Is it time to check your W-4 form?
When was the last time you checked your W-4 for the correct amount of withholding from your paycheck? The IRS is encouraging taxpayers to do a “Paycheck Checkup”. You might want to check your W-4 if you are in a two-income family, you have a high income, you live in a high property tax state, you had major life changes or if you had too much or too little tax withheld when you filed your 2018 return. In 2018, the IRS waived any penalties related to withholding too little in taxes during the year. Those penalties will be returning for the 2019 tax filing year.