Incorrect W-4s carry risk.
In order to make ends meet, a lot of people were forced to find gig jobs or several part-time jobs. However, that could end pretty badly for some of them.
According to Jacob Dayan, CEO and co-founder of CommunityTax and Finance Pal, some of them will end up owning the taxman more money than they’ve anticipated because they forgot or they didn’t adjust their withholdings on your W-4 accordingly.
When you change your employment situation, it should be reflected on your W-4, too.
