Seagull Technologies

The Seven Times To Adjust Your Withholding

Welcome to another edition of Mastering Business Basics. You know, in the last two decades that I've been doing taxes for people, one problem that always comes up once or twice or three times a year is people sit down to do their taxes, and they have this huge tax bill, and they can't figure out why.

So I look at their W-2s and say, "Well, do you realize you didn't have any withholding?" Or, "You only had a hundred dollars withheld for the entire year?" And they totally freak out.

So this is a subject that a lot of people don't understand, especially since 2020 when they redid the tax laws, and that's something I want to address today. More importantly, I want to go through the seven times when things happen in your lives that you need to redo your W-2 withholding to compensate for them.

Link to the Episode: https://www.buzzsprout.com/admin/2432913/episodes/19392890-the-seven-times-to-adjust-your-withholding

Links in this episode:

https://www.irs.gov/w4
https://www.irs.gov/individuals/tax-withholding-estimator

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To learn about all of the small business educational and support options available, please visit our corporate website at https://seagulltechnologies.com

To get a copy of my book, "Mastering Business Basics - The Legal, Logistical, and Tax Considerations of Starting Small Business", you will find more information at https://seagulltechnologies.com/books

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From the Mastering Business Basics podcast:

Sometimes the best way to go about building a business is to listen to the journeys of those who have been through the process and what they have learned along the way. Being an entrepreneur is more than just building a business, but even more so about a state of mind.

Today's guest, Lance Cayko, guides us through his journey and what it means to do it all while maintaining your perspectives of life. It was worth listening to more than once.

You will find this weeks podcast episode at: https://www.buzzsprout.com/admin/2432913/episodes/19332050-learning-life-s-lessions-w-lance-cayko

Summer is the perfect time to get your finances in order, especially if you're a small business owner trying to stay ahead before Q3 hits.

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