https://www.stevensonincometaxservice.com https://www.stevensonincometaxservice.com/make-the-most-of-the-season-by-following-these-simple-guidelines <div data-rss-type="text"> <p> <span> <span> The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you and your employees should do a </span> </span> <a href="https://www.irs.gov/newsroom/irs-encourages-paycheck-checkup-for-taxpayers-to-check-their-withholding-special-week-focuses-on-changes" target="_blank"> paycheck checkup </a> <span> <span> using the </span> </span> <a href="https://www.irs.gov/individuals/tax-withholding-estimator" target="_blank"> Withholding Calculator </a> <span> <span> on IRS.gov and, if necessary, complete a new </span> </span> <a href="https://www.irs.gov/forms-pubs/about-form-w-4" target="_blank"> W-4 form </a> <span> . The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. </span> </p> <p> <span> <br/> </span> </p> <p> <span> Recent changes affecting withholding include: </span> </p> <ul> <li> <span> Reduced tax rates </span> </li> <li> <span> Elimination of personal exemptions </span> </li> <li> <span> Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly </span> </li> <li> <span> Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents </span> </li> <li> <span> Changes to itemized deductions </span> </li> </ul> <p> <span> <br/> </span> </p> <p> <span> A paycheck checkup is especially important if you or your employees: </span> </p> <ul> <li> <span> Are a two-income family </span> </li> <li> <span> Have two or more jobs at the same time or who only work part of the year </span> </li> <li> <span> Claim credits like the child tax credit </span> </li> <li> <span> Have dependents age 17 or older </span> </li> <li> <span> Itemized deductions in 2017 </span> </li> <li> <span> Have high income or a complex tax return </span> </li> <li> <span> Have a large tax refund or tax bill for 2017 </span> </li> </ul> <p> <span> <br/> </span> </p> <p> <span> <span> For more information, please see </span> </span> <a href="https://www.irs.gov/tax-reform" target="_blank"> IRS.gov/taxreform </a> <span> <span> . For updated withholding tables, please visit the </span> </span> <a href="https://www.irs.gov/newsroom/2018-withholding-tables-now-available" target="_blank"> IRS newsroom </a> <span> <span> and the </span> </span> <a href="https://www.irs.gov/newsroom/irs-withholding-tables-frequently-asked-questions" target="_blank"> IRS withholding table FAQs </a> <span> .  <br/> </span> </p> </div> Thu, 03 Nov 2022 20:30:04 GMT websitebuilder@thryv.com https://www.stevensonincometaxservice.com/make-the-most-of-the-season-by-following-these-simple-guidelines thumbnail main image