IRS Says Time For A Payroll Checkup

With the passage of the Tax Cuts and Jobs Act (TCJA), most people have probably noticed that their paycheck is a little bit larger.  While this a good thing, all things did not remain neutral.  The reason their paycheck is larger is because the IRS adjusted the withholding tables to reflect the new lower tax brackets.  As a result, the IRS recommends a "payroll checkup" now while you still have time to make changes to your withholdings so you're not faced with a surprise come next April.  Also, fewer people will itemize deductions on their 2018 return and just take the standard deduction which will affect the amount that should be withheld from their paycheck.  The IRS has updated their Withholding Calculator to help you determine if you need to make adjustments.  Click here to view the IRS article about the changes and how to adjust your withholdings if needed.