The new year means it’s time to do our taxes. Some may have already filed and others may be waiting closer to the deadline of April 15th. Others may expect to file an extension and subject to that deadline.

No matter which situation you find yourself in, it is a good idea to re-evaluate your tax withholding. The amount of taxes taken from your check for either federal and/or state taxes is known as your tax withholding. This withholding is determined by W-4 forms you fill out when you first get your job. However, since your financial situation is not static, neither is the amount you should withhold in taxes.

In the last few years, I’ve owed to NJ. At first, I thought nothing of it because before 2018, I also worked in NY. I thought that made me owe NJ. Now all my employment as of 2019 is in NJ. I’m working on my 2019 taxes and I still owe NJ. My job has these withholding forms online and I realize I am withheld at the lowest tax rate based on the wage chart. Now me owing every year stopped being confusing. I fixed it and now double the amount of state taxes are coming out but I am looking forward to not owing on next year’s taxes. Boo-yah!!!

One way to know for sure that your withholding has to be adjusted is if you always owe. This means you’re not withholding enough. So you’ll have to adjust these forms so they take more from you in taxes. Exciting? No. But what’s the alternative? Owing a chunk at the end of the year.

How do you fix this?

If you tend to owe on federal taxes, you want to fix your federal withholding. Visit irs.gov to obtain the federal W-4. It comes with specific instructions on how to complete it. The year is usually in the top right corner of the form so you want to make sure the year of the form is the year you’re in. If there are words or concepts you have questions on, drop them in the comment section so we can help each other out. I’m sure you won’t be the only one with those questions.

If you tend to owe on state taxes, you want to fix your state withholding. Personally, to find the one for my state, I google “NJ tax withholding form” and it leads me to state.nj.us. It also comes with instructions.

These are not forms you want to rush to complete, take it home and look it over. Here’s a step-by-step guide on filling the form by Investopedia. You can take them to your tax preparer for assistance in completing them if you’re uncomfortable.

Be very careful when using Google to find these forms. Official government sites do not usually end with .com or .net. If you land on that kind of site, I would be hesitant to trust that link. Instead, look for links that end in .gov or .us. Also, these forms are free so if you come across a site asking for payment, it’s bogus.

When you finish completing the federal and/or state W-4 form, bring it to your HR department or manager. Soon you will see the adjustment in your paychecks.

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