February 3, 2023: Step-by-Step Instructions for Filling Out the 2023 W-4
February 3, 2023
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Your step-by-step guide to the 2023 W-4 form
The Internal Revenue Service (IRS) issues a new W-4 form every year, but many people forget to fill it out. As a taxpayer, filling out an updated W-4 form ensures that you’re withholding an amount that works for you—so you don’t end up with either a too-large tax bill or a massive refund.
As an employer, it’s crucial to have a good understanding of W-4 forms as well, in large part so you can encourage your employees to review their withholdings on an annual basis, instead of just when they have a significant life change. If you need help filling out a W-4 form or supporting your employees in filling one out, our newly updated guide covers everything you need to know for 2023. Check it out here for step-by-step instructions.
Free business planning calculators to propel your growth
The first step to growing your business is figuring out where you’re starting from. And that means diving into your business finances and taxes. In addition to reviewing your cash flow forecast and profit and loss statements, it’s a good idea to take a closer look at your profit margins and current debt load.
Enter: Gusto’s free business planning calculators. Use our different calculators to get more insights into your business, so you can make informed decisions that set you up for success. You can use them to calculate sales tax, after-tax cost of debt, profit margins, and more.
February compliance dates you need to know
February is the shortest month of the year, but it’s still chock-full of important payroll, tax, and HR compliance deadlines. Think: W-4 form deadlines, heavy vehicle registration deadlines, and health care reporting form deadlines.
Staying compliant starts with getting organized. Pull up your Google calendar, gather your tax forms, and read through all the key dates you need to know in our February 2023 compliance guide.
Read with Gusto
Hey, Talk Shop subscribers, Caleb Newquist, Editor-at-Large at Gusto, again. If you missed the debut of this section in the previous newsletter, I’ll catch you up. Each time, you’ll find a handful of articles curated by me. Some will be interesting, some will be funny, some will be weird. The idea is to share some thought-provoking reading that you may have missed. If you have ideas or feedback about this section, you can email me.
- A.O. Scott writes about the video of Memphis police beating Tyre Nichols. He discusses the civic duty to watch and also the understanding of, “the delicate ethical line separat[ing] witness […] from the more passive, less demanding condition of spectatorship.”
- Derek Thompson thinks that “the fever of workism is finally breaking among the most workaholic Americans.”
- My friend Jim Peterson wrote about bias for Gusto’s accountant blog, but there are plenty of takeaways for anyone, anywhere, doing anything.
- Is it just me watching TV and movies with the subtitles on? No? Okay, good.
- An ode to Kraft Macaroni and Cheese.
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FEB 8: Building Resilience in Uncertainty: Top Tips for HR Leaders
As businesses gear up for another unpredictable year, HR teams have a unique challenge: figuring out how to support and guide employees through uncertain times. Hosted by Bonusly, this webinar discusses the importance of building more resilient workforces. You’ll learn how resilience in the workplace can benefit your bottom line, what a resilient workforce actually looks like, and how to create positive changes in your company. Register here.
FEB 21: Actionable Strategies to Promote a Culture of Mental Well-Being
Employees today are dealing with more stress, anxiety, and burnout than ever before. As a business owner, investing in your employees’ personal well-being isn’t just a nice thing to do—it’s a necessity. In this webinar, Calm and Culture Amp join forces to discuss how HR teams can help create a workplace culture that prioritizes mental health. You’ll learn why employee engagement and productivity start with mental health, and pick up actionable strategies for improving workplace culture and creating a more positive employee experience. Register here.
MAR 1: Common and Costly Tax Mistakes to Avoid This Season
Save yourself stress, time, and money by getting informed on how to avoid the eight most common tax mistakes the IRS sees small businesses make year after year. Join Ryan Robinson from Bench and Melody Pickle from Gusto to learn more and get your questions answered. Register here.
Want more news and resources? Check out past editions in our archive.