While it’s certainly better to overpay your taxes than underpay them, if you find that you’re consistently and significantly overpaying in taxes and your primary income comes from W-2 wages, it may be a good idea to revisit your Form W-4.

If you earn both W-2 wages and 1099 income, adjusting your withholding on Form W-4 may be beneficial to help account for taxes (ex: self-employment and income taxes) owed on your 1099 income which are not ordinarily withheld.

If your predominant source of income is through W-2 wages OR you have multiple sources of income including W-2 wages and you find you’re still owing quite a bit of taxes for the prior tax year at tax time, it may be prudent to re-evaluate your tax withholding on your Form W-4.

Generally, if you are comfortable preparing your own tax returns, are familiar with your tax situation and you don’t have a complex tax situation (ex: you only have income from W-2 wages, interest income from interest-bearing accounts, you don’t itemize your deductions or only itemize state & local taxes & charitable contributions), you should be able to prepare your own tax returns using tax preparation software (desktop or online) from companies like Intuit (TurboTax), H&R Block and TaxAct, just to name a few.

Hopefully, you’ve already started your taxes or at the very least have taken the time to gather your tax documents so you’re ready to go, whether you do your taxes yourself or work with a CPA or other tax professional.