Time for a Withholding Tax Checkup: Treasury Releases New Withholding Calculator
By Jeffrey M. Glassman on March 8, 2018
By now, taxpayers should be seeing some variation on their paychecks. But just because taxpayers are seeing these changes, does not necessarily mean that Uncle Sam is getting his correct share. As with any new law, there could be hiccups with implementation.
We encourage taxpayers to review their withholdings through Treasury’s calculator. Taxpayers are required to withhold taxes during the year. Failures to withhold sufficient taxes could subject taxpayers to underpayment penalties. If after using the calculator taxpayers discover that not enough taxes are being withheld, taxpayers should prepare and submit a new Form W-4 to their employers.
The alternative—an unpleasant surprise come 2018 tax return season—can be avoided.
The material contained within Meadows Collier Tax Blog - MC Talks Tax and any attached or referenced pages, has been written or gathered by Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P., for information purposes only. It is not intended to be and is not considered to be legal advice. Transmission is not intended to create and receipt does not establish an attorney-client relationship. Legal advice of any nature should be sought from legal counsel.