Tag - changes

Retirees Not Withholding Enough

Retirees Not Withholding Enough The IRS has announced that retirees may not be withholding enough for taxes this year. There were lots of changes in 2018 that made previous withholding levels obsolete. You should get with an Enrolled Agent now to make adjustments and avoid penalties. But How Do I Know if I’m One of Them? How do you even check to see if you’re not withholding enough? The IRS designed a new withholding calculator for employees that are paid wages, but [...]

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Paycheck Checkup- April 12, 2018

Hello Fellow Taxpayers, The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup using the Withholding Calculator on IRS.gov and, if necessary, complete a new W-4 form. The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. Recent changes affecting withholding include: Reduced tax rates Elimination of personal exemptions Increased standard deductions: $12,000 for singles, $18,000 for heads of households [...]

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