For many you have been waiting. For others, you have not thought about it. But for everyone who receives a W2 from your employer, meaning you have federal taxes withheld, you need to review and likely change your taxes withholding.
In very late 2017, the US Congress passed major tax reform legislation. This was passed literally hours before Christmas. These new changes will affect almost everyone.
The IRS online tools has been down since January 1 while programming changes were made to reflect the new tax rates. That updated tool became active yesterday.
Now is the time to use the tool.
You will need the latest paystubs for you and your spouse. Follow the instructions from page to page and enter the information relevant for you. In the end and based upon the information you entered, the system will tell you and your spouse what to change your withholding. to.
NOW IS THE TIME to do this. Feel free to run the tool multiple times and make sure you are getting similar results.
By making the correct changes to your employer using a new W4, you will be on track to not owing and NOT getting a big refund. You will be bringing more income in each pay if you were on track to get a refund.
Put on your calendar to rerun the tool (after you make the changes) in late April, late June, late September and late November.
Do this now. Click here to be taken to the IRS site.