Employers: Withholding guidance coming soon. With the new tax law now in place, Form W-4 will need to be substantially revised. On Dec. 26, the IRS announced it is working on withholding guidance and anticipates issuing it this month. Employers and payroll companies will be encouraged to implement the changes in Feb. The IRS stated the information will be designed to work with W-4 forms already filed. Use of the new withholding tables will allow employees to see changes in their paychecks as…
IRS rolls out new tax withholding tables to align paychecks with tax law
1/11/18 IRS rolls out new tax withholding tables to align paychecks with tax law “It’s going to be incumbent on employees as individuals to check their withholding and make sure it will at least somewhat match their tax liability,” said O’Toole. The end of those personal exemptions is a big reason why the government says it is developing a new W-4 form that will be released by the end of this year.
Check your withholding While it's nice to get a big check from the IRS every spring, it's nicer to have the money now – and going into your emergency fund. Use the IRS' withholding calculator and adjust accordingly.
The W4 is a very basic tax form that doesn’t change much year to year. Although its use is extremely simple, it’s good to know that you can indeed influence the amount of taxes withheld from your wages. It’s your money, and it’s usually better to get it as soon as you can.
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