You’re probably out of time to withhold enough pay for taxes in 2018

Personal Finance

These people should pay especially close attention to their withholding:

Filers who itemize: Prior to the new tax law, it may have made sense to withhold less from your pay if you itemized deductions.

That may no longer be the case now that the standard deduction has nearly doubled to $12,000 for singles and $24,000 for married couples filing jointly. Those who itemized in the past may no longer do so going forward, so they may need to revisit their withholding.

Households with dependents: Under the old law, it may have made sense to withhold less in taxes if you had dependents.

Now, personal and dependent exemptions are out, so these filers should review their paystubs to ensure that they’re not underwithheld.

Retirees: Just because you’re no longer working, doesn’t mean that you still won’t owe. You can use Form W-4V to withhold a flat rate from your Social Security check or Form W-4P to withhold from your pension.

Source link

Products You May Like

Articles You May Like

Financial advisors hire young talent for their business to thrive
Jack Nicklaus’ gold Rolex watch sells for $1 million at auction
Chevron expects $10 billion-$11 billion charge in fourth quarter
Chevron’s $11 billion writedown could hit the entire market
5 things to know before the stock market opens December 12, 2019

Leave a Reply

Your email address will not be published. Required fields are marked *