Form W-4 is an IRS form that you fill out to tell your employer how much money to withhold from your paycheck for federal taxes. Accurately completing your W-4 can help you avoid having a large balance due at tax time. It can also help you avoid overpaying your taxes so you can put more money in your pocket throughout the year.

The following video explains the reasons why you should fill out a new W-4 form at the beginning of 2024.