The tax law changes are confusing to many people. However, if you haven’t made adjustments to your withholding, take a look at this tool from the IRS. This tool will provide some guidance regarding your tax withholding and if you have too much or not enough being withheld from your paycheck. This helps minimize large tax bills during tax season. Be sure to have a recent paystub handy to utilize the tool. And if you’re self-employed, the new tool works for you as well! For self-employed individuals, enter your expected net profit.
Follow the link to try out the calculator: IRS Withholding Calculator | Internal Revenue Service
After you have tried the tool, if you have questions or are unsure of what to do next, send an inquiry regarding our tax planning services. You can access our tax planning page by following this link.