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Check Your Withholding Before it’s Too Late!

We are in the final stretch of 2019 and now is a good time to check your withholding estimator.  Grab your paystubs and other income documents from all income sources.  Grab your most recent documents on pensions, annuities, Social Security benefits and self-employment income, as well as 2018 tax return.  Go to irs.gov and check your tax withholding on the withholding estimator tool.  You will need to supply

  1. your estimate of your 2019 income.
  2. The number of children claimed for the child tax credit and earned income tax credit.
  3. Be ready with any other 2019 specific information if asked for estimating.

Why would you want to estimate withholding now?  Knowing whether you will need more money by tax filing time will help you avoid hardship in 2020.  Also, you can file an estimate tax payment before the end of the year, so it counts this year.  Then, avoid the same problem next year by completing a new Form W-4, your employee withholding allowance certificate and submit it to your boss.  Need more 2019 tax guidance.  Find a licensed professional at AcctServices.org to get and stay on the tax tracks.