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Another Reason to Revise Your W-4: CA Withholding Returns

Taxes may be one of life's sure things, but tax returns are another story. California's in big budget trouble (read: the state is teetering on tapped-out), and the controller's office is making the only choice it sees feasible for the current situation. In order to meet debt obligations and school spending requirements, CA has decided to withhold state tax refunds for individuals and businesses that overpaid in 2008.

For those of you who aren't CA residents like me and the other Sugar girls, your states should be sending refunds per usual. While state refunds are usually much smaller than federal refunds, this piece of news serves as another reason to update your W-4 form. Why pay more taxes than necessary, when that money could be growing throughout the year in an interest-bearing savings account? Talk to Human Resources about updating your W-4; it can be revised any time.


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