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The New W-4 Form

4/19/2022

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Vincenza Vicari-Bentley, AFC
​Empowering Financial Wellness Program Coordinator
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​If your goal is to have just the right amount of withholdings so that you end up getting a very small refund or writing a very small check to Uncle Sam, then the accuracy of your W-4 is critical. The W-4 form essentially tells your employer how much you want withheld from each paycheck to go towards your tax bill. The 2017 Tax Cuts and Jobs Act changed a lot of tax rules, including doing away with personal exemptions on the W-4 form.  

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3 Reasons Teens Should File a Tax Return

3/2/2022

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Amanda H. Christensen, AFC, Extension Associate Professor
​Utah Money Moms Editor
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Is it really worth the hassle to sit down with your teen and fill out a 1040 Form in addition to worrying about your own taxes this time of year? Y.E.S. Today I'm sharing three reasons why the benefits of teenagers filing a tax return for their seasonal income working summer or holiday jobs is well worth the minimal hassle. Here's some need-to-know personal finance knowledge if you're the parent of a teen. 

When do Teens Have to File a Return? Americans are legally required to file a federal return when they make at least the standard deduction for the 2021 tax year which is $12,550.  Earn less than that, as many teenagers do, and you don’t have to file. 
  • ONE EXCEPTION: A dependent child would need to file if they made more than $1,100 in unearned income, typically from interest or investments. Here's a real-life scenario: A teen who earned a wage by teaching swimming lessons or working as an ice-cream scooper  and made less than the standard deduction isn’t legally required to file a federal return. A kid who has done well in cryptocurrency or stock trading may need to file. ​


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Identity Theft Awareness Week 2022

2/2/2022

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Amanda H. Christensen, AFC, UMM Editor, Extension Professor
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​Identity thieves have had a heyday with pandemic-related schemes and scams aimed at obtaining your information to apply for credit, unemployment benefits, file taxes, buy things, or get medical services. The good news? There are things you can do to protect yourself that I’m sharing today in honor of #IDTheftWeek. Read on!

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Mid-Year Paycheck Checkup for Taxes

8/20/2021

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Vincenza Vicari-Bentley, AFC 
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​Did you get a big refund this year or did you owe taxes that you didn’t expect? Do you know how much your employer is withholding for taxes from your paycheck? A mid-year paycheck checkup for your 2021 taxes is important for staying ahead of the game and to make sure you are having the right amount of taxes taken out of your pay. No one likes surprises come tax time and this will hopefully eliminate that chance.  It only takes a few minutes to do a paycheck check-up now. 

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5 Tax Credits you should take advantage of

3/12/2021

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KristiLyn Wilkinson, Empowering Financial Wellness Program Manager
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When I say “it’s that time of year again,” I know most of you wish I was talking about pumpkin spice everything and not taxes. I bet most people don’t enjoy doing their taxes or owing money for taxes, but I know a lot of people who do look forward to getting their tax refunds. When it comes to saving money on your taxes, tax credits are your best friend. Adjustments and deductions lower your taxable income by a certain percentage (this is based on your marginal tax bracket). Tax credits, however, let you reduce the amount of tax you owe dollar for dollar and that means more money back in your pocket! ​


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    amanda

    Sharing real-life money smarts to help you stay on track with financial goals while still enjoying life!
    Blog editor,  Accredited Financial Counselor &
    Extension Professor
    Utah State University 


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