All tax payers should do an annual paycheck checkup. By checking your withholding you are being proactive in assuring you are paying enough into the IRS.
It is important to do your checkup as early as possible in the year. It is also important to do a checkup when any major life events happen, such as, marriage, divorce, birth of a child, adoption, retirement, buying a home, bankruptcy, or changes in employment. These life changes may also affect your itemized deductions.
Certain taxable income is not subject to withholding, however people who also have income from a job may want to adjust their withholding to cover the tax liability from things such as, interest, dividends, capital gains, self-employment income, and IRA distrabutions.
For more information please call our office.
if you would like to calculate out your withholding check out the withholding calculator at irs.gov