Instant Gratification

As millions of taxpayers rush to the post office tonight to get their tax forms in the mail, I want to stress again the importance of filling out one more form. No, not an extra 1040 or Schedule D or Schedule SE or even an amended 1040X.

Millions upon millions of taxpayers can put more money in their pockets starting next payday by filing a new W-4 form with their employers. The W-4 is the form that controls how much federal income tax your boss takes out of your checks each payday for the IRS. The higher than ever number of record-sized refunds issued by the IRS this spring is proof positive that millions of us let the government dip too deep into our paychecks each week.

Filing a new W-4 is an powerful weapon to bring that to an end.

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We've created a special calculator to give you a solid idea of the instant gratification you can enjoy by filing a new W-4. Check out our easy withholding calculator, and take a few minutes to give yourself a raise.

McCormally retired in 2018 after more than 40 years at Kiplinger. He joined Kiplinger in 1977 as a reporter specializing in taxes, retirement, credit and other personal finance issues. He is the author and editor of many books, helped develop and improve popular tax-preparation software programs, and has written and appeared in several educational videos. In 2005, he was named Editorial Director of The Kiplinger Washington Editors, responsible for overseeing all of our publications and Web site. At the time, Editor in Chief Knight Kiplinger called McCormally "the watchdog of editorial quality, integrity and fairness in all that we do." In 2015, Kevin was named Chief Content Officer and Senior Vice President.