Tag Archive for Withholding Calculator

Seasonal, Part-Year Workers Urged To Check Tax Withholding Amount

WASHINGTON – The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.”

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. These changes do not affect 2017 tax returns due earlier this year, but they will affect 2018 tax returns filed next year. Read More

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Newly-Revised Estimated Tax Form And Publication Can Help People Pay The Right Amount

WASHINGTON – With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.

The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. Among other things, the new law changed the tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. As a result, many taxpayers may need to raise or lower the amount of tax they pay each quarter through the estimated tax system. Read More

Written by | Posted in IRS • Tax Cuts Jobs Act • Tax Reform • Withholding Calculator

Tips For Updating Form W-4 After Doing A Paycheck Checkup

With recent tax law changes, the IRS urges taxpayers to look into whether they need to adjust their paycheck withholding and submit a new Form W-4 to their employer. Taxpayers can use the updated Withholding Calculator on IRS.gov to do a quick “paycheck checkup” to check that they’re not having too little or too much tax withheld at work.

Taxpayers who use the calculator and determine that they need to change their withholding must fill out a new Form W-4, Employee’s Withholding Allowance Certificate. Employees will submit the completed Form W-4 to their employers. Read More

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IRS Encourages ‘Paycheck Checkup’ For Taxpayers To Check Their Withholding; Special Week Focuses On Changes

WASHINGTON – Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.

To help taxpayers understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to help people navigate the issues affecting withholding in their paychecks. The effort includes a new series of plain language Tax Tips, a YouTube video series and other special efforts to help people understand the importance of checking their withholding as soon as possible. Read More

Written by | Posted in Form W-4 • IRS • Withholding Calculator

Tips For Using The Withholding Calculator

The IRS recommends that taxpayers use the Withholding Calculator on IRS.gov to do a “paycheck checkup” to check that their employers withhold the correct amount of income tax from their paychecks.

The Withholding Calculator can help prevent employees from having too little or too much withheld from their paycheck. Having too little tax withheld can mean an unexpected tax bill or potentially a penalty at tax time in 2019. And with the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks. Read More

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Tax Cuts And Jobs Act Withholding Calculator And New W-4

The Internal Revenue Service this week released an updated withholding calculator and a new version of Form W-4. The calculator and new W-4 can be used to ensure 2018 individual tax withholding amounts are accurate in light of the recent tax law changes.

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. Read More

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Calculator Helps Taxpayers Review Withholding For New Tax Law

WASHINGTON –The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December.

The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.

“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter. Read More

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Still Time To Act To Avoid Surprises At Tax-Time

Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return:

• Adjust your withholding. If you’re an employee and you think that your tax withholding will fall short of your total 2014 tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding. If you are having too much tax withheld, you may get a larger refund than you expect. In either case, you can complete a new Form W-4, Employee’s Withholding Allowance Certificate and give it to your employer. Enter the added amount you want withheld from each paycheck until the end of the year on Line 6 of the W-4 form. Read More

Written by | Posted in Individual • Tax Deductions • Tax Tips

Newly Wed And Starry Eyed… Here Are Some Tax Tips To Remember

We were attending a dear friend’s daughter’s engagement when this thought occurred to me that most newly weds don’t think of the change in their Tax Filing Status till Tax Time. Yes, blame it on my tax “nerd”i-ness!! I don’t mean to burst the newly wed pink bubble, but these are important things to remember!

Now that DOMA, Section 3 has been over-turned by the Supreme Court as well, there’s even more details to keep in mind.

Here are several tips for newlyweds from the Internal Revenue Service:

• It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If you have changed your name, report Read More

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