In the wake of recent changes to the federal tax code, the Internal Revenue Service (IRS) is advising you to check your W-4 forms and review how much federal tax is being withheld from each of your paychecks.
You can find a new withholding calculator on the IRS.gov website. Click here to access that!
You'll need your latest tax return and your most recent pay stub and it will take about 15 minutes to determine if you'll need to make any changes.
Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
With the average refund topping $2,800, you may also prefer to have less tax withheld up front and receive more in your paychecks.
Those who should check include:
- Parents
- Two-income families
- People working two jobs
- People who paid a lot in taxes last year