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NerdWallet: Revisiting this IRS form might solve your future tax woes

This article is reprinted by permission from NerdWallet.

Unexpected tax bills can quickly throw a household into chaos, but experts say one simple tax form is often the cause of the surprise — and the penalties, interest, tax liens or other financial drama that often ensue.

That form is the short, innocent-looking W-4. Essentially, it lets employees tell employers how much tax to withhold from their paychecks. Employers remit that tax to the IRS on the employees’ behalf throughout the year. During tax season, when it’s time to calculate Uncle Sam’s cut of your income for the past year, the money already withheld from your pay is supposed to cover the bill.

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