IRS encouraging paycheck checkup, releases new Withholding Calculator
MILWAUKEE (CBS 58) – The Internal Revenue Service is launching a new campaign this week. They want you to do what they’re calling a “paycheck checkup.”
The IRS is always encouraging people to check their withholding regularly. But it’s especially important now, because of the new tax law,” said Christopher Miller with the IRS.
The IRS has released their Withholding Calculator to help with paycheck checkups. The Withholding Calculator can help prevent employees from having too little or too much tax withheld from their paycheck. Having too little tax withheld can mean an unexpected tax bill or potentially a penalty at tax time in 2019.
Spokesman Christopher Miller says you should go to the IRS website to check that out. Even if the change just means you’d get a bigger refund next year.
“It may surprise you to know that the typical refund right now is topping out at $2,800. Well, that’s significant money and there may be some families that want to keep more of that money on the front end of their paychecks rather than waiting until tax time,” said Miller.
If you want your employer to change your withholding, just print out a new W-4 form, fill it out and take it to your workplace as soon as possible.