Should I adjust my federal income tax withholding?
The IRS recommends regularly reviewing your withholding so that you can make sure you are paying neither too much nor too little federal income tax with each paycheck. This can help avoid having taxes owed or refunds due at the end of the year.
Significant life changes such as getting married necessitate that a new Employee’s Withholding Allowance Certificate be submitted to one’s employer. Especially in light of the recent Tax Cuts and Jobs Act, it is wise to at least check on one’s withholding amount based on the Treasury Department’s new income tax withholding tables, found here: https://www.irs.gov/pub/irs-pdf/n1036.pdf.
Attorney Fred Jacobs of Bach, Jacobs & Byrne, P.A. is a Florida Board Certified Tax Law Attorney who can advise you in the tax planning process. Call (941) 906-1231 to set up a consultation.