We wanted to share a presentation we recently prepared for a company’s HR department about the 2020 W4 Form.
The Tax Cuts and Jobs Act of 2017 caused quite a stir for many taxpayers. With all of the changes to deductions, credits and payroll withholding, many of you were caught off-guard and as a result saw lower than usual refunds – or worse, no refunds at all!
Fix Your Withholding Now! Now that you’ve filed your tax return and the dust has settled, it’s time to analyze your tax situation and ensure that you are withholding enough to cover your tax liability for 2019.
If you owed the IRS:
Major life changes are another good reason to review your withholding. Following are good reasons to review your payroll withholding:
Beware of bonuses: If you receive an annual bonus you may want request that you employer withhold a higher percentage so that you don’t fall short at year-end.
Each of these circumstances can affect the amount of tax you’ll owe and should prompt a “paycheck checkup” to make sure you’re having the right amount of tax withheld from your paycheck. The IRS has a withholding calculator to help you properly fill out your W-4 IRS Withholding Calculator and as always we are here and happy to help!
We look forward to working with you!
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Monday through Friday: 8.30a-4p.
We are located at 869 Boston Post Road, Madison, CT 06443.
As the Second Quarter of 2021 winds to a close, we wanted to remind you that estimated taxes are due on or before June 15, 2021. If we prepared and included pre-addressed envelopes and vouchers with the amounts due in your tax return packet, please be sure to use those when mailing in your estimates […]