IRS Updates Tax Withholding Calculator for 2019: Avoid Year-End Surprises
It is not too late for taxpayers to adjust their 2019 tax withholding and avoid a surprise when their taxes are filed next year. The Internal Revenue Service recently released a new, vastly improved income tax withholding calculator to assist taxpayers in determining the correct payroll tax withholding.
The new tax calculator replaces the tool the IRS issued in response to the Tax Cuts and Jobs Act of 2017, which we have previously blogged about and was widely panned as overly complex.
Armed with a recent pay stub and a copy of last year’s tax return, taxpayers can perform a payroll check-up and, if necessary, adjust their payroll tax withholding to avoid an unpleasant surprise come the spring. To change their federal tax withholding, taxpayers will want to complete a new Form W-4 and submit it to their payroll department.
Tagged In: Internal Revenue Service, IRS, Tax Cuts and Jobs Act of 2017, tax withholding