If you feel like you've heard this before, well you very likely have. The IRS has modified the just recently modified W4 form and calculator in an effort to simplify determining proper tax withholding for the tax year. If your taxes are relatively simple, then you probably don't need to make any changes. However, if your tax situation involves spousal income, dependents, child credits and/or other deductions; then it is a good idea to take a look at your withholding early in the year rather than later. Kiplinger.com has an explanation of the changes to the W4, click here to view their story. If you want to go straight to the IRS calculator click here. If your mind is spinning after visiting one or both sites, contact us.
J. Alan Hayes