Have Your Clients Checked Their Withholding?
With the IRS Withholding Calculator
, your clients can check and adjust their withholding now to prevent unexpected tax bills and penalties next year at tax time. Significant TCJA changes that can affect 2018 tax returns include the increased standard deduction, and Child Tax Credit, revised tax rates and brackets and the elimination of personal exemptions. Taxpayers who should check their withholding include:
- Two-income families;
- People working two or more jobs or who only work for part of the year;
- People with children who claim credits such as the Child Tax Credit;
- People with older dependents, including children age 17 or older;
- People who itemized deductions in 2017;
- People with high incomes and more complex tax returns; and
- People with large tax refunds or large tax bills for 2017.
Get more information and download PowerPoint PDF slides from the recent IRS web conference, Understanding How to Use the IRS Withholding Calculator to Check and Correct Withholding