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Should you Update your W-4?
It's probably time to update your W-4
Remember the tax form you filled out when you first got your job ‒ the form that told your employer how to calculate your federal income tax withholding? That was Form W-4, Employee's Withholding Allowance Certificate. If you received a big tax refund or owed the IRS a lot of money for 2014, it's probably time to update your W-4.
Filing a new Form W-4 with your employer allows you to adjust your income tax withholding to avoid overpaying or underpaying tax for 2015. The form comes with a worksheet to figure out how many allowances you should claim. These allowances are similar to dependency exemptions on your income tax return. However, the total allowances on your W-4 don't have to agree with the exemptions you claim on your return. For example, say you're single and you want to have the maximum amount withheld from your paycheck. You can claim zero allowances on Form W-4. You'll still claim your personal exemption on the federal income tax return you file next April.
One caution: You should not claim more exemptions than you're entitled to on Form W-4.
What if you want to increase the tax withheld from your paychecks? You can specify an additional dollar amount on Form W-4. This can be useful when you receive income not subject to withholding and you don't make estimated tax payments.
When updating your W-4, keep a few rules in mind. Generally, you must pay (through withholding or quarterly estimated payments) at least 100% of last year's tax liability (110% if your adjusted gross income is over $150,000), or at least 90% of what you'll owe for this year.
Updating your W-4 can help adjust your withholding to match the tax you expect to owe. If you need assistance completing the form, give us a call at 203-468-8133.
Monica Dixon Perry to Speak at 2025 WVC Annual ConferenceLas Vegas
IR-2024-263, Oct. 10, 2024
WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
Monica Dixon Perry, CVPM, will speak at the winter meeting of the Veterinary Management Council of CT.
February 12, 2025
8:30AM-12:00PM
https://vmcc-ct.org/
On Thursday, August 29th, we held our annual state-of-the-firm and company picnic at Owenego Inn located in Branford, CT.
The firm recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”
It was a great day for employeea to play games such as bocce, corn hole, Jenga, and a trivia contest with staff split up into teams.
At the firm's annual state-of-the-firm and company picnic on August 29th, we recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm.
Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”Mel, 40 years where does the time go? I remember when you first came to us in 1984 as a staff person. Our first tax season together was 1985. There was a lot of fun things that happened during those early years that laid the ground work for the future.
Monica Dixon Perry, CVPM, our Director of Veterinary Consulting Services, will be presenting on Friday, September 6th at the Veterinary Hospital Managers Association (VHMA) Annual Meeting and Conference.
Her topic: Title of Session: Building a Compassionate and Authentic Culture: How to Attract and Keep Your Team
As relief medicine continues to rise in popularity, what is the big fuss about it?
Within the past few years, there has been tremendous growth within the veterinary industry of professionals making the shift from a traditional career in veterinary medicine to relief work. With the flexibility of making your own schedule, traveling anywhere to work and seeing new places, and becoming your own boss, it can be an easy choice to make the switch to relief medicine.
Fetch Kansas City will host Monica Dixon Perry, CVPM, as their Keynote Speaker in Kansas City, MO
Monica Dixon Perry to speak at VetPartners Mid-Year Meeting in Kansas City, MO
Sarah Williams, formerly of Abilene, TX, has joined the staff at Burzenski & Company, as a Staff Accountant. She earned a Bachelor of Business Administration degree as well as a Master of Accountancy degree from Abilene Christian University in Abilene, TX.
Prior to joining our firm, she was as a Tax Associate.
She has two cats named Fig and Peach.
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