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Review Withholding Annually

2020 – 08/31 The IRS reminds taxpayers to review their withholding annually. For a step-by-step method of determining the right amount to withhold, they can use the Tax Withholding Estimator, an online IRS tool. Employees who need to adjust their withholding should submit a new Form W-4 (Employee Withholding Certificate) to their employers soon. The list of those who should check withholding includes two-income families, those who claim child tax credits, those who claimed itemized deductions for 2019 and many others. Here’s the Estimator: http://bit.ly/3lvceQ3  . Taxpayers who need to adjust their state or local withholding will need to contact their state’s revenue department: http://bit.ly/2D8yQET

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