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January/February 2020
Check Your Tax Withholding
Do you look forward to receiving a substantial tax refund this year? Or do you dread writing a big check to the IRS because you didn’t pay enough throughout the year? If you can identify with either of these scenarios, the amount you are withholding is not right. But you can do better next year.
The start of a new year is a good time to make sure you have the right amount of money withheld from your paycheck. You may want to withhold less if you consistently receive refund checks or more if you have untaxed funds from a side job or other income. Marriage, pay raises and new deductions could also warrant a change.
Know that you could owe the IRS a penalty and interest when you underestimate taxes. To change your withholding, ask your employer for a W-4 form and add allowances to withhold less or request fewer allowances to withhold more.
The IRS website offers a withholding calculator that may be helpful: https://www.irs.gov/individuals/tax-withholding-estimator
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