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We’re committed to relieving the tax burdens of businesses, individuals, and families. With a careful assessment of your situation, our tax professionals develop a uniquely customized strategy for your tax planning needs with the objective of minimizing your tax liability. 

IRS PAYCHECK CHECKUP

April 22, 2019

IRS PAYCHECK CHECKUP

Due to the major changes from the Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) is recommending that all taxpayers perform a “paycheck checkup” on their current withholdings. The IRS provides a withholding calculator application on their website to determine proper withholding amounts. If a taxpayer owed additional taxes when filing their 2018 tax return or adjusted their 2018 withholdings during the year, calculating 2019 withholdings could help avoid an unexpected tax bill or penalty calculated on their 2019 tax return. To change your current withholdings, an updated Form W-4 will need to be filed with the taxpayer’s employer. As withholdings take place throughout the year, it is best to finalize any adjustments as soon as possible to avoid future tax burdens.

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