by H2R CPA Team
The Tax Cuts and Jobs Act changed the way tax is calculated. As a result, the IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation.
People who are especially encouraged to check their withholding using the IRS Withholding Calculator are those who:
- Belong to a two-income family
- Work two or more jobs or only work for part of the year
- Have children and claim credits such as the Child Tax Credit
- Have older dependents, including children age 17 or older
- Itemized deductions on their 2017 tax returns
- Earn high incomes and have more complex tax returns
- Received large tax refunds or had large tax bills for 2017
See article below from the IRS website for details and contact H2R CPA at 412-391-2920 or email@example.com with any questions you may have.
IRS urges ‘Paycheck Checkup’ for key groups; tax withholding may need adjustment