Tag - Withholding

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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Tax Cuts and Jobs Act- August 24th

  Dear Clients and Friends, In late 2017 Congress passed a significant tax bill called the TCJA, (Tax Cuts and Jobs Act) which resulted in lower total Federal income taxes for many Americans. Most Americans pay their Federal income tax through withholding taxes taken out of your check every pay period. At the end of the year, many people find that they have overpaid and receive a nice Federal tax refund.   The law changed this year will result in less total tax, but [...]

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Paycheck Checkup, SFS Tax, paycheck, stethoscope, red background

Did You Owe Taxes this Year? You Need a Paycheck Checkup!

If you wrote a check to the IRS in April for 2017 taxes, there’s a good chance you could be doing it again for 2018 – for an even bigger amount. Not only that, but the IRS warns that if you underpay your taxes too much, penalties and interest will apply. Unless, of course, you take evasive action now. The best way to find out what you need to do with a paycheck checkup. An Enrolled Agent (EA) can look at your [...]

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