Have You Checked Your Withholding Lately?

Withholding is the amount of income tax your employer deducts each pay period, and then reports and pays on your behalf to the IRS. It is very important that you check to see if you are having the correct amount deducted, as this will avoid a surprise when you file your taxes. If your employer withholds too little, you could end up with a tax bill or penalty, just as if you withhold too much it could mean that you won't be able to use the money until you get your tax refund.

The amount of money that may be withheld from your paycheck for tax withholding depends on several factors, such as the amount of your wages, the information on your Form W-4, and your filing status. Therefore, if any of the above factors change, you should check your withholding. Also, it is advisable to check your withholding when changes in the tax laws go into effect, usually at the beginning of the year.

For help with your withholding, contact My Accounting Now at (786) 228 - 8689 or email us at [email protected]