DO YOU LOOK AT YOUR PAY STUB? It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck UPDATE last year, you should do it again to account for differences from Tax cuts and Jobs Act or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.
The IRS has a very helpful website (https://www.irs.gov/paycheck-checkup) if you copy and paste this link in your browser, it will take you to their many resources, especially a IRS Withholding Calculator to see if you are withholding enough or too much. The end of the year is coming fast so now is a good time to make changes for the remaining of this year or keep in mind for next year.