3 Tips for Tax Time
Tax time can be ruff. That’s why so many people think about taxes just once a year — right before they’re due. While it’s tempting to wait until April, filing your taxes at the last second doesn’t leave enough time to check your financial information and fix possible errors. Here are three tips to simplify preparation of your taxes.
- Compare your payslips to your W-2. Before filing your taxes this year, compare your tax documents to your 2022 payslips to ensure the amounts withheld match. To access your payslips, log into Workday and select “Pay” from the left-hand menu. Continue to check your payslips throughout the year ahead to avoid errors like withholding too little, which could result in a hefty underpayment penalty. So, check early and check often — and if you do notice an inconsistency between your intended and actual withholding, report it to your supervisor and HR generalist right away. Learn how to read your payslip.
- Update your information on Workday. Don’t wait for tax time to ensure your personal and financial information is accurate. Update Workday with any life changes that affect your finances and benefits, like having a baby, getting married, or moving. It’s especially important to record where you’re living and working. If you live in New York and work in Connecticut, for example, your tax liability is to both New York and Connecticut. If you moved and forgot to tell the university, then you’re still withholding taxes from a state you don’t live in anymore. Even without major life changes, it’s still important for tax purposes to check your information routinely. Learn how to update your W-4.
- Switch to ONLY an electronic W-2. Filing your taxes is more convenient with electronic documents. While the deadline for consenting to receive your W-2 electronically has passed for tax year 2022, you can still make the switch for next year. Get earlier access to your W‐2 statement than with paper and protect your sensitive information from possible loss, theft, or delay in the U.S. mail. You’ll also help support the Yale Sustainability Plan 2025 by reducing the number of printed and mailed forms. Note: The university does not share your financial information with any other individual or institution. Consent to receive your W-2 electronically.