Stay One Step Ahead: Key W-4 Tips To Help Employees Avoid Owing The IRS!! When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. However, what if, a year later, when you're filing your taxes you discover you had fewer taxes withheld from your paycheck than expected? Having too little withheld from your paychecks can lead to an unexpected tax bill or result in penalties for underpayment. The key to avoiding a surprise tax bill during you