The tax overhaul likely gave your paycheck a boost in February. So now is a good time to take a second look at your tax withholding from your paycheck.
Reviewing your W-4 is a good practice in any tax year. If not enough is withheld, you’ll owe money come tax time. Pay too much, and you end up with a large refund. And if the IRS sends you a huge check this spring, it means you’ve likely overpaid on taxes throughout the year.
With the change to federal income tax rates and brackets, you may want to consider updating your witholding allowances. Checking your withholding allowances is especially important if you previously itemized your deductions, have two or more jobs in your household, or have dependents.
Visit the IRS website to use the W-4 Calculator to determine the correct number of withholding allowances to claim or to learn more.
You can make changes to your W-4 in your ADP Payroll portal.
Useful Links
Read about the drawbacks of receiving a large refund from 20somethingfinance.com.
7 Reasons to Adjust Your Federal Tax Withholding from Fidelity.
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