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Specialized-industries

Paycheck Checkup

Anna Baecker, CPA

August 16, 2019

Now's the time to have a “paycheck checkup”. The IRS is encouraging everyone to use the new Tax Withholding Estimator to perform a quick “paycheck checkup”.

As you know, the Tax Cuts and Jobs Act (TCJA), enacted in December 2017, changed the way tax is calculated for most taxpayers. As a result, some taxpayers ended up receiving 2018 refunds that were larger or smaller than expected, while others unexpectedly owed additional tax when they filed earlier this year. For that reason, taxpayers may need to raise or lower the amount of tax they have taken out of their paychecks throughout the year.

Follow the link below to the IRS website to use the Tax Withholding Estimator.

https://www.irs.gov/individuals/tax-withholding-estimator

If you have any questions or need any assistance, please contact us.

Client’s with more complicated tax situations should reach out to our office.

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