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When to check your withholding?

You should always check your withholding early in the year and now is the time to do it. Especially when your income changes or when a life changing event occurs.

 

What are some life changing events?

⋅ New job

⋅ Marital status

⋅ Number of dependents

⋅ Salary increase/decrease

⋅ Buy/Sell a house 

 

Why check your withholding?

Every taxpayer should do a paycheck checkup each year. Two reasons…

1.Having too little tax withheld could result in owing interest & penalties when you file your return.

2.Having too much tax withheld means having to wait to get back your money until your return is approved and processed by the IRS.

The IRS  2019 Withholding Calculator is an easy way to help you determine whether you need to make changes to withholding.  

If you make the decision to change your withholding you will need to complete a new Form W-4 and give the form to your employer. 

 

 – Your Fortis Tax Team

March 14, 2019

 

 

Sources:

Tax Withholding – How to Get it Right

IRS Withholding Calculator