Improvement is good for anything. Life is about improving society and ourselves. We improve our minds to increase our knowledge and skills, we improve our homes to be safer and more comfortable, we improve our snacks so we can feel slightly better about eating so much junk food. Now the IRS has announced the new and improved Tax Withholding Estimator to help your tax year be easier.
The new Tax Withholding Estimator helps you receive the refund you want. This new tool incorporates the new W-4 Form and a customized refund slider. With this feature, you can decide either to receive a larger refund at the end of the year or have more money on your paychecks. With the desired refund amount selected, the Tax Withholding estimator gives suggestions on how to fill out your W-4.
The Tax Withholding Estimator also includes some improvements made last summer, such as a mobile-friendly design and the handling of pension income, social security benefits, and self-employment tax.
This year, income tax withholding will not be based on an employee’s marital status and withholding allowances. Instead, it will be based on the employee’s expected filing status and standard deduction for the year.
Also, make sure that you adjust your withholding especially if you have more than one job. This includes families in which both spouses work.
To find out more about the Tax Withholding Estimator or if you have any questions about Tax, Accounting, or QuickBooks, get in touch with us today!