Paycheck Checkup

What Is A Paycheck Checkup? 

According to the Internal Revenue Service,

 

"Everyone should check their withholding

It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year.  Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes.  A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck.  Too little could mean an unexpected tax bill or penalty."

Why Do a Paycheck Checkup? 

Not too big of a REFUND, No BALANCE owed

 

It's important to understand that a big refund means you gave up too much. The average taxpayer needs their money every paycheck, therefore, it is not ideal to give up too much to the government and get it back 12-16 months later. It's also important not to owe a balance of taxes or at least make sure it is as minimal as possible. Most taxpayers are not able to afford to owe a balance to the government leaving a sore disposition come tax time. It is simple if you think about it. Make sure that you are paying your fair share (with options to minimize as possible) and nothing more. Get all of your money due to you every month so that you can better manage your personal financial situation. 

Who Needs to Use a Paycheck Checkup Service?

 

The W4 Adjustment/Correction Can Hurt You If Not Done Properly

 

There has been a multitude of changes to the W4 over the past few years. If you are not aware, it is the employee withholding form that you fill out with your HR and it determines how much in federal taxes is paid. If you are in a state that has a state tax, there is a separate state W4 form. Even the IRS Withholding calculator has had to change and be improved because there are no more allowances/exemptions. If you are not sure that it is done right, it is better to partner with a service that can check than to end up with an unpleasant surprise of owing taxes or a situation of having too much held sitting in the government's account.

Had A Tax Bill Last Year

 

There has been a multitude of changes to the W4 over the past few years. If you are not aware, it is the employee withholding form that you fill out with your HR and it determines how much in federal taxes is paid. If you are in a state that has a state tax, there is a separate state W4 form. Even the IRS Withholding calculator has had to change and be improved because there are no more allowances/exemptions. If you are not sure that it is done right, it is better to partner with a service that can check than to end up with an unpleasant surprise of owing taxes or a situation of having too much held sitting in the government's account.

Had A Large Tax Refund Last Year

 

There has been a multitude of changes to the W4 over the past few years. If you are not aware, it is the employee withholding form that you fill out with your HR and it determines how much in federal taxes is paid. If you are in a state that has a state tax, there is a separate state W4 form. Even the IRS Withholding calculator has had to change and be improved because there are no more allowances/exemptions. If you are not sure that it is done right, it is better to partner with a service that can check than to end up with an unpleasant surprise of owing taxes or a situation of having too much held sitting in the government's account.

Sign Up For A Paycheck Checkup Today! 

 

There has been a multitude of changes to the W4 over the past few years. If you are not aware, it is the employee withholding form that you fill out with your HR and it determines how much in federal taxes is paid. If you are in a state that has a state tax, there is a separate state W4 form. Even the IRS Withholding calculator has had to change and be improved because there are no more allowances/exemptions. If you are not sure that it is done right, it is better to partner with a service that can check than to end up with an unpleasant surprise of owing taxes or a situation of having too much held sitting in the government's account.