Did you owe taxes or get money back this year? It will probably be different next year, because of the recent changes to the tax law. So, it would be a good idea to do a “paycheck checkup” as soon as you can. The IRS suggests this, so you don’t have an unexpected tax bill next year due to all of the changes that occurred this year.
On the IRS website, there is a withholding calculator to assist you in figuring this out. You will need your 2017 tax return handy when looking at this. This is not a tax planning tool, so it would be a good idea to call your accountant about this as well. If you have a more complex situation, an accountant will be able to help you figure out if you are having the correct amount of taxes taken out of your paycheck.
If you are an employer, suggest a “paycheck checkup” to your employees as well. They can find more information about this on the IRS website… www.irs.gov/withholding
Do your homework, make adjustments and be prepared for next year’s taxes. Everyone hates surprises.
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