheck
Hi Tia, you'll write-in $4,000. If you write-in $6,000, you would be underwithholding by $2,000.
@@clearvaluetax9382 Thank you! one less worry, now I can focus on spending more time worried about Corona virus! I appreciate the assistance!
Filing married jointly-Does it matter on the form whom claims the dependents? My dependent is not with my current husband. I have always claimed my dependent on my taxes. However with this form I am not sure whom would be claiming that dependent.
This is wonderfully helpful 🙏
Understood it correctly thank you
I did exactly that for small balance.. and manager said I did it wrong etc but clearly I had it right according to this explanation.
Excellent break down!