2006-12-06 11:56:46 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No. Only if there is a change.
2006-12-06 11:57:55 · answer #1 · answered by Barkley Hound 7 · 0⤊ 0⤋
The issue is not getting money back but paying in only what is due.
When I was in public accounting, a number of clients always based the "success" of their tax return based on the amount of the refund. Their incomes would be the same year after year. They would change tax preparers and then compare their refunds. They felt the other guy got them a bigger refund so they were going back to him or her. Their income and total tax due was the same year to year but they based their success on the size of the refund.
Sounds logical right? It is not.
I took the tax that was due and matched their withholding to pay in only to what would be due. We would then prepare the return and there would be a minimal refund. Since their income was the same as the prior year they owed the same amount of tax as the prior year. However, because I had them pay in only what they owed there was no "refund".
I can get you the biggest refund if I allow you to pay too much in. I can have you change your withholding to say single and no dependents when actually it should be married and double digit dependents. Instead, if cash flow is important, find a tax preparer who will work with you to adjust your withholding so that it more closely matches that final amount that you will owe.
Once you have done that you do NOT need to file a new W-4 unless there are changes in your life; additional income, marriage, kids, divorce etc.
2006-12-07 13:23:44 · answer #2 · answered by zudmelrose 4 · 0⤊ 0⤋
No. You only need to fill out a new W-4 if you change employers or wish to change the number of your withholdings.
2006-12-06 21:07:27 · answer #3 · answered by judge12 2 · 0⤊ 0⤋
You have to file for your taxes every year but you don't have to fill out your information through your employer every year (as long as nothing has changed).
2006-12-06 19:58:51 · answer #4 · answered by BrookieB 3 · 0⤊ 0⤋
Only if your employer asks, or (usually) if you get a new, second job. Otherwise only if you want to change your withholding rate or number of exemptions (because, say, you are paying higher mortgage interest).
2006-12-06 20:07:12 · answer #5 · answered by Anonymous · 5⤊ 0⤋
no...only when you want to change your deduction info ---or go to a new employer.
caution: don't over count your deductions, but you can specify additional amounts of money to be deducted
2006-12-06 20:07:23 · answer #6 · answered by Gerry 2 · 0⤊ 0⤋
a new one for every year worked.
2006-12-06 19:59:24 · answer #7 · answered by SANDRA Q 4 · 0⤊ 1⤋
Yep.. you want your refund don't ya :)
2006-12-06 19:58:19 · answer #8 · answered by Mike 3 · 0⤊ 1⤋