Re: Regarding Tax issues

Inform your employer of the mistake and prepare and file an amended withholding certificate. If the IRS assesses a penalty for underpayment of withholding you may have reasonable cause to avoid the penalties. With regard to the fact that your employer may have not withheld as much as it would have if it had the correct number of dependants, that is irrelevant because your pay check would have been higher as a result of the withholding of less for dependants. If the employer withheld more than had to be withheld you will get a bigger refund.

Re: Regarding Tax issues

The first action you can take is to file a new W-4 with your employer. This will adjust your withholdings for the current year. When you have your tax return prepared, if you have a refund of more than $900 you should consider increasing your exemptions on your W-4. Check with you tax preparer.

This is really not a big deal in most situations.

I hope this helps!

Ron Cappuccio

http://www.TaxEsq.com

Re: Regarding Tax issues

The first action you can take is to file a new W-4 with your employer. This will adjust your withholdings for the current year. When you have your tax return prepared, if you have a refund of more than $900 you should consider increasing your exemptions on your W-4. Check with you tax preparer.

This is really not a big deal in most situations.

I hope this helps!

Ron Cappuccio

http://www.TaxEsq.com