Officials with the IRS are calling on taxpayers to make sure they’re withholding the right amount of money from their paychecks.
IRS spokesman Christopher Miller says the paycheck checkup is easy to use, all you need is some basic information from your paystub.
“It’ll ask you for your earnings for the year, whether or not you tax tax credits, whether or not you have dependants. Things like that.”
Miller says taking that checkup now rather than later is a good idea. “Doing a paycheck checkup now will help taxpayers avoid a potential unwelcome surprise at tax time.”
Recent changes to the tax laws might have changed which tax bracket you’re in, what sort of credits you qualify for, and how much money you’re going to owe. And that all depends on how much you make and what sort of life situation you’re in.
You might also be paying too much to the government. “If people have a really large refund that’s expected, they may want to change their withholding to keep that money in their paycheck,” says Miller.
You can find the checkup online at https://www.irs.gov/individuals/irs-withholding-calculator.
- File/Photo credit to Raymond Neupert, WRN